Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 14, 2018 | Jun. 30, 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 | FY | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 94,537,757 | ||
Entity Public Float | $ 2,428,175,157 | ||
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 | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Rental property: | ||
Land | $ 279,978 | $ 272,153 |
Buildings, improvements and fixtures | 2,793,638 | 2,647,477 |
Construction in progress | 14,854 | 46,277 |
Total rental property, at cost | 3,088,470 | 2,965,907 |
Accumulated depreciation | (901,967) | (814,583) |
Total rental property, net | 2,186,503 | 2,151,324 |
Cash and cash equivalents | 6,101 | 12,222 |
Investments in unconsolidated joint ventures | 119,436 | 128,104 |
Deferred lease costs and other intangibles, net | 132,061 | 151,579 |
Prepaids and other assets | 96,004 | 82,985 |
Total assets | 2,540,105 | 2,526,214 |
Debt: | ||
Senior, unsecured notes, net | 1,134,755 | 1,135,309 |
Unsecured term loans, net | 322,975 | 322,410 |
Mortgages payable, net | 99,761 | 172,145 |
Unsecured lines of credit, net | 206,160 | 58,002 |
Total debt | 1,763,651 | 1,687,866 |
Accounts payable and accrued expenses | 90,416 | 78,143 |
Other liabilities | 73,736 | 54,764 |
Total liabilities | 1,927,803 | 1,820,773 |
Commitments and contingencies (Note 23) | ||
Tanger Factory Outlet Centers, Inc.: | ||
Common shares, $.01 par value, 300,000,000 shares authorized, 94,560,536 and 96,095,891 shares issued and outstanding at December 31, 2017 and 2016, respectively | 946 | 961 |
Paid in capital | 784,782 | 820,251 |
Accumulated distributions in excess of net income | (184,865) | (122,701) |
Partners' Equity | ||
Accumulated other comprehensive loss | (19,285) | (28,295) |
Equity attributable to Tanger Factory Outlet Centers, Inc. | 581,578 | 670,216 |
Noncontrolling interests in Operating Partnership | 30,724 | 35,066 |
Noncontrolling interests in other consolidated partnerships | 0 | 159 |
Total equity | 612,302 | 705,441 |
Total liabilities and equity | 2,540,105 | 2,526,214 |
Tanger Properties Limited Partnership [Member] | ||
Rental property: | ||
Land | 279,978 | 272,153 |
Buildings, improvements and fixtures | 2,793,638 | 2,647,477 |
Construction in progress | 14,854 | 46,277 |
Total rental property, at cost | 3,088,470 | 2,965,907 |
Accumulated depreciation | (901,967) | (814,583) |
Total rental property, net | 2,186,503 | 2,151,324 |
Cash and cash equivalents | 6,050 | 12,199 |
Investments in unconsolidated joint ventures | 119,436 | 128,104 |
Deferred lease costs and other intangibles, net | 132,061 | 151,579 |
Prepaids and other assets | 95,384 | 82,481 |
Total assets | 2,539,434 | 2,525,687 |
Debt: | ||
Senior, unsecured notes, net | 1,134,755 | 1,135,309 |
Unsecured term loans, net | 322,975 | 322,410 |
Mortgages payable, net | 99,761 | 172,145 |
Unsecured lines of credit, net | 206,160 | 58,002 |
Total debt | 1,763,651 | 1,687,866 |
Accounts payable and accrued expenses | 89,745 | 77,616 |
Other liabilities | 73,736 | 54,764 |
Total liabilities | 1,927,132 | 1,820,246 |
Commitments and contingencies (Note 23) | ||
Partners' Equity | ||
General partner, 1,000,000 units outstanding at December 31, 2017 and 2016 | 5,844 | 6,485 |
Limited partners, 4,995,433 and 5,027,781 Class A units and 93,560,536 and 95,095,891 Class B units outstanding at December 31, 2017 and 2016, respectively | 626,803 | 728,631 |
Accumulated other comprehensive loss | (20,345) | (29,834) |
Total partners' equity | 612,302 | 705,282 |
Noncontrolling interests in other consolidated partnerships | 0 | 159 |
Total equity | 612,302 | 705,441 |
Total liabilities and equity | $ 2,539,434 | $ 2,525,687 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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 | 94,560,536 | 96,095,891 |
Common shares, outstanding | 94,560,536 | 96,095,891 |
Tanger Properties Limited Partnership [Member] | ||
General partnership units | 1,000,000 | 1,000,000 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | ||
Limited partnership units | 4,995,433 | 5,027,781 |
Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member] | ||
Limited partnership units | 93,560,536 | 95,095,891 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Management, leasing and other services | $ 2,452 | $ 3,847 | $ 5,426 |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Revenues: | |||
Base rentals | 323,985 | 308,353 | 289,688 |
Percentage rentals | 9,853 | 11,221 | 10,157 |
Expense reimbursements | 142,817 | 133,818 | 126,468 |
Management, leasing and other services | 2,452 | 3,847 | 5,426 |
Other income | 9,127 | 8,595 | 7,630 |
Total revenues | 488,234 | 465,834 | 439,369 |
Expenses: | |||
Property operating | 155,235 | 152,017 | 146,503 |
General and administrative | 44,004 | 46,696 | 44,469 |
Acquisition costs | 0 | 487 | 0 |
Abandoned pre-development costs | 528 | 0 | 0 |
Depreciation and amortization | 127,744 | 115,357 | 103,936 |
Total expenses | 327,511 | 314,557 | 294,908 |
Operating income | 160,723 | 151,277 | 144,461 |
Other income (expense): | |||
Interest expense | (64,825) | (60,669) | (54,188) |
Loss on early extinguishment of debt | (35,626) | 0 | 0 |
Gain on sale of assets and interests in unconsolidated entities | 6,943 | 6,305 | 120,447 |
Gain on previously held interest in acquired joint ventures | 0 | 95,516 | 0 |
Other non-operating income (expense) | 2,724 | 1,028 | (36) |
Income before equity in earnings of unconsolidated joint ventures | 69,939 | 193,457 | 210,684 |
Equity in earnings of unconsolidated joint ventures | 1,937 | 10,872 | 11,484 |
Net income | 71,876 | 204,329 | 222,168 |
Noncontrolling interests in Operating Partnership | (3,609) | (10,287) | (11,331) |
Noncontrolling interests in other consolidated partnerships | (265) | (298) | 363 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 68,002 | $ 193,744 | $ 211,200 |
Basic earnings per common share: | |||
Net income (in dollars per share) | $ 0.71 | $ 2.02 | $ 2.20 |
Diluted earnings per common share: | |||
Net income (in dollars per share) | $ 0.71 | $ 2.01 | $ 2.20 |
Tanger Properties Limited Partnership [Member] | |||
Revenues: | |||
Base rentals | $ 323,985 | $ 308,353 | $ 289,688 |
Percentage rentals | 9,853 | 11,221 | 10,157 |
Expense reimbursements | 142,817 | 133,818 | 126,468 |
Management, leasing and other services | 2,452 | 3,847 | 5,426 |
Other income | 9,127 | 8,595 | 7,630 |
Total revenues | 488,234 | 465,834 | 439,369 |
Expenses: | |||
Property operating | 155,235 | 152,017 | 146,503 |
General and administrative | 44,004 | 46,696 | 44,469 |
Acquisition costs | 0 | 487 | 0 |
Abandoned pre-development costs | 528 | 0 | 0 |
Depreciation and amortization | 127,744 | 115,357 | 103,936 |
Total expenses | 327,511 | 314,557 | 294,908 |
Operating income | 160,723 | 151,277 | 144,461 |
Other income (expense): | |||
Interest expense | (64,825) | (60,669) | (54,188) |
Loss on early extinguishment of debt | (35,626) | 0 | 0 |
Gain on sale of assets and interests in unconsolidated entities | 6,943 | 6,305 | 120,447 |
Gain on previously held interest in acquired joint ventures | 0 | 95,516 | 0 |
Other non-operating income (expense) | 2,724 | 1,028 | (36) |
Income before equity in earnings of unconsolidated joint ventures | 69,939 | 193,457 | 210,684 |
Equity in earnings of unconsolidated joint ventures | 1,937 | 10,872 | 11,484 |
Net income | 71,876 | 204,329 | 222,168 |
Noncontrolling interests in consolidated partnerships | (265) | (298) | 363 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 71,611 | 204,031 | 222,531 |
Net income available to limited partners | 70,900 | 202,012 | 220,328 |
Net income available to general partner | $ 711 | $ 2,019 | $ 2,203 |
Basic earnings per common share: | |||
Net income (in dollars per share) | $ 0.71 | $ 2.02 | $ 2.21 |
Diluted earnings per common share: | |||
Net income (in dollars per share) | $ 0.71 | $ 2.01 | $ 2.20 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Net income | $ 71,876 | $ 204,329 | $ 222,168 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 8,138 | 4,259 | (23,200) |
Change in fair value of cash flow hedges | 1,351 | 4,609 | (711) |
Other comprehensive income (loss) | 9,489 | 8,868 | (23,911) |
Comprehensive income | 81,365 | 213,197 | 198,257 |
Comprehensive income attributable to noncontrolling interests | (4,353) | (11,033) | (9,749) |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | 77,012 | 202,164 | 188,508 |
Tanger Properties Limited Partnership [Member] | |||
Net income | 71,876 | 204,329 | 222,168 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 8,138 | 4,259 | (23,200) |
Change in fair value of cash flow hedges | 1,351 | 4,609 | (711) |
Other comprehensive income (loss) | 9,489 | 8,868 | (23,911) |
Comprehensive income | 81,365 | 213,197 | 198,257 |
Comprehensive income attributable to noncontrolling interests | (265) | (298) | 363 |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | $ 81,100 | $ 212,899 | $ 198,620 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Tanger Factory Outlet Centers, Inc. [Member] | Tanger Factory Outlet Centers, Inc. [Member]Common shares [Member] | Tanger Factory Outlet Centers, Inc. [Member]Paid in capital [Member] | Tanger Factory Outlet Centers, Inc. [Member]Accumulated distributions in excess of earnings [Member] | Tanger Factory Outlet Centers, Inc. [Member]Accumulated other comprehensive loss [Member] | Tanger Factory Outlet Centers, Inc. [Member]Total parent equity [Member] | Tanger Factory Outlet Centers, Inc. [Member]Noncontrolling interests [Member]Limited partners [Member] | Tanger Factory Outlet Centers, Inc. [Member]Noncontrolling interests [Member]Other Ownership Interest [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member]Accumulated other comprehensive loss [Member] | Tanger Properties Limited Partnership [Member]Total parent equity [Member] | Tanger Properties Limited Partnership [Member]Noncontrolling interests [Member] | Tanger Properties Limited Partnership [Member]General partner [Member] | Tanger Properties Limited Partnership [Member]Limited partners [Member] |
Beginning balance at Dec. 31, 2014 | $ 523,886 | $ 955 | $ 791,566 | $ (281,679) | $ (14,023) | $ 496,819 | $ 26,417 | $ 650 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2014 | $ 523,886 | $ (14,791) | $ 523,236 | $ 650 | $ 4,828 | $ 533,199 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 222,168 | 211,200 | 211,200 | 11,331 | (363) | 222,168 | 222,531 | (363) | 2,203 | 220,328 | ||||
Other comprehensive income (loss) | (23,911) | (22,692) | (22,692) | (1,219) | (23,911) | (23,911) | (23,911) | |||||||
Compensation under Incentive Award Plan | 15,550 | 15,550 | 15,550 | 15,550 | 15,550 | 15,550 | ||||||||
Issuance of common shares upon exercise of options | 788 | 788 | 788 | |||||||||||
Issuance of common units upon exercise of options | 788 | 788 | 788 | |||||||||||
Grant of restricted common shares awards, net of forfeitures | 4 | (4) | ||||||||||||
Withholding of common shares/units for employee income taxes | (1,125) | (1,125) | (1,125) | (1,125) | (1,125) | (1,125) | ||||||||
Contributions from noncontrolling interests | 461 | 461 | 461 | 461 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | (402) | (402) | 402 | |||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | 6 | 6 | (6) | 6 | (6) | 6 | ||||||||
Common distributions | (131,629) | (131,629) | (1,305) | (130,324) | ||||||||||
Common dividends | (125,007) | (125,007) | (125,007) | |||||||||||
Distributions to noncontrolling interests | (6,778) | (6,622) | (156) | (156) | (156) | |||||||||
Ending balance at Dec. 31, 2015 | 606,032 | 959 | 806,379 | (195,486) | (36,715) | 575,137 | 30,309 | 586 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2015 | 606,032 | (38,702) | 605,446 | 586 | 5,726 | 638,422 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 204,329 | 193,744 | 193,744 | 10,287 | 298 | 204,329 | 204,031 | 298 | 2,019 | 202,012 | ||||
Other comprehensive income (loss) | 8,868 | 8,420 | 8,420 | 448 | 8,868 | 8,868 | 8,868 | |||||||
Compensation under Incentive Award Plan | 16,304 | 16,304 | 16,304 | 16,304 | 16,304 | 16,304 | ||||||||
Issuance of common shares upon exercise of options | 1,749 | 1,749 | 1,749 | |||||||||||
Issuance of common units upon exercise of options | 1,749 | 1,749 | 1,749 | |||||||||||
Grant of restricted common shares awards, net of forfeitures | 2 | (2) | ||||||||||||
Withholding of common shares/units for employee income taxes | (2,177) | (2,177) | (2,177) | (2,177) | (2,177) | (2,177) | ||||||||
Contributions from noncontrolling interests | 35 | 35 | 35 | 35 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | (389) | (389) | 389 | |||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | 4 | 4 | (4) | 4 | (4) | 4 | ||||||||
Acquisition of noncontrolling interest in other consolidated partnership | (1,942) | (1,617) | (1,617) | (325) | (1,942) | (1,617) | (325) | (1,617) | ||||||
Common distributions | (127,326) | (127,326) | (1,260) | (126,066) | ||||||||||
Common dividends | (120,959) | (120,959) | (120,959) | |||||||||||
Distributions to noncontrolling interests | (6,798) | (6,367) | (431) | (431) | (431) | |||||||||
Ending balance at Dec. 31, 2016 | 705,441 | 961 | 820,251 | (122,701) | (28,295) | 670,216 | 35,066 | 159 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2016 | 705,441 | (29,834) | 705,282 | 159 | 6,485 | 728,631 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 71,876 | 68,002 | 68,002 | 3,609 | 265 | 71,876 | 71,611 | 265 | 711 | 70,900 | ||||
Other comprehensive income (loss) | 9,489 | 9,010 | 9,010 | 479 | 9,489 | 9,489 | 9,489 | |||||||
Compensation under Incentive Award Plan | 14,629 | 14,629 | 14,629 | 14,629 | 14,629 | 14,629 | ||||||||
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, net of forfeitures | 4 | (4) | ||||||||||||
Repurchase of common shares, including transaction costs | (49,361) | (18) | (49,343) | (49,361) | (49,361) | (49,361) | (49,361) | |||||||
Withholding of common shares/units for employee income taxes | (2,436) | (1) | (2,435) | (2,436) | (2,436) | (2,436) | (2,436) | |||||||
Contributions from noncontrolling interests | 13 | 13 | 13 | 13 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | 1,630 | 1,630 | (1,630) | |||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | (159) | (159) | (159) | (159) | ||||||||||
Common distributions | (136,966) | (136,966) | (1,352) | (135,614) | ||||||||||
Common dividends | (130,166) | (130,166) | (130,166) | |||||||||||
Distributions to noncontrolling interests | (7,078) | (6,800) | (278) | (278) | (278) | |||||||||
Ending balance at Dec. 31, 2017 | $ 612,302 | $ 946 | $ 784,782 | $ (184,865) | $ (19,285) | $ 581,578 | $ 30,724 | $ 0 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2017 | $ 612,302 | $ (20,345) | $ 612,302 | $ 0 | $ 5,844 | $ 626,803 |
CONSOLIDATED STATEMENT OF SHAR7
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2017$ / shares$ / Unitsshares | Dec. 31, 2016$ / shares$ / Unitsshares | Dec. 31, 2015$ / shares$ / Unitsshares | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Shares/Units issued upon exercise of options (in shares) | 1,800 | 59,700 | 28,400 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 411,968 | 173,124 | 348,844 |
Repurchase of shares including transaction cost (in shares) | 1,911,585 | ||
Issuance of deferred shares (in shares) | 24,040 | ||
Shares paid for tax withholding for share based compensation (in shares) | 69,886 | 66,760 | 31,863 |
Exchange of Operating Partnership units for common shares (in units) | 32,348 | 24,962 | 25,663 |
Common shares issued in exchange for Operating Partnership units (in shares) | 32,348 | 24,962 | 25,663 |
Dividends declared per common share (in dollars per share) | $ / shares | $ 1.3525 | $ 1.2600 | $ 1.3050 |
Tanger Properties Limited Partnership [Member] | |||
Shares/Units issued upon exercise of options (in shares) | 1,800 | 59,700 | 28,400 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 411,968 | 173,124 | 348,844 |
Repurchase of shares including transaction cost (in shares) | 1,911,585 | 0 | |
Issuance of deferred shares (in shares) | 24,040 | ||
Shares paid for tax withholding for share based compensation (in shares) | 69,886 | 66,760 | 31,863 |
Common distributions (in dollars per unit) | $ / Units | 1.3530 | 1.260 | 1.305 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Operating Activities | |||
Net income | $ 71,876 | $ 204,329 | $ 222,168 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 127,744 | 115,357 | 103,936 |
Amortization of deferred financing costs | 3,263 | 3,237 | 2,730 |
Gain on sale of assets and interests in unconsolidated entities | (6,943) | (6,305) | (120,447) |
Gain on previously held interest in acquired joint ventures | 0 | (95,516) | 0 |
Loss on early extinguishment of debt | 35,626 | 0 | 0 |
Equity in earnings of unconsolidated joint ventures | (1,937) | (10,872) | (11,484) |
Equity-based compensation expense | 13,585 | 15,319 | 14,712 |
Amortization of debt (premiums) and discounts, net | 462 | 1,290 | 256 |
Net amortization of market rent rate adjustments | 2,829 | 3,302 | 2,461 |
Straight-line rent adjustments | (5,632) | (7,002) | (6,347) |
Distributions of cumulative earnings from unconsolidated joint ventures | 10,697 | 13,662 | 12,137 |
Changes in other asset and liabilities: | |||
Other assets | 365 | (544) | (798) |
Accounts payable and accrued expenses | 1,224 | 3,059 | 1,431 |
Net cash provided by operating activities | 253,159 | 239,316 | 220,755 |
Investing Activities | |||
Additions to rental property | (166,231) | (165,060) | (238,706) |
Acquisitions of interest in unconsolidated joint ventures, net of cash acquired | 0 | (45,219) | 0 |
Additions to investments in unconsolidated joint ventures | (5,892) | (32,968) | (45,286) |
Net proceeds on sale of assets and interests in unconsolidated entities | 39,213 | 28,706 | 164,587 |
Change in restricted cash | 0 | 121,306 | (121,306) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 25,084 | 60,267 | 26,875 |
Additions to non-real estate assets | (8,909) | (6,503) | (837) |
Additions to deferred lease costs | (6,584) | (7,013) | (7,803) |
Other investing activities | 5,774 | 983 | 649 |
Net cash used in investing activities | (117,545) | (45,501) | (221,827) |
Financing Activities | |||
Cash dividends paid | (130,166) | (141,088) | (104,877) |
Distributions to noncontrolling interests in Operating Partnership | (6,800) | (7,428) | (5,561) |
Proceeds from revolving credit facility | 719,521 | 845,650 | 537,000 |
Repayments of revolving credit facility | (572,421) | (974,950) | (457,700) |
Proceeds from notes, mortgages and loans | 299,460 | 437,420 | 90,839 |
Repayments of notes, mortgages and loans | (373,258) | (330,329) | (49,783) |
Payment of make-whole premium related to early extinguishment of debt | (34,143) | 0 | 0 |
Repayment of deferred financing obligation | 0 | (28,388) | 0 |
Repurchase of common shares, including transaction costs | (49,361) | 0 | 0 |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,436) | (2,177) | (1,126) |
Additions to deferred financing costs | (2,850) | (5,496) | (2,829) |
Proceeds from exercise of options | 54 | 1,749 | 788 |
Proceeds from other financing activities | 12,054 | 3,897 | 259 |
Payment for other financing activities | (1,333) | (2,327) | (156) |
Net cash provided (used in) by financing activities | (141,679) | (203,467) | 6,854 |
Effect of foreign currency rate changes on cash and cash equivalents | (56) | 316 | (1,099) |
Net increase in cash and cash equivalents | (6,121) | (9,336) | 4,683 |
Cash and cash equivalents, beginning of year | 12,222 | 21,558 | 16,875 |
Cash and cash equivalents, end of year | 6,101 | 12,222 | 21,558 |
Tanger Properties Limited Partnership [Member] | |||
Operating Activities | |||
Net income | 71,876 | 204,329 | 222,168 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 127,744 | 115,357 | 103,936 |
Amortization of deferred financing costs | 3,263 | 3,237 | 2,730 |
Gain on sale of assets and interests in unconsolidated entities | (6,943) | (6,305) | (120,447) |
Gain on previously held interest in acquired joint ventures | 0 | (95,516) | 0 |
Loss on early extinguishment of debt | 35,626 | 0 | 0 |
Equity in earnings of unconsolidated joint ventures | (1,937) | (10,872) | (11,484) |
Equity-based compensation expense | 13,585 | 15,319 | 14,712 |
Amortization of debt (premiums) and discounts, net | 462 | 1,290 | 256 |
Net amortization of market rent rate adjustments | 2,829 | 3,302 | 2,461 |
Straight-line rent adjustments | (5,632) | (7,002) | (6,347) |
Distributions of cumulative earnings from unconsolidated joint ventures | 10,697 | 13,662 | 12,137 |
Changes in other asset and liabilities: | |||
Other assets | 481 | (705) | (639) |
Accounts payable and accrued expenses | 1,080 | 3,203 | 2,335 |
Net cash provided by operating activities | 253,131 | 239,299 | 221,818 |
Investing Activities | |||
Additions to rental property | (166,231) | (165,060) | (238,706) |
Acquisitions of interest in unconsolidated joint ventures, net of cash acquired | 0 | (45,219) | 0 |
Additions to investments in unconsolidated joint ventures | (5,892) | (32,968) | (45,286) |
Net proceeds on sale of assets and interests in unconsolidated entities | 39,213 | 28,706 | 164,587 |
Change in restricted cash | 0 | 121,306 | (121,306) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 25,084 | 60,267 | 26,875 |
Additions to non-real estate assets | (8,909) | (6,503) | (837) |
Additions to deferred lease costs | (6,584) | (7,013) | (7,803) |
Other investing activities | 5,774 | 983 | 649 |
Net cash used in investing activities | (117,545) | (45,501) | (221,827) |
Financing Activities | |||
Cash dividends paid | (136,966) | (148,516) | (110,438) |
Proceeds from revolving credit facility | 719,521 | 845,650 | 537,000 |
Repayments of revolving credit facility | (572,421) | (974,950) | (457,700) |
Proceeds from notes, mortgages and loans | 299,460 | 437,420 | 90,839 |
Repayments of notes, mortgages and loans | (373,258) | (330,329) | (49,783) |
Payment of make-whole premium related to early extinguishment of debt | (34,143) | 0 | 0 |
Repayment of deferred financing obligation | 0 | (28,388) | 0 |
Repurchase of common shares, including transaction costs | (49,361) | 0 | 0 |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,436) | (2,177) | (1,126) |
Additions to deferred financing costs | (2,850) | (5,496) | (2,829) |
Proceeds from exercise of options | 54 | 1,749 | 788 |
Proceeds from other financing activities | 12,054 | 3,897 | 259 |
Payment for other financing activities | (1,333) | (2,327) | (156) |
Net cash provided (used in) by financing activities | (141,679) | (203,467) | 6,854 |
Effect of foreign currency rate changes on cash and cash equivalents | (56) | 316 | (1,099) |
Net increase in cash and cash equivalents | (6,149) | (9,353) | 5,746 |
Cash and cash equivalents, beginning of year | 12,199 | 21,552 | 15,806 |
Cash and cash equivalents, end of year | $ 6,050 | $ 12,199 | $ 21,552 |
Organization of the Company
Organization of the Company | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization of the Company | Organization of the Company Tanger Factory Outlet Centers, Inc. and subsidiaries, which we refer to as the Company, 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 December 31, 2017 , we owned and operated 36 consolidated outlet centers, with a total gross leasable area of approximately 12.9 million square feet. All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the consolidated financial statements are unaudited. These outlet centers were 97% occupied and contained over 2,600 stores, representing approximately 400 store brands. 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, which we refer to as the Operating Partnership. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires. The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of December 31, 2017 , the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 94,560,536 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,995,433 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 status as a REIT. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation - The consolidated financial statements of the Company include its accounts and its consolidated subsidiaries, as well as the Operating Partnership and its consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include its accounts and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers various factors including the form of our ownership interest, our representation in an entity's governance, the size of our investment, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process to replace us as manager and or liquidate the venture, if applicable. As of December 31, 2017, we did not have a joint venture that was a VIE. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the 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 Company's consolidated financial statements, the “Noncontrolling interests in 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. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the calculations of impairment losses, costs capitalized to originate operating leases, costs incurred for the construction and development of properties, and the values of deferred lease costs and other intangibles related to the acquisition of properties. Actual results could differ from those estimates. Operating Segments - We focus exclusively on developing, acquiring, owning, operating, and managing outlet shopping centers. We aggregate the financial information of all outlet centers into one reportable operating segment because the outlet centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers. Rental Property - Rental properties are recorded at cost less accumulated depreciation. Buildings, improvements and fixtures consist primarily of permanent buildings and improvements made to land such as infrastructure and costs incurred in providing rental space to tenants. The pre-construction stage of project development involves certain costs to secure land control and zoning and complete other initial tasks essential to the development of the project. These costs are transferred from other assets to construction in progress when the pre-construction tasks are completed. Costs of unsuccessful pre-construction efforts are expensed when the project is no longer probable and, if significant, are recorded as abandoned pre-development costs in the consolidated statement of operations. We also capitalize other costs incurred for the construction and development of properties, including interest, real estate taxes and payroll and related costs associated with employees directly involved. Capitalization of costs commences at the time the development of the property becomes probable and ceases when the property is substantially completed and ready for its intended use. We consider a construction project as substantially completed and ready for its intended use upon the completion of tenant improvements. We cease capitalization on the portion that is substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portion under construction. The amount of payroll and related costs capitalized for the construction and development of properties is based on our estimate of the amount of costs directly related to the construction or development of these assets. Interest costs are capitalized during periods of active construction for qualified expenditures based upon interest rates in place during the construction period until construction is substantially complete. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures for qualifying development activities until placed in service. Payroll and related costs and interest costs capitalized for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Payroll and related costs capitalized $ 2,345 $ 2,095 $ 2,989 Interest costs capitalized $ 2,289 $ 2,259 $ 3,448 Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. We generally use estimated lives of 33 years for buildings and improvements, 15 years for land improvements and 7 years for equipment. Tenant finishing allowances are amortized over the life of the associated lease. Capitalized interest costs are amortized over lives which are consistent with the constructed assets. Expenditures for ordinary maintenance and repairs are charged to operations as incurred while significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. Depreciation expense related to rental property included in net income for each of the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 2015 Depreciation expense related to rental property $ 107,845 $ 96,813 $ 85,872 In accordance with accounting guidance for business combinations, we allocate the purchase price of acquisitions based on the fair value of land, building, tenant improvements, debt and deferred lease costs and other intangibles, such as the value of leases with above or below market rents, origination costs associated with the in-place leases, the value of in-place leases and tenant relationships, if any. We depreciate the amount allocated to building, deferred lease costs and other intangible assets over their estimated useful lives, which range up to 33 years. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. The values of below market leases that are considered to have renewal periods with below market rents are amortized over the remaining term of the associated lease plus the renewal periods when the renewal is deemed probable to occur. The value associated with in-place leases is amortized over the remaining lease term and tenant relationships is amortized over the expected term, which includes an estimated probability of the lease renewal. If a tenant terminates its lease prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangibles is written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. These cash flow projections may be derived from various observable and unobservable inputs and assumptions. Also, we may utilize third-party valuation specialists. As a part of acquisition accounting, the amount by which the fair value of our previously held equity method investment exceeds the carrying book value is recorded as a gain on previously held interest in acquired joint venture. Direct costs to acquire existing outlet centers are expensed as incurred. Cash, Cash Equivalents and Restricted Cash - All highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. Cash balances at a limited number of banks may periodically exceed insurable amounts. We believe that we mitigate our risk by investing in or through major financial institutions. At December 31, 2017 and 2016 , we had cash equivalent investments in highly liquid money market accounts at major financial institutions of $3.0 million and $672,000 , respectively. The restricted cash represents the cash proceeds from property sales that are being held by a qualified intermediary in anticipation of such amounts subsequently being invested in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended. Deferred Charges - Deferred charges include deferred lease costs and other intangible assets consisting of fees and costs incurred to originate operating leases and are amortized over the expected lease term. Deferred lease costs capitalized, including amounts paid to third-party brokers and payroll and related costs of employees directly involved in originating leases for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Deferred lease costs capitalized $ 6,584 $ 7,013 $ 7,803 Of the amounts capitalized during 2017 , 2016 and 2015 the following were related to payroll and related costs (in thousands): 2017 2016 2015 Deferred lease costs capitalized- payroll and related costs $ 6,098 $ 6,210 $ 6,236 The amount of payroll and related costs capitalized is based on our estimate of the time and amount of costs directly related to originating leases. Deferred lease costs and other intangible assets also include the value of leases and origination costs deemed to have been acquired in real estate acquisitions. Deferred financing costs - Deferred financing costs include fees and costs incurred to obtain long-term financing and are amortized over the terms of the respective loans. Unamortized deferred financing costs are charged to expense when debt is retired before the maturity date. Captive Insurance - We have a wholly-owned captive insurance company that is responsible for losses up to certain deductible levels per occurrence for property damage (including wind damage from hurricanes) prior to third-party insurance coverage. Insurance losses are reflected in property operating expenses and include estimates of costs incurred, both reported and unreported. Impairment of Long-Lived Assets - Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. Fair value is determined using an income approach whereby we consider the prevailing market income capitalization rates and stabilized net operating income projections. We recognized no impairment losses for our consolidated properties during the years ended December 31, 2017 , 2016 , and 2015 , respectively. See Note 6 for discussion of the impairment of our unconsolidated joint ventures at the Bromont, Quebec and Saint Sauveur, Quebec outlet centers. Rental Property Held For Sale - Rental properties designated as held for sale are stated at the lower of their carrying value or their fair value less costs to sell. We classify rental property as held for sale when our Board of Directors approves the sale of the assets and it meets the requirements of current accounting guidance. Subsequent to this classification, no further depreciation is recorded on the assets. Impairment of Investments - On a periodic basis, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. Our estimates of value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, estimated hold period, terminal capitalization rates, demand for space, competition for tenants, discount and capitalization rates, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. Sales of Real Estate - For sales transactions meeting the requirements for full profit recognition, the related assets and liabilities are removed from the balance sheet and the resulting gain or loss is recorded in the period the transaction closes. For sales transactions with continuing involvement after the sale, if the continuing involvement with the property is limited by the terms of the sales contract, profit is recognized at the time of sale and is reduced by the maximum exposure to loss related to the nature of the continuing involvement. Sales to entities in which we have or receive an interest are accounted for using partial sale accounting. For transactions that do not meet the criteria for a sale, we evaluate the nature of the continuing involvement, including put and call provisions, if present, and account for the transaction as a financing arrangement, profit-sharing arrangement, leasing arrangement or other alternate method of accounting, rather than as a sale, based on the nature and extent of the continuing involvement. Some transactions may have numerous forms of continuing involvement. In those cases, we determine which method is most appropriate based on the substance of the transaction. Discontinued Operations - Properties that are sold or classified as held for sale are classified as discontinued operations provided that the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). Derivatives - We selectively enter into interest rate protection agreements to mitigate the impact of changes in interest rates on our variable rate borrowings. The notional amounts of such agreements are used to measure the interest to be paid or received and do not represent the amount of exposure to loss. None of these agreements are used for speculative or trading purposes. We recognize all derivatives as either assets or liabilities in the consolidated balance sheets and measure those instruments at their fair value. We also measure the effectiveness, as defined by the relevant accounting guidance, of all derivatives. We formally document our derivative transactions, including identifying the hedge instruments and hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. At inception and on a quarterly basis thereafter, we assess the effectiveness of derivatives used to hedge transactions. If a cash flow hedge is deemed effective, we record the change in fair value in other comprehensive income (loss). If after assessment it is determined that a portion of the derivative is ineffective, then that portion of the derivative's change in fair value will be immediately recognized in earnings. Income Taxes - We operate in a manner intended to enable the Company to qualify as a REIT under the Internal Revenue Code. A REIT which distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. We intend to continue to qualify as a REIT and to distribute substantially all of the Company's taxable income to its shareholders. Accordingly, no provision has been made in the Company's consolidated financial statements for Federal income taxes. As a partnership, the allocated share of income or loss for the year with respect to the Operating Partnership is included in the income tax returns for the partners; accordingly, no provision has been made for Federal income taxes in the Operating Partnership's consolidated financial statements. In addition, we continue to evaluate uncertain tax positions. The tax years 2014 - 2017 remain open to examination by the major tax jurisdictions to which we are subject. With regard to the Company's unconsolidated Canadian joint ventures, deferred tax assets result principally from depreciation deducted under United States Generally Accepted Accounting Principles ("GAAP") that exceed capital cost allowances claimed under Canadian tax rules. A valuation allowance is provided if we believe all or some portion of the deferred tax asset may not be realized. We have determined that a full valuation allowance is required as we believe none of the deferred tax assets will be realized. For income tax purposes, distributions paid to the Company's common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends per share for the years ended December 31, 2017 , 2016 and 2015 were taxable as follows: Common dividends per share: 2017 2016 2015 Ordinary income $ 1.1660 $ 1.2459 $ 1.2846 Capital gain — 0.0141 0.0204 Return of capital 0.1865 — — $ 1.3525 $ 1.2600 $ 1.3050 The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Net income available to the Company's shareholders $ 68,002 $ 193,744 $ 211,200 Book/tax difference on: Depreciation and amortization 10,685 1,666 12,446 Sale of assets and interests in unconsolidated entities (8,718 ) (8,688 ) (110,248 ) Equity in earnings from unconsolidated joint ventures 15,662 4,305 6,772 Share-based payment compensation 221 4,596 4,751 Gain on previously held interest in acquired joint venture — (91,467 ) — Other differences (1,089 ) 6,294 (2,831 ) Taxable income available to common shareholders $ 84,763 $ 110,450 $ 122,090 Revenue Recognition - Base rentals are recognized on a straight-line basis over the term of the lease. Straight-line rent adjustments recorded as a receivable in other assets on the consolidated balance sheets were approximately $51.9 million and $46.8 million as of December 31, 2017 and 2016 , respectively. As a provision of a tenant lease, if we make a cash payment to the tenant for purposes other than funding the construction of landlord assets, we defer the amount of such payments as a lease incentive. We amortize lease incentives as a reduction of base rental revenue over the term of the lease. Substantially all leases contain provisions which provide additional rents based on tenants' sales volume (“percentage rentals”) and reimbursement of the tenants' share of advertising and promotion, common area maintenance, insurance and real estate tax expenses. Percentage rentals are recognized when specified targets that trigger the contingent rent are met. Expense reimbursements are recognized in the period the applicable expenses are incurred. For certain tenants, we receive a fixed payment for common area maintenance ("CAM") which is recognized as revenue when earned. When not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses for the property. Payments received from the early termination of leases are recognized as revenue from the time the payment is receivable until the tenant vacates the space. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. If a tenant terminates its lease prior to the original contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value will be written off. We receive development, leasing, loan guarantee, management and marketing fees from third parties and unconsolidated affiliates for services provided to properties held in joint ventures. Development and leasing fees received from unconsolidated affiliates are recognized as revenue when earned to the extent of the third party partners' ownership interest. Development and leasing fees earned to the extent of our ownership interest are recorded as a reduction to our investment in the unconsolidated affiliate. Loan guarantee fees are recognized over the term of the guarantee. Management fees and marketing fees are recognized as revenue when earned. Fees recognized from these activities are shown as management, leasing and other services in our consolidated statements of operations. Fees received from consolidated joint ventures are eliminated in consolidation. Concentration of Credit Risk - We perform ongoing credit evaluations of our tenants. Although the tenants operate principally in the retail industry, the properties are geographically diverse. No single tenant accounted for 10% or more of combined base and percentage rental income or gross leasable area during 2017 , 2016 or 2015 . Supplemental Cash Flow Information - We purchase capital equipment and incur costs relating to construction of new facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Costs relating to construction included in accounts payable and accrued expenses $ 32,060 $ 22,908 $ 28,665 See Note 3, for additional non-cash information associated with our acquisitions of rental property. A non-cash financing activity that occurred during the 2015 period related to a special dividend of $21.2 million that was declared in December 2015 and paid in January 2016. Interest paid, net of interest capitalized was as follows for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Interest paid, net of interest capitalized $ 56,730 $ 50,270 $ 49,542 Accounting for Equity-Based Compensation - 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 and our employees. We may issue non-qualified options and other equity-based awards under the Plan. We account for our equity-based compensation plan under the fair value provisions of the relevant accounting guidance and we estimate expected forfeitures in determining compensation cost. Foreign Currency Translation - We have entered into a co-ownership agreement with RioCan Real Estate Investment Trust to develop and acquire outlet centers in Canada for which the functional currency is the local currency. The assets and liabilities related to our investments in Canada are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are translated using the average exchange rate for the period. Our share of unrealized gains and losses resulting from the translation of these financial statements are reflected in equity as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets. Recently adopted accounting standards - In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 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. ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. 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 early adopted ASU 2016-15 during the third quarter of 2017, with retrospective application to our consolidated statements of cash flows. For distributions received from equity method investees, we have chosen the cumulative-earnings approach, which is also our current policy for these distributions. ASU 2016-15 requires debt prepayment or debt extinguishment costs to be classified as cash outflows for financing activities. As such, the make-whole premium related to the 2020 notes has been classified as a financing activity. The retrospective application of ASU 2016-15 had no impact on any of the prior periods presented. Recently issued accounting standards to be adopted - In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments can be adopted immediately in any interim or annual period (including the current period). The mandatory effective date for calendar year-end public companies is January 1, 2019. 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 adopted ASU |
Acquisition of Rental Property
Acquisition of Rental Property | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition of Rental Property [Abstract] | |
Acquisition of Rental Property | Acquisition of Rental Property 2017 Acquisition Foxwoods In November 2017, we successfully settled litigation with the estate of our former partner in the Foxwoods, Connecticut joint venture. In return for mutual releases and no cash consideration, the estate tendered its partnership interest to the Company. Prior to this settlement, we had a 100% economic interest in the consolidated joint venture as a result of our preferred equity interest and the capital and distribution provisions in the joint venture agreement. See Note 5 for further details with regards to the Foxwoods property. 2016 Acquisitions Savannah In August 2016, the Savannah joint venture, which owned the outlet center in Pooler, Georgia, distributed all outparcels along with $15.0 million in cash consideration to the other partner in exchange for the partner's ownership interest. We contributed the $15.0 million in cash consideration to the joint venture, which we funded with borrowings under our unsecured lines of credit. At the time of acquisition, the property was subject to a $96.9 million construction loan, with an interest rate of LIBOR + 1.65% , that would have matured in May 2017. In September 2016, we repaid the mortgage loan with borrowings under our unsecured lines of credit. The former joint venture is now wholly-owned by us and was consolidated in our financial results as of the acquisition date. Prior to this transaction, we owned a 50% legal interest in the joint venture since its formation and accounted for it under the equity method of accounting. However, due to preferred equity contributions we made to the joint venture, and the returns earned on those contributions, our estimated economic interest in the book value of the assets was approximately 98% . Therefore, substantially all of the earnings of the joint venture were previously recognized by us as equity in earnings of unconsolidated joint ventures. There was no contingent consideration associated with this acquisition. The joint venture incurred approximately $260,000 in third-party acquisition related costs for the acquisition of the venture partner's interest that were expensed as incurred. As a result of acquiring the remaining interest in the Savannah joint venture, we recorded a gain of $46.3 million which represented the difference between the carrying book value and the fair value of our previously held equity method investment in the joint venture. Non-cash investing activities related to the purchase of our partners' interest in the Savannah joint venture, include the assumption of debt totaling $96.9 million . In addition, rental property and lease related intangible assets and liabilities increased by a net of $46.3 million related to the fair value of our previously held interest in excess of our carrying amount; prepaids and other assets increased $250,000 and accounts payable and accrued expenses increased $2.1 million from the assumption of current assets and liabilities. Westgate In June 2016, we completed the purchase of our partners' interest in the Westgate joint venture, which owned the outlet center in Glendale, Arizona, for a total cash price of approximately $40.9 million . Prior to the transaction, we owned a 58% interest in the Westgate joint venture since its formation in 2012 and accounted for it under the equity method of accounting. The former joint venture is now wholly-owned by us and was consolidated in our financial results as of June 30, 2016. The total cash price included $39.0 million to acquire the 40% ownership interest held by the equity partner in the joint venture. We also purchased the remaining 2% noncontrolling ownership interests in the Westgate outlet center held in a consolidated partnership for a purchase price of $1.9 million . The acquisition of the noncontrolling ownership interest was recorded as an equity transaction and, as a result, the carrying balances of the noncontrolling interest were eliminated and the remaining difference between the purchase price and carrying balance was recorded as a reduction in additional-paid-in-capital. We funded the total purchase price with borrowings under our unsecured lines of credit. At the time of the acquisition, the property was subject to a $62.0 million mortgage loan, with an interest rate of LIBOR + 1.75% and a maturity in June 2017. In August 2016, we repaid the mortgage loan in full with proceeds from the public offering of $250.0 million in senior notes due 2026. There was no contingent consideration associated with this acquisition. We incurred approximately $127,000 in third-party acquisition related costs for the acquisition of our partners' interest in the Westgate joint venture that were expensed as incurred. As a result of acquiring the remaining interest in the Westgate joint venture, we recorded a gain of $49.3 million which represented the difference between the carrying book value and the fair value of our previously held equity method investment in the joint venture. Non-cash investing activities related to the purchase of our partners' interest in the Westgate joint venture, include the assumption of debt totaling $62.0 million . In addition, rental property and lease related intangible assets and liabilities increased by a net of $49.3 million related to the fair value of our previously held interest in excess of our carrying amount; prepaids and other assets increased $227,000 and accounts payable and accrued expenses increased $5.0 million from the assumption of current assets and liabilities. The following table illustrates the fair value of the aggregate consideration transferred to acquire the equity interests of the Savannah and Westgate properties at the acquisition date for the year ended 2016 (in thousands): Cash transferred for equity interests $ 54,000 Fair value of our previously held interests 145,581 Fair value of net assets $ 199,581 The following table illustrates the aggregate fair value of the amounts of the identifiable assets acquired and liabilities assumed and recognized at the acquisition date for the Savannah and Westgate properties acquired during the year ended 2016: Fair Value (in thousands) Weighted-Average Amortization Period (in years) Cash $ 8,781 Land 27,593 Buildings, improvements and fixtures 308,117 Deferred lease costs and other intangibles Above market lease value 15,882 7.2 Lease in place value 13,972 5.9 Lease and legal costs 10,264 6.4 Total deferred lease costs and other intangibles 40,118 Prepaids and other assets 477 Debt (158,994 ) Accounts payable and accrued expenses (7,183 ) Other liabilities (below market lease value) (19,328 ) 12.0 Total fair value of net assets $ 199,581 The fair values were determined based on an income approach, using a rental growth rate of 3.0% , a discount rate between 7.50% and 8.25% , and a terminal capitalization rate between 5.75% and 7.0% . The estimated fair values were determined to have primarily relied upon Level 3 inputs, as defined in Note 12. The Company has finalized the valuations and completed the purchase price allocations. During the measurement period, we adjusted the Westgate purchase price allocation based upon information that was received subsequent to the acquisition date that related to conditions that existed as of that date. This adjustment increased above market lease value by $1.6 million , and decreased buildings, improvements and fixtures by $5.6 million , below market lease value by $4.8 million , lease in place value by $628,000 and land by $150,000 . |
Disposition of Properties
Disposition of Properties | 12 Months Ended |
Dec. 31, 2017 | |
Disposition of Properties [Abstract] | |
Disposition of Properties | Disposition of Properties The following table sets forth the properties sold for the years ended 2017, 2016 and 2015 (in thousands): Properties Locations Date Sold Square Feet Net Sales Proceeds Gain on Sale 2017 Dispositions: (1) Westbrook Westbrook, CT May 2017 290 $ 39,213 $ 6,943 2016 Dispositions: (1) Fort Myers Fort Myers, FL January 2016 199 $ 25,785 $ 4,887 Land outparcel Myrtle Beach, SC September 2016 — $ 2,921 1,418 $ 6,305 2015 Dispositions: (1)(2) Barstow Barstow, CA October 2015 171 $ 105,793 $ 86,506 Kittery I and II, Tuscola, and West Branch Kittery, ME, Tuscola, IL, and West Branch, MI September 2015 439 $ 43,304 20,215 $ 106,721 (1) The rental properties did not meet the criteria set forth in the guidance for reporting discontinued operations (See Note 2), thus their results of operations have remained in continuing operations. (2) We received combined net proceeds of $149.1 million of which $121.3 million was recorded in restricted cash as of December 31, 2015. The restricted cash represented the cash proceeds from property sales that were being held by a qualified intermediary for such amounts subsequently being invested in the 2016 period in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended. |
Development of Consolidated Ren
Development of Consolidated Rental Properties | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Development of Consolidated Rental Properties | Development of Consolidated Rental Properties 2017 Developments Fort Worth In October 2017, we opened a 352,000 square foot wholly-owned outlet center in the greater Fort Worth, Texas area. The outlet center is located within the 279-acre Champions Circle mixed-use development adjacent to Texas Motor Speedway. Lancaster Expansion In September 2017, we opened a 123,000 square foot expansion of our outlet center in Lancaster, Pennsylvania. 2016 Developments Daytona Beach In November 2016, we opened an approximately 352,000 square foot, wholly-owned, outlet center in Daytona Beach, Florida. 2015 Developments Foxwoods In May 2015, we opened an approximately 312,000 square foot outlet center at the Foxwoods Resort Casino in Mashantucket, Connecticut. Prior to the settlement of the litigation with our former joint venture partner related to the Foxwoods property as described further in Note 3 above, we owned a controlling interest in the joint venture which was consolidated for financial reporting purposes. Grand Rapids In July 2015, we opened an approximately 352,000 square foot wholly-owned outlet center near Grand Rapids, Michigan. Southaven In November 2015, we opened an approximately 320,000 square foot outlet center in Southaven, Mississippi. We own a controlling interest in the joint venture which is consolidated for financial reporting purposes. As of December 31, 2017, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our economic interest would represent substantially all of the economic benefit of the property. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from asset sales. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and 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 December 31, 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 $ 1.1 $ 84.4 National Harbor National Harbor, MD 50.0 % 341 2.5 86.4 RioCan Canada Various 50.0 % 923 115.8 11.1 Investments included in investments in unconsolidated joint ventures $ 119.4 Charlotte (2) Charlotte, NC 50.0 % 398 $ (4.1 ) $ 89.8 Galveston/Houston (2) Texas City, TX 50.0 % 353 (13.0 ) 79.4 Investments included in other liabilities $ (17.1 ) 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 (in millions) (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 investments in unconsolidated joint ventures $ 128.1 Charlotte (2) Charlotte, NC 50.0 % 398 $ (2.5 ) $ 89.7 Galveston/Houston (2) 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 $1.4 million and $1.6 million as of December 31, 2017 and December 31, 2016, respectively. (2) 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): Year Ended December 31, 2017 2016 2015 Fees: Management and marketing $ 2,310 $ 2,744 $ 2,853 Development and leasing 124 651 1,827 Loan guarantee 18 452 746 Total Fees $ 2,452 $ 3,847 $ 5,426 Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $4.2 million and $3.7 million as of December 31, 2017 and 2016 , respectively) are amortized over the various useful lives of the related assets. Charlotte In July 2014, we opened an approximately 398,000 square foot outlet center in Charlotte, North Carolina that was developed through, and is owned by, a joint venture formed in May 2013. The joint venture has an outstanding interest-only mortgage loan for $90.0 million at an interest rate of LIBOR + 1.45% . The loan initially matures in November 2018, with the option to extend the maturity for one additional year. Our partner is providing property management, marketing and leasing services to the joint venture. Columbus In June 2016, we opened an approximately 355,000 square foot outlet center in Columbus, Ohio. The development was initially fully funded with equity contributed to the joint venture by Tanger and its partner. In November 2016, the joint venture closed on an interest-only mortgage loan of $85.0 million at an interest rate of LIBOR + 1.65% . The loan initially matures in November 2019, with two one -year extension options. The joint venture received net loan proceeds of $84.2 million and distributed them equally to the partners. We are providing property management, marketing and leasing services to the joint venture. Galveston/Houston In October 2012, we opened an approximately 353,000 square foot outlet center in Texas City, Texas that was developed through, and is owned by, a joint venture formed in June 2011. In July 2017, 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 LIBOR + 1.65% . At the closing of the amendment, the joint venture distributed approximately $14.5 million equally between the partners. We are providing property management, marketing and leasing services to the outlet center. National Harbor In November 2013, we opened an approximately 341,000 square foot outlet center at National Harbor in the Washington, D.C. Metro area that was developed through, and is owned by, a joint venture formed in May 2011. The joint venture has an outstanding interest-only construction loan of $87.0 million with a maturity date of November 2019. The loan carries an interest rate of LIBOR + 1.65% . We are providing property management, marketing and leasing services to the joint venture. RioCan Canada We have a 50 /50 co-ownership agreement with RioCan Real Estate Investment Trust to develop and acquire outlet centers in Canada. Under the agreement, any outlet centers developed or acquired will be branded as Tanger Outlet Centers. Prior to July 2017, we provided leasing and marketing services for the outlet centers and RioCan provided development and property management services.Subsequent to July 2017, we have agreed to provide marketing services for the outlet centers and RioCan has agreed to provide development, leasing and property management services. In October 2014, the co-owners opened Tanger Outlets Ottawa, the first ground up development of a Tanger Outlet Center in Canada. In March 2016, the co-owners opened an approximately 28,000 square foot expansion related to an anchor tenant bringing the total square feet of the outlet center to approximately 316,000 square feet. In 2016, the co-owners commenced construction on a 39,000 square foot expansion, which opened during the second quarter of 2017. In November 2014, the co-owners opened an approximately 149,000 square foot expansion to the existing Cookstown Outlet Mall, bringing the total square feet of the outlet center to approximately 308,000 square feet. Other properties owned by the RioCan Canada co-owners include Les Factoreries Saint-Sauveur and Bromont Outlet Mall. Les Factoreries Saint-Sauveur is approximately 116,000 square feet and the Bromont Outlet Mall is approximately 161,000 square feet. Rental property held and used by our joint ventures are reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, the estimated future undiscounted cash flows associated with the asset is compared to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. During 2016, the joint venture determined for its Bromont, Quebec outlet center that the estimated future undiscounted cash flows of that property did not exceed the property's carrying value based on the reduction in the property's net operating income. Therefore, the joint venture recorded a $5.8 million non-cash impairment charge in its statement of operations, which equaled the excess of the property's carrying value over its fair value. The fair value was determined using the income approach whereby the joint venture considered the prevailing market income capitalization rates and stabilized net operating income projections. Our share of this impairment charge, $2.9 million , was recorded in equity in earnings of unconsolidated joint ventures in our consolidated statement of operations. During 2017, the joint venture determined for its Bromont and Saint Sauveur, Quebec outlet centers that the estimated future undiscounted cash flows of those properties did not exceed the property's carrying value based on the joint venture's expectations of the future performance of the centers. Therefore, the joint venture recorded an $18.0 million non-cash impairment charge in its statement of operations, which equaled the excess of the properties carrying value over its fair value. The fair value was determined using a market approach considering the prevailing market income capitalization rates for similar assets. Our share of this impairment charge, $9.0 million , was recorded in equity in earnings of unconsolidated joint ventures in our consolidated statement of operations. Savannah In May 2016, the joint venture expanded the outlet center in Savannah by approximately 42,000 square feet, bringing the outlet center's total gross leasable area to approximately 429,000 square feet. As described in Note 3, we acquired our partners' interest in the Savannah joint venture in August 2016 and have consolidated the property for financial reporting purposes since the acquisition date. Westgate/Glendale As described in Note 3, we acquired our partners' interest in the Westgate joint venture in June 2016 and have consolidated the property for financial reporting purposes since the acquisition date. Wisconsin Dells In February 2015, we sold our equity interest in the joint venture that owned the outlet center located in Wisconsin Dells, Wisconsin for approximately $15.6 million , representing our share of the sales price totaling $27.7 million less our share of the outstanding debt, which totaled $12.1 million . As a result of this transaction, we recorded a gain of approximately $13.7 million in the first quarter of 2015, which represented the difference between the carrying value of our equity method investment and the net proceeds received. Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2017 and 2016 is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures 2017 2016 Assets Land $ 95,686 $ 88,015 Buildings, improvements and fixtures 505,618 503,548 Construction in progress, including land under development 3,005 13,037 604,309 604,600 Accumulated depreciation (93,837 ) (67,431 ) Total rental property, net 510,472 537,169 Cash and cash equivalents 25,061 27,271 Deferred lease costs, net 10,985 13,612 Prepaids and other assets 15,073 12,567 Total assets $ 561,591 $ 590,619 Liabilities and Owners' Equity Mortgages payable, net $ 351,259 $ 335,971 Accounts payable and other liabilities 14,680 20,011 Total liabilities 365,939 355,982 Owners' equity 195,652 234,637 Total liabilities and owners' equity $ 561,591 $ 590,619 Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: Year Ended December 31, 2017 2016 2015 Revenues $ 96,776 $ 106,766 $ 106,042 Expenses: Property operating 36,507 39,576 40,639 General and administrative 350 349 571 Asset impairment 18,042 5,838 — Depreciation and amortization 28,162 32,930 34,516 Total expenses 83,061 78,693 75,726 Operating income 13,715 28,073 30,316 Interest expense (10,365 ) (8,946 ) (8,674 ) Other non-operating income 71 6 19 Net income $ 3,421 $ 19,133 $ 21,661 The Company and Operating Partnership's share of: Net income $ 1,937 $ 10,872 $ 11,484 Depreciation, amortization and asset impairments (real estate related) $ 22,878 $ 21,829 $ 20,052 |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs [Abstract] | |
Deferred Charges | Deferred Charges Deferred lease costs and other intangibles, net as of December 31, 2017 and 2016 consist of the following (in thousands): 2017 2016 Deferred lease costs $ 81,888 $ 76,733 Intangible assets: Above market leases 54,763 57,077 Lease in place value 71,801 77,858 Tenant relationships 49,184 52,925 Other intangibles 49,730 52,346 307,366 316,939 Accumulated amortization (175,305 ) (165,360 ) Deferred lease costs and other intangibles, net $ 132,061 $ 151,579 Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2017 and 2016 were $24.5 million and $27.6 million , respectively. Amortization of deferred lease costs and other intangibles, excluding above and below market leases, included in depreciation and amortization for the years ended December 31, 2017 , 2016 and 2015 was $17.8 million , $16.8 million and $16.7 million , respectively. Amortization of above and below market lease intangibles recorded as an increase or (decrease) in base rentals for the years ended December 31, 2017 , 2016 and 2015 was $(2.4) million , $(2.8) million and $(2.0) million , respectively. Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands): Year Above/below market leases, net (1) Deferred lease costs and other intangibles (2) 2018 $ 2,387 $ 9,173 2019 911 7,018 2020 447 5,945 2021 284 5,156 2022 267 4,767 Total $ 4,296 $ 32,059 (1) These amounts are recorded as a reduction of base rentals. (2) These amounts are recorded as an increase in depreciation and amortization. |
Debt of the Company
Debt of the Company | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Debt of the Company | Debt of the Company All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries. The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $520.0 million . The Company also guarantees the Operating Partnership's unsecured term loan. The Operating Partnership had the following amounts outstanding on the debt guaranteed by the Company as of December 31, 2017 and 2016 (in thousands): 2017 2016 Unsecured lines of credit $ 208,100 $ 61,000 Unsecured term loan $ 325,000 $ 325,000 |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Properties Limited Partnership [Member] | |
Debt of the Operating Partnership | Debt of the Operating Partnership The debt of the Operating Partnership as of December 31, 2017 and 2016 consisted of the following (in thousands): 2017 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 $ 298,226 Senior notes 3.875 % December 2023 250,000 246,036 250,000 245,425 Senior notes 3.750 % December 2024 250,000 247,410 250,000 247,058 Senior notes 3.125 % September 2026 350,000 345,128 350,000 344,600 Senior notes 3.875 % July 2027 300,000 296,182 — — Mortgages payable: Atlantic City (2) (3) 5.14%-7.65% November 2021- December 2026 37,462 39,879 40,471 43,286 Foxwoods LIBOR + 1.55% December 2017 — — 70,250 69,902 Southaven LIBOR + 1.75% April 2018 60,000 59,881 59,277 58,957 Unsecured term loan LIBOR + 0.95% April 2021 325,000 322,975 325,000 322,410 Unsecured lines of credit LIBOR + 0.90% October 2019 208,100 206,160 61,000 58,002 $ 1,780,562 $ 1,763,651 $ 1,705,998 $ 1,687,866 (1) Includes premiums and net of debt discount and unamortized debt origination costs. Unamortized debt origination costs were $12.7 million and $14.0 million for the years ended December 31, 2017 and 2016 , respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2017 , 2016 and 2015 was $3.3 million , $3.2 million and $2.7 million , respectively. (2) The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05% . (3) Principal and interest due monthly with remaining principal due at maturity. Certain of our properties, which had a net book value of approximately $193.1 million at December 31, 2017 , serve as collateral for mortgages payable. We maintain unsecured lines of credit that, as of December 31, 2017, provided for borrowings of up to $520.0 million , including a separate $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 December 31, 2017 , letters of credit totaling approximately $6.0 million were issued under the lines of credit. 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 December 31, 2017 , we were in compliance with all of our debt covenants. In January 2018, we amended the lines of credit to, among other things, increase the borrowing capacity, reduce the interest rate spread over LIBOR and extend the maturity date. See Note 24. 2017 Transactions $300.0 Million Unsecured Senior Notes due 2027 In July 2017, we completed an underwritten public offering of $300.0 million of 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 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 . In addition, we wrote off approximately $1.5 million of unamortized debt discount and debt origination costs related to the 2020 Notes. Foxwoods Debt Repayment In November 2017, we repaid the $70.3 million floating rate mortgage loan secured by the Foxwoods property with borrowings under its unsecured floating rate lines of credit. 2016 Transactions Deer Park Debt Repayment In January 2016, we repaid our $150.0 million floating rate mortgage loan, which had an original maturity date in August 2018 and was related to our Deer Park outlet center. Unsecured Term Note Repayment In February 2016, we repaid our $7.5 million unsecured term note, which had an original maturity date in August 2017. In June 2016, our $10.0 million unsecured note payable became due and was repaid in June 2016. Unsecured Term Loan In April 2016, we amended our unsecured term loan to increase the size of the loan from $250.0 million to $325.0 million , extend the maturity date from February 2019 to April 2021, reduce the interest rate spread over LIBOR from 1.05% to 0.95% , and increase the incremental loan availability through an accordion feature from $150.0 million to $175.0 million . Aggregate $350.0 Million Unsecured Senior Notes due 2026 and Westgate Debt Repayment In August 2016, we completed a public offering of $250.0 million in senior notes due 2026 in an underwritten public offering. The notes were priced at 99.605% of the principal amount to yield 3.171% to maturity. In October 2016, we sold an additional $100.0 million of our senior notes due 2026. The notes priced at 98.962% of the principal amount to yield 3.248% to maturity. The notes pay interest semi-annually at a rate of 3.125% per annum and mature on September 1, 2026. The aggregate net proceeds from the offerings, after deducting the underwriting discount and offering expenses, were approximately $344.5 million . We used the net proceeds from the sale of the notes to repay a $62.0 million floating rate mortgage loan related to the outlet center in Glendale (Westgate), Arizona, repay borrowings under our unsecured lines of credit, and for general corporate purposes. Savannah Debt Repayment At the time of acquisition, the Savannah outlet center was subject to a $96.9 million mortgage loan, with an interest rate of LIBOR + 1.65% and maturity date in May 2017. In September 2016, we repaid the mortgage loan with borrowings under our unsecured lines of credit. 2015 Transactions Southaven Mortgage In April 2015, the consolidated joint venture closed on an interest only mortgage loan with the ability to borrow up to $60.0 million at an interest rate of LIBOR + 1.75% . The loan initially matures on April 29, 2018, with one two -year extension option. Hershey Mortgage In May 2015, we repaid the mortgages associated with our Hershey outlet center, which were assumed as part of the acquisition of the property in 2011. The maturity date of the mortgages was August 1, 2015 and it had a principal balance at the date of extinguishment of $29.0 million . Ocean City Mortgage In July 2015, we repaid the mortgage associated with our Ocean City outlet center, which was assumed as part of the acquisition of the property in 2011. The maturity date of the mortgage was January 6, 2016 and had a principal balance at the date of extinguishment of $17.6 million . Extension of Unsecured Lines of Credit In October 2015, we closed on amendments to our unsecured lines of credit, extending the maturity and reducing our interest rate. The maturity date of these facilities was extended from October 2017 to October 2019 with the ability to further extend the maturity date for an additional year at our option. The interest rate was reduced from LIBOR + 1.00% to LIBOR + 0.90% based on our current credit rating and the maximum borrowings to which the syndicated line could be increased through an accordion feature in certain circumstances was increased from $750.0 million to $1.0 billion . Loan origination costs associated with the amendments totaled approximately $2.0 million . Debt Maturities Maturities of the existing long-term debt as of December 31, 2017 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2018 $ 63,184 2019 211,469 2020 3,566 2021 330,793 2022 4,436 Thereafter 1,167,114 Subtotal 1,780,562 Net discount and debt origination costs (16,911 ) Total $ 1,763,651 |
Deferred Financing Obligation
Deferred Financing Obligation | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Deferred Financing Obligation | Deferred Financing Obligation In September 2015, the noncontrolling interest in our outlet center in Deer Park, New York exercised its right to require us to acquire their ownership interest in the property for $28.4 million . We closed on the transaction in January 2016 and repaid the deferred financing obligation, which was recorded in the other liabilities section of our consolidated balance sheet as of December 31, 2015. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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 as of December 31, 2017 and 2016 (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Average Fixed Pay Rate 2017 2016 Assets (Liabilities) (1) : November 14, 2013 August 14, 2018 $ 150,000 1 month LIBOR 1.30 % $ 326 $ (344 ) April 13, 2016 January 1, 2021 175,000 1 month LIBOR 1.03 % 5,207 4,337 August 14, 2018 (2) January 1, 2021 150,000 1 month LIBOR 2.20 % (188 ) — Total $ 475,000 $ 5,345 $ 3,993 (1) Net asset balances are recorded in prepaids and other assets on the consolidated balance sheets and net liabilities are recorded in other liabilities on the consolidated balance sheets. (2) In December 2017, we entered into three separate forward starting interest rate swap agreements, effective August 14, 2018. 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 year ended December 31, 2017 , the ineffective portion was not significant. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements for the years ended December 31, 2017 , 2016 and 2015 , respectively (in thousands): 2017 2016 2015 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in OCI on derivative $ 1,351 $ 4,609 $ (711 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 December 31, 2017: Asset: Interest rate swaps (prepaids and other assets) $ 5,533 $ — $ 5,533 $ — Total assets $ 5,533 $ — $ 5,533 $ — Liabilities: Interest rate swaps (other liabilities) $ 188 $ — $ 188 $ — Total liabilities $ 188 $ — $ 188 $ — 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: Assets: 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 and recorded value of our debt as of December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,139,064 1,137,976 Level 3 Significant Unobservable Inputs 636,476 566,668 Total fair value of debt $ 1,775,540 $ 1,704,644 Recorded value of debt $ 1,763,651 $ 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. |
Shareholders' Equity of the Com
Shareholders' Equity of the Company | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Shareholders' Equity of the Company [Line Items] | |
Shareholders' Equity of the Company | Shareholders' Equity of the Company As discussed in Note 14, each Class A common limited partnership unit is exchangeable for one common share of the Company. The following table sets forth the number of Class A common limited partnership units exchanged for an equal number of common shares for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Exchange of Class A limited partnership units 32,348 24,962 25,663 Share Repurchase Program In May 2017, the Company announced that our Board of Directors authorized the repurchase of up to $125.0 million of its 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 share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. During 2017, we repurchased approximately 1.9 million common shares on the open market at an average price of $25.80 , totaling approximately $49.3 million , exclusive of commissions and related fees. The remaining amount authorized to be repurchased under the program as of December 31, 2017 was approximately $75.7 million . |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 12 Months Ended |
Dec. 31, 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 issuance of restricted share awards or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP Trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases a corresponding Class B common limited partnership unit held by Tanger LP Trust. The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2017 , 2016 and 2015 : Limited Partnership Units General partnership units Class A Class B Total Balance December 31, 2014 1,000,000 5,078,406 94,509,781 99,588,187 Units withheld for employee income taxes — — (31,863 ) (31,863 ) Exchange of Class A limited partnership units — (25,663 ) 25,663 — Grant of restricted common share awards by the Company, net of forfeitures — — 348,844 348,844 Units issued upon exercise of options — — 28,400 28,400 Balance December 31, 2015 1,000,000 5,052,743 94,880,825 99,933,568 Units withheld for employee income taxes — — (66,760 ) (66,760 ) Exchange of Class A limited partnership units — (24,962 ) 24,962 — 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 — — 59,700 59,700 Balance December 31, 2016 1,000,000 5,027,781 95,095,891 100,123,672 Units withheld for employee income taxes — — (69,886 ) (69,886 ) Exchange of Class A limited partnership units — (32,348 ) 32,348 — Grant of restricted common share awards by the Company, net of forfeitures — — 411,968 411,968 Repurchase of units — — (1,911,585 ) (1,911,585 ) Units issued upon exercise of options — — 1,800 1,800 Balance December 31, 2017 1,000,000 4,995,433 93,560,536 98,555,969 |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests in the Operating Partnership relate to the interests in the Operating Partnership owned by Non-Company LPs as discussed in Note 2. The noncontrolling interests in other consolidated partnerships consist of outside equity interests in partnerships 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. In 2017 and 2016, adjustments of the noncontrolling interest in the Operating Partnership were made as a result of the changes in the Company's ownership of the Operating Partnership from additional units received in connection with the Company's issuance of common shares upon the exercise of options and grants of share-based compensation awards, additional units received upon the exchange of Class A common limited partnership units of the Operating Partnership into an equal number of common shares of the Company, and units repurchased by the Operating Partnership as a result of the Company's repurchase of its outstanding common shares. As discussed in Note 13, for the years ended December 31, 2017 and 2016 , Non-Company LPs exchanged 32,348 and 24,962 Class A common limited partnership units of the Operating Partnership, respectively, for an equal number of common shares of the Company. In addition, during 2017, the Company repurchased approximately 1.9 million common shares on the open market and the Operating Partnership repurchased an equal number of units held by the Company. The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows (in thousands): 2017 2016 Net income attributable to Tanger Factory Outlet Centers, Inc. $ 68,002 $ 193,744 Increase (decrease) in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests 1,630 (389 ) Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest $ 69,632 $ 193,355 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 12 Months Ended |
Dec. 31, 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 earnings per share for the years ended December 31, 2017 , 2016 and 2015 (in thousands, except per share amounts): 2017 2016 2015 Numerator Net income attributable to Tanger Factory Outlet Centers, Inc. $ 68,002 $ 193,744 $ 211,200 Less allocation of earnings to participating securities (1,209 ) (1,926 ) (2,408 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 66,793 $ 191,818 $ 208,792 Denominator Basic weighted average common shares 94,506 95,102 94,698 Effect of notional units — 175 — Effect of outstanding options and certain restricted common shares 16 68 61 Diluted weighted average common shares 94,522 95,345 94,759 Basic earnings per common share: Net income $ 0.71 $ 2.02 $ 2.20 Diluted earnings per common share: Net income $ 0.71 $ 2.01 $ 2.20 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 years ended December 31, 2017 , 2016 , and 2015 , 603,411 , 501,446 and 859,450 units were excluded from the computation, respectively, because these units would not have been issuable if the end of the reporting period were the end of the contingency period or because 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 the years ended December 31, 2017 , 2016 and 2015 , 169,000 , 141,300 and 227,400 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 | 12 Months Ended |
Dec. 31, 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 for the years ended December 31, 2017 , 2016 and 2015 (in thousands, except per unit amounts): 2017 2016 2015 Numerator Net income attributable to partners of the Operating Partnership $ 71,611 $ 204,031 $ 222,531 Allocation of earnings to participating securities (1,209 ) (1,928 ) (2,413 ) Net income available to common unitholders of the Operating Partnership $ 70,402 $ 202,103 $ 220,118 Denominator Basic weighted average common units 99,533 100,155 99,777 Effect of notional units — 175 — Effect of outstanding options and certain restricted common units 16 68 61 Diluted weighted average common units 99,549 100,398 99,838 Basic earnings per common unit: Net income $ 0.71 $ 2.02 $ 2.21 Diluted earnings per common unit: Net income $ 0.71 $ 2.01 $ 2.20 We determine diluted earnings per unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible. The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the years ended December 31, 2017 , 2016 , 2015 , 603,411 , 501,446 and 859,450 units were excluded from the computation, respectively, because these units would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. 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. The effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the years ended December 31, 2017 , 2016 and 2015 , 169,000 , 141,300 and 227,400 options were excluded from the computation, respectively. 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
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Equity-Based Compensation | Equity-Based Compensation When a common share is issued by the Company, the Operating Partnership issues one corresponding unit of partnership interest to the Company's wholly-owned subsidiaries. Therefore, when the Company grants an equity based award, the Operating Partnership treats each award as having been granted by the Operating Partnership. In the discussion below, the term "we" refers to the Company and the Operating Partnership together and the term "shares" is meant to also include corresponding units of the Operating Partnership. We may issue up to 15.4 million common shares under the Plan. Through December 31, 2017 , we had granted 7,534,560 options, net of options forfeited; 5,365,728 restricted common share awards, net of restricted common shares forfeited or withheld for employees' tax obligations; and notional units which may result in the issuance of a maximum of 603,411 common shares. Shares remaining available for future issuance totaled 1,896,301 common shares. The amount and terms of the awards granted under the Plan were determined by the Board of Directors (or the Compensation Committee of the Board of Directors). We recorded equity-based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 , respectively, as follows (in thousands): 2017 2016 2015 Restricted common shares $ 9,395 $ 10,976 $ 11,220 Notional unit performance awards 3,913 3,967 3,030 Options 277 376 462 Total equity-based compensation $ 13,585 $ 15,319 $ 14,712 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): 2017 2016 2015 Equity-based compensation expense capitalized $ 1,044 $ 985 $ 837 As of December 31, 2017 , there was $23.2 million of total unrecognized compensation cost related to unvested common equity-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.9 years. Restricted Common Share Awards During 2017 , 2016 and 2015 , the Company granted 253,431 , 286,524 and 357,844 restricted common shares, respectively, to the independent directors and the senior executive officers. The independent directors' restricted common shares vest ratably over a three year period and the senior executive officers' restricted common shares vest ratably over periods ranging from three to five years. For the restricted shares issued to our chief executive officer during 2017, 2016 and 2015, the restricted share agreements require him to hold the shares for a minimum of three years following each applicable vesting date thereof. Compensation expense related to the amortization of the deferred compensation is being recognized in accordance with the vesting schedule of the restricted shares. For all of the restricted common share awards described above, the grant date fair value of the award was determined based upon the closing market price of the Company's common shares on the day prior to the grant date and the associated compensation expense is being recognized in accordance with the vesting schedule of each grant. The following table summarizes information related to unvested restricted common shares outstanding for the years ended December 31, 2017 , 2016 , and 2015 : Unvested Restricted Common Shares Number of shares Weighted average grant date fair value Outstanding at December 31, 2014 1,099,450 $ 29.01 Granted 357,844 36.69 Vested (371,299 ) 28.12 Forfeited — — Outstanding at December 31, 2015 1,085,995 $ 31.84 Granted 286,524 29.64 Vested (388,851 ) 31.30 Forfeited (104,400 ) 34.13 Outstanding at December 31, 2016 879,268 $ 31.09 Granted 253,431 33.07 Vested (368,043 ) 29.87 Forfeited (14,750 ) 34.39 Outstanding at December 31, 2017 749,906 $ 32.30 The table above excludes restricted common shares earned under the 2014 Outperformance Plan. In connection with the 2014 Outperformance Plan, 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 (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). The total value of restricted common shares vested during the years ended 2017 , 2016 and 2015 was $12.4 million , $12.7 million and $13.1 million , respectively. During 2017 , 2016 and 2015 , we withheld shares with value equivalent to the employees' minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total number of shares withheld were 69,886 , 66,760 and 31,863 for 2017 , 2016 and 2015 , respectively, and were based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date. Total amounts paid for the employees' tax obligation to taxing authorities were $2.4 million , $2.2 million and $1.1 million for 2017 , 2016 and 2015 , respectively, which is reflected as a financing activity within the consolidated statements of cash flows. Notional Unit Performance Awards Outperformance Plan Each year, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approves the terms and the number of awards to be granted under the Tanger Factory Outlet Centers, Inc. Outperformance Plan (the “OPP"). The OPP is a long-term incentive compensation plan. Recipients may earn 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 absolute total shareholder return) and its share price appreciation relative to its peer group (or relative total shareholder return) over a three -year measurement period. Any shares earned at the end of the three -year measurement period are subject to a time-based vesting schedule, with 50% of the shares vesting immediately following the measurement period, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability. The following table sets forth OPP performance targets and other relevant information about each plan: 2017 OPP 2016 OPP 2015 OPP (1) 2014 OPP (2) 2013 OPP (3) Performance targets (4) Absolute portion of award: Percent of total award 50% 50% 60% 70% 70% Absolute share price appreciation range 18% - 35% 18% - 35% 25% - 35% 25% - 35% 25% - 35% Percentage of units to be earned 20%-100% 20%-100% 33%-100% 33%-100% 33%-100% Relative portion of award: Percent of total award 50% 50% 40% 30% 30% Percentile rank of peer group range (5) 40th - 70th 40th - 70th 50th - 70th 50th - 70th 50th - 70th Percentage of units to be earned 20%-100% 20%-100% 33%-100% 33%-100% 33%-100% Maximum number of restricted common shares that may be earned 296,400 321,900 306,600 329,700 315,150 Grant date fair value per share $ 16.60 $ 15.10 $ 15.85 $ 14.71 $ 13.99 (1) On December 31, 2017, the measurement period for the 2015 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2015 OPP performance awards were automatically forfeited. (2) On December 31, 2016, the measurement period for the 2014 OPP expired. Based on the Company’s absolute 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 (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). 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. (3) On December 31, 2015, the measurement period for the 2013 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2013 OPP performance awards were automatically forfeited. (4) The performance shares for the OPP will convert on a pro-rata basis by linear interpolation between share price appreciation thresholds, both for absolute total shareholder return and for relative total shareholder return. 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. (5) The peer group is based on companies included in the SNL Equity REIT index. The fair values of the OPP awards granted during the years ended December 31, 2017 , 2016 , and 2015 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: 2017 2016 2015 Risk free interest rate (1) 1.52 % 1.05 % 0.86 % Expected dividend yield (2) 3.4 % 3.1 % 2.7 % Expected volatility (3) 19 % 21 % 20 % (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. The following table sets forth OPP activity for the years ended December 31, 2017 , 2016 , and 2015 : Unvested OPP Awards Number of units Weighted average grant date fair value Outstanding as of December 31, 2014 644,850 $ 14.36 Awarded 306,600 15.85 Forfeited (407,150 ) 14.28 Outstanding as of December 31, 2015 544,300 $ 15.26 Awarded 321,900 15.10 Forfeited (107,024 ) 14.77 Outstanding as of December 31, 2016 759,176 $ 15.36 Awarded 296,400 16.60 Earned (1) (184,455 ) 14.71 Forfeited (267,710 ) 15.84 Outstanding as of December 31, 2017 603,411 $ 15.83 (1) Represents the units under the 2014 OPP that are no longer outstanding and have been settled in restricted common shares. Option Awards Options outstanding at December 31, 2017 had the following weighted average exercise prices and weighted average remaining contractual lives: Options Outstanding Options Exercisable Exercise prices Options Weighted average exercise price Weighted remaining contractual life in years Options Weighted average exercise price $ 26.06 62,200 $ 26.06 3.15 62,200 $ 26.06 32.02 169,000 32.02 6.00 89,800 32.02 231,200 $ 30.42 5.24 152,000 $ 29.58 A summary of option activity under the Plan for the years ended December 31, 2017 , 2016 , and 2015 (aggregate intrinsic value amount in thousands): Options Shares Weighted-average exercise price Weighted-average remaining contractual life in years Aggregate intrinsic value Outstanding as of December 31, 2014 370,500 $ 30.20 Granted — — Exercised (28,400 ) 27.76 Forfeited (23,700 ) 31.58 Outstanding as of December 31, 2015 318,400 $ 30.32 7.19 $ 924 Granted — — Exercised (59,700 ) 29.31 Forfeited (16,500 ) 31.86 Outstanding as of December 31, 2016 242,200 $ 30.46 6.26 $ 1,287 Granted — — Exercised (1,800 ) 29.70 Forfeited (9,200 ) 31.83 Outstanding as of December 31, 2017 231,200 $ 30.42 5.24 $ 28 Vested and Expected to Vest as of December 31, 2017 227,569 $ 30.39 5.22 $ 28 Exercisable as of December 31, 2017 152,000 $ 29.58 4.84 $ 28 The total intrinsic value of options exercised during the years ended December 31, 2017 , 2016 and 2015 was $8,000 , $469,000 and $200,000 , respectively. 401(k) Retirement Savings Plan We have a 401(k) Retirement Savings Plan covering substantially all employees who meet certain age and employment criteria. An employee may invest pretax earnings in the 401(k) plan up to the maximum legal limits (as defined by Federal regulations). This plan allows participants to defer a portion of their compensation and to receive matching contributions for a portion of the deferred amounts. During the years ended December 31, 2017 , 2016 and 2015 , we contributed approximately $862,000 , $828,000 and $742,000 , respectively, to the 401(k) Retirement Savings Plan. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss of the Company | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Accumulated Other Comprehensive Loss of the Company | Accumulated Other Comprehensive Loss of the Company The following table presents changes in the balances of each component of accumulated comprehensive income for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive (Income) Loss Foreign currency Cash flow hedges Total Foreign currency Cash flow hedges Total Balance December 31, 2014 $ (14,113 ) $ 90 $ (14,023 ) $ (773 ) $ 5 $ (768 ) Other comprehensive loss before reclassifications (22,017 ) (2,279 ) (24,296 ) (1,183 ) (122 ) (1,305 ) Reclassification out of accumulated other comprehensive income into interest expense — 1,604 1,604 — 86 86 Balance December 31, 2015 (36,130 ) (585 ) (36,715 ) (1,956 ) (31 ) (1,987 ) Other comprehensive income before reclassifications 4,043 2,539 6,582 216 135 351 Reclassification out of accumulated other comprehensive income into interest expense — 1,838 1,838 — 97 97 Balance December 31, 2016 (32,087 ) 3,792 (28,295 ) (1,740 ) 201 (1,539 ) Other comprehensive income before reclassifications 7,727 1,020 8,747 411 55 466 Reclassification out of accumulated other comprehensive income into interest expense — 263 263 — 13 13 Balance December 31, 2017 $ (24,360 ) $ 5,075 $ (19,285 ) $ (1,329 ) $ 269 $ (1,060 ) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $1.2 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect and as of December 31, 2017 . |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Loss of the Operating Partnership | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Loss of the Operating Partnership | Accumulated Other Comprehensive Loss of the Operating Partnership The following table presents changes in the balances of each component of accumulated comprehensive income for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): Foreign currency Cash flow hedges Accumulated other comprehensive income (loss) Balance December 31, 2014 $ (14,886 ) $ 95 $ (14,791 ) Other comprehensive loss before reclassifications (23,200 ) (2,401 ) (25,601 ) Reclassification out of accumulated other comprehensive income into interest expense — 1,690 1,690 Balance December 31, 2015 (38,086 ) (616 ) (38,702 ) Other comprehensive income before reclassifications 4,259 2,674 6,933 Reclassification out of accumulated other comprehensive income into interest expense — 1,935 1,935 Balance December 31, 2016 (33,827 ) 3,993 (29,834 ) Other comprehensive income before reclassifications 8,138 1,075 9,213 Reclassification out of accumulated other comprehensive income into interest expense — 276 276 Balance December 31, 2017 $ (25,689 ) $ 5,344 $ (20,345 ) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $1.2 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect and as of December 31, 2017 . |
Supplementary Income Statement
Supplementary Income Statement Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplementary Income Statement Information [Abstract] | |
Supplementary Income Statement Information | Supplementary Income Statement Information The following amounts are included in property operating expenses for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Advertising and promotion $ 29,046 $ 29,108 $ 29,144 Common area maintenance 71,195 70,616 68,886 Real estate taxes 30,695 28,542 26,168 Other operating expenses 24,299 23,751 22,305 $ 155,235 $ 152,017 $ 146,503 |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements As of December 31, 2017 , we were the lessor to over 2,600 stores in our 36 consolidated outlet centers, under operating leases with initial terms that expire from 2018 to 2033 . Future minimum lease receipts under non-cancelable operating leases as of December 31, 2017 , excluding the effect of straight-line rent and percentage rentals, are as follows (in thousands): 2018 $ 280,644 2019 253,637 2020 231,031 2021 199,028 2022 171,083 Thereafter 448,227 $ 1,583,650 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments and Contingencies of Consolidated Properties Leases and capital expenditure commitments Our non-cancelable operating leases, with initial terms in excess of one year, have terms that expire from 2018 to 2101 . Annual rental payments for these leases totaled approximately $7.1 million , $7.0 million and $6.4 million , for the years ended December 31, 2017 , 2016 and 2015 , respectively. The majority of our rental payments are related to ground leases at the following outlet centers: Myrtle Beach Hwy 17, Atlantic City, Ocean City, Sevierville, Riverhead , Foxwoods and Rehoboth Beach. Minimum lease payments for the next five years and thereafter are as follows (in thousands): Operating Leases 2018 $ 7,523 2019 7,385 2020 7,187 2021 7,119 2022 7,190 Thereafter 307,521 Total minimum payment $ 343,925 Commitments to complete construction of our ongoing capital projects and other capital expenditure requirements amounted to approximately $9.4 million at December 31, 2017 . Litigation We are also subject to legal proceedings and claims, which arise from time to time in the ordinary course of our business and have not been finally adjudicated. In our opinion, the ultimate resolution of these matters is not expected to have a material effect on our consolidated financial statements. We record a liability in our consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. We review these estimates each accounting period as additional information is known and adjust the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, we estimate and disclose the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in our consolidated financial statements. Employment Agreements We are party to employment agreements with certain executives that provide for compensation and certain other benefits. The agreements also provide for severance payments under certain circumstances. Commitments and Contingencies of Unconsolidated Properties Capital expenditure commitments Contractual commitments for ongoing capital projects and other capital expenditure requirements related to our unconsolidated joint ventures amounted to approximately $1.1 million at December 31, 2017 , of which our portion was approximately $548,000 . Contractual commitments represent only those costs subject to contracts which are legal binding agreements as of December 31, 2017 and do not necessary represent the total cost to complete the projects. Debt 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 based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. Our joint ventures may contain make whole provisions in the event that demands are made on any existing guarantees. As of December 31, 2017 , the maximum amount of joint venture debt guaranteed by the Company is $32.8 million . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2018, the Company's Board of Directors declared a $0.3425 cash dividend per common share payable on February 15, 2018 to each shareholder of record on January 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. Increased Borrowing Capacity and Extension of Unsecured Lines of Credit In January 2018, we closed on amendments to our unsecured lines of credit, which increased the borrowing capacity from $520.0 million to $600.0 million and extended the maturity date from October 2019 to October 2021, with a one -year extension option. We also reduced the interest rate spread over LIBOR from 0.90% to 0.875% , increased the incremental borrowing availability through an accordion feature on the syndicated line from $1.0 billion to $1.2 billion . Loan origination costs associated with the amendments totaled approximately $2.3 million . Notional Unit Performance Awards In February 2018, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2018 Outperformance Plan (the “2018 OPP"). The 2018 OPP is a long-term incentive compensation plan. Recipients may earn units which may convert, into restricted common shares of the Company based on the Company’s absolute share price appreciation (or absolute total shareholder return) and its share price appreciation relative to its peer group (or relative total shareholder return) over a three -year measurement period. Any shares earned at the end of the three -year measurement period are subject to a time-based vesting schedule, with 50% of the shares vesting immediately following the measurement period, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). Southaven Loan In February 2018, the consolidated joint venture that owns the Tanger outlet center in Southaven, Mississippi amended and restated the $60.0 million mortgage loan secured by the property. The amended and restated loan reduced the principal balance to $51.4 million , increased the interest rate from LIBOR + 1.75% to LIBOR + 1.80% and extended the maturity to April 2021, with a two -year extension option. |
Quarterly Financial Data of the
Quarterly Financial Data of the Company (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data of the Company (Unaudited) | Quarterly Financial Data of the Company (Unaudited) The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2017 and 2016 (unaudited and in thousands, except per common share data) (1) . This information is not required for the Operating Partnership: Year Ended December 31, 2017 (1) First Quarter Second Quarter (2) Third Quarter (3) Fourth Quarter Total revenues $ 121,368 $ 119,614 $ 120,765 $ 126,487 Operating income 37,648 38,093 41,383 43,599 Net income (loss) 23,514 30,947 (16,034 ) 33,449 Income (loss) attributable to Tanger Factory Outlet Centers, Inc. 22,336 29,390 (15,219 ) 31,495 Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. 22,041 29,084 (15,525 ) 31,193 Basic earnings per common share: Net income (loss) $ 0.23 $ 0.31 $ (0.17 ) $ 0.33 Diluted earnings per common share: Net income (loss) $ 0.23 $ 0.31 $ (0.17 ) $ 0.33 (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the second quarter of 2017, net income includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut. (3) In the third quarter of 2017, net income includes a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020 a nd a $9.0 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures. Year Ended December 31, 2016 (1) First Quarter (2) Second Quarter (3) Third Quarter (4) Fourth Quarter Total revenues $ 110,805 $ 111,333 $ 119,137 $ 124,559 Operating income 34,799 38,340 39,875 38,263 Net income 28,617 77,302 72,774 25,636 Income attributable to Tanger Factory Outlet Centers, Inc. 27,150 73,417 69,104 24,073 Income available to common shareholders of Tanger Factory Outlet Centers, Inc. 26,856 72,692 68,477 23,793 Basic earnings per common share : Net income $ 0.28 $ 0.76 $ 0.72 $ 0.25 Diluted earnings per common share: Net income $ 0.28 $ 0.76 $ 0.72 $ 0.25 (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the first quarter of 2016, net income includes a gain of $4.9 million on the sale of our outlet center in Fort Myers, Florida. (3) In the second quarter of 2016, net income includes a gain of $49.3 million on the acquisition of our other venture partners' equity interests in the Westgate joint venture. (4) In the third quarter of 2016, net income includes a gain of $46.3 million on the acquisition of our other venture partners' equity interests in the Savannah joint venture and a $1.4 million gain on the sale of an outparcel at our outlet center in Myrtle Beach, South Carolina located on Highway 501. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation Disclosure | TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION For the Year Ended December 31, 2017 (in thousands) Description Initial cost to Company Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at Close of Period December 31, 2017 (1) Outlet Center Name Location Encum-brances (2) Land Buildings, Improve-ments & Fixtures Land Buildings, Improve-ments & Fixtures Land Buildings, Improve-ments & Fixtures Total Accumulated Depreciation Date of Construction or Acquisition Life Used to Compute Depreciation in Income Statement Atlantic City Atlantic City, NJ $ 39,879 $ — $ 125,988 $ — $ 5,006 $ — $ 130,994 $ 130,994 $ 28,612 2011 (4) (3) Blowing Rock Blowing Rock, NC — 1,963 9,424 — 8,652 1,963 18,076 20,039 10,028 1997 (4) (3) Branson Branson, MO — 4,407 25,040 396 23,057 4,803 48,097 52,900 30,082 1994 (3) Charleston Charleston, SC — 10,353 48,877 — 14,816 10,353 63,693 74,046 28,547 2006 (3) Commerce Commerce, GA — 1,262 14,046 707 34,928 1,969 48,974 50,943 31,710 1995 (3) Daytona Beach Daytona Beach, FL — 9,913 81,183 — — 9,913 81,183 91,096 5,315 2016 (3) Deer Park Deer Park, NY — 82,413 173,044 — 12,194 82,413 185,238 267,651 32,435 2013 (4) (3) Foley Foley, AL — 4,400 82,410 693 41,927 5,093 124,337 129,430 54,558 2003 (4) (3) Fort Worth Fort Worth, TX — 11,157 83,827 — — 11,157 83,827 94,984 601 2017 (3) Foxwoods Mashantucket, CT — — 130,561 — 1,262 — 131,823 131,823 14,665 2015 (3) Gonzales Gonzales, LA — 679 15,895 — 34,684 679 50,579 51,258 31,867 1992 (3) Grand Rapids Grand Rapids, MI — 8,180 75,420 — 566 8,180 75,986 84,166 10,177 2015 (3) Hershey Hershey, PA — 3,673 48,186 — 3,905 3,673 52,091 55,764 12,597 2011 (4) (3) Hilton Head I Bluffton, SC — 4,753 — — 33,346 4,753 33,346 38,099 12,605 2011 (3) Hilton Head II Bluffton, SC — 5,128 20,668 — 12,137 5,128 32,805 37,933 15,458 2003 (4) (3) Howell Howell, MI — 2,250 35,250 — 14,288 2,250 49,538 51,788 23,380 2002 (4) (3) Jeffersonville Jeffersonville, OH — 2,752 111,276 — 11,683 2,752 122,959 125,711 26,729 2011 (4) (3) Lancaster Lancaster, PA — 3,691 19,907 6,656 55,935 10,347 75,842 86,189 26,569 1994 (4) (3) Locust Grove Locust Grove, GA — 2,558 11,801 — 28,687 2,558 40,488 43,046 25,694 1994 (3) Mebane Mebane, NC — 8,821 53,362 — 3,024 8,821 56,386 65,207 23,015 2010 (3) Myrtle Beach Hwy 17 Myrtle Beach, SC — — 80,733 — 24,911 — 105,644 105,644 29,791 2009 (4) (3) Myrtle Beach Hwy 501 Myrtle Beach, SC — 8,781 56,798 — 38,156 8,781 94,954 103,735 41,492 2003 (4) (3) Nags Head Nags Head, NC — 1,853 6,679 — 6,298 1,853 12,977 14,830 8,301 1997 (4) (3) Ocean City Ocean City, MD — — 16,334 — 12,946 — 29,280 29,280 7,013 2011 (4) (3) TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION For the Year Ended December 31, 2017 (in thousands) Description Initial cost to Company Costs Capitalized Subsequent to Acquisition (Improvements) Gross Amount Carried at Close of Period December 31, 2017 (1) Outlet Center Name Location Encum-brances (2) Land Buildings, Improve-ments & Fixtures Land Buildings, Improve-ments & Fixtures Land Buildings, Improve-ments & Fixtures Total Accumulated Depreciation Date of Life Used to Compute Depreciation in Income Statement Park City Park City, UT — 6,900 33,597 343 27,524 7,243 61,121 68,364 25,774 2003 (4) (3) Pittsburgh Pittsburgh, PA — 5,528 91,288 3 13,602 5,531 104,890 110,421 49,281 2008 (3) Rehoboth Beach Rehoboth Beach, DE — 20,600 74,209 1,875 53,335 22,475 127,544 150,019 47,162 2003 (4) (3) Riverhead Riverhead, NY — — 36,374 6,152 127,942 6,152 164,316 170,468 89,714 1993 (3) San Marcos San Marcos, TX — 1,801 9,440 2,301 58,326 4,102 67,766 71,868 41,424 1993 (3) Savannah Pooler, GA — 8,556 167,780 — 2,780 8,556 170,560 179,116 8,397 2016 (4) (3) Sevierville Sevierville, TN — — 18,495 — 48,944 — 67,439 67,439 37,488 1997 (4) (3) Southaven Southaven, MS 59,881 14,959 62,042 — 3,194 14,959 65,236 80,195 8,629 2015 (3) Terrell Terrell, TX — 523 13,432 — 9,712 523 23,144 23,667 18,173 1994 (3) Tilton Tilton, NH — 1,800 24,838 29 13,780 1,829 38,618 40,447 17,025 2003 (4) (3) Westgate Glendale, AZ — 19,037 140,337 — 2,329 19,037 142,666 161,703 7,013 2016 (4) (3) Williamsburg Williamsburg, IA — 706 6,781 716 17,798 1,422 24,579 26,001 20,510 1991 (3) Other Various — 710 1,496 — — 710 1,496 2,206 136 Various (3) $ 99,760 $ 260,107 $ 2,006,818 $ 19,871 $ 801,674 $ 279,978 $ 2,808,492 $ 3,088,470 $ 901,967 (1) Aggregate cost for federal income tax purposes is approximately $3.1 billion . (2) Including premiums and net of debt origination costs. (3) We generally use estimated lives of 33 years for buildings and 15 years for land improvements. Tenant finishing allowances are depreciated over the initial lease term. Building, improvements & fixtures includes amounts included in construction in progress on the consolidated balance sheet. (4) Represents year acquired. TANGER FACTORY OUTLET CENTERS, INC. and SUBSIDIARIES TANGER PROPERTIES LIMITED PARTNERSHIP and SUBSIDIARIES SCHEDULE III - (Continued) REAL ESTATE AND ACCUMULATED DEPRECIATION For the Year Ended December 31, 2017 (in thousands) The changes in total real estate for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 2,965,907 $ 2,513,217 $ 2,263,603 Acquisitions — 335,710 — Improvements 175,868 163,187 245,391 Dispositions and reclassifications to and from rental property held for sale (53,305 ) (46,207 ) 4,223 Balance, end of year $ 3,088,470 $ 2,965,907 $ 2,513,217 The changes in accumulated depreciation for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 Balance, beginning of year $ 814,583 $ 748,341 $ 662,236 Depreciation for the period 107,845 96,813 85,872 Dispositions and reclassifications to and from rental property held for sale (20,461 ) (30,571 ) 233 Balance, end of year $ 901,967 $ 814,583 $ 748,341 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation - The consolidated financial statements of the Company include its accounts and its consolidated subsidiaries, as well as the Operating Partnership and its consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include its accounts and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned or properties where we own less than 100% but we control. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers various factors including the form of our ownership interest, our representation in an entity's governance, the size of our investment, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process to replace us as manager and or liquidate the venture, if applicable. As of December 31, 2017, we did not have a joint venture that was a VIE. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the 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 | Noncontrolling interests - In the Company's consolidated financial statements, the “Noncontrolling interests in 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. |
Use of Estimates | Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the calculations of impairment losses, costs capitalized to originate operating leases, costs incurred for the construction and development of properties, and the values of deferred lease costs and other intangibles related to the acquisition of properties. Actual results could differ from those estimates. |
Operating Segments | Operating Segments - We focus exclusively on developing, acquiring, owning, operating, and managing outlet shopping centers. We aggregate the financial information of all outlet centers into one reportable operating segment because the outlet centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers |
Rental Property | Rental Property - Rental properties are recorded at cost less accumulated depreciation. Buildings, improvements and fixtures consist primarily of permanent buildings and improvements made to land such as infrastructure and costs incurred in providing rental space to tenants. The pre-construction stage of project development involves certain costs to secure land control and zoning and complete other initial tasks essential to the development of the project. These costs are transferred from other assets to construction in progress when the pre-construction tasks are completed. Costs of unsuccessful pre-construction efforts are expensed when the project is no longer probable and, if significant, are recorded as abandoned pre-development costs in the consolidated statement of operations. We also capitalize other costs incurred for the construction and development of properties, including interest, real estate taxes and payroll and related costs associated with employees directly involved. Capitalization of costs commences at the time the development of the property becomes probable and ceases when the property is substantially completed and ready for its intended use. We consider a construction project as substantially completed and ready for its intended use upon the completion of tenant improvements. We cease capitalization on the portion that is substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portion under construction. The amount of payroll and related costs capitalized for the construction and development of properties is based on our estimate of the amount of costs directly related to the construction or development of these assets. Interest costs are capitalized during periods of active construction for qualified expenditures based upon interest rates in place during the construction period until construction is substantially complete. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures for qualifying development activities until placed in service. Payroll and related costs and interest costs capitalized for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Payroll and related costs capitalized $ 2,345 $ 2,095 $ 2,989 Interest costs capitalized $ 2,289 $ 2,259 $ 3,448 Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. We generally use estimated lives of 33 years for buildings and improvements, 15 years for land improvements and 7 years for equipment. Tenant finishing allowances are amortized over the life of the associated lease. Capitalized interest costs are amortized over lives which are consistent with the constructed assets. Expenditures for ordinary maintenance and repairs are charged to operations as incurred while significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. Depreciation expense related to rental property included in net income for each of the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 2015 Depreciation expense related to rental property $ 107,845 $ 96,813 $ 85,872 In accordance with accounting guidance for business combinations, we allocate the purchase price of acquisitions based on the fair value of land, building, tenant improvements, debt and deferred lease costs and other intangibles, such as the value of leases with above or below market rents, origination costs associated with the in-place leases, the value of in-place leases and tenant relationships, if any. We depreciate the amount allocated to building, deferred lease costs and other intangible assets over their estimated useful lives, which range up to 33 years. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. The values of below market leases that are considered to have renewal periods with below market rents are amortized over the remaining term of the associated lease plus the renewal periods when the renewal is deemed probable to occur. The value associated with in-place leases is amortized over the remaining lease term and tenant relationships is amortized over the expected term, which includes an estimated probability of the lease renewal. If a tenant terminates its lease prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangibles is written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. These cash flow projections may be derived from various observable and unobservable inputs and assumptions. Also, we may utilize third-party valuation specialists. As a part of acquisition accounting, the amount by which the fair value of our previously held equity method investment exceeds the carrying book value is recorded as a gain on previously held interest in acquired joint venture. Direct costs to acquire existing outlet centers are expensed as incurred. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash - All highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. Cash balances at a limited number of banks may periodically exceed insurable amounts. We believe that we mitigate our risk by investing in or through major financial institutions. At December 31, 2017 and 2016 , we had cash equivalent investments in highly liquid money market accounts at major financial institutions of $3.0 million and $672,000 , respectively. The restricted cash represents the cash proceeds from property sales that are being held by a qualified intermediary in anticipation of such amounts subsequently being invested in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended. |
Deferred Charges | Deferred Charges - Deferred charges include deferred lease costs and other intangible assets consisting of fees and costs incurred to originate operating leases and are amortized over the expected lease term. Deferred lease costs capitalized, including amounts paid to third-party brokers and payroll and related costs of employees directly involved in originating leases for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Deferred lease costs capitalized $ 6,584 $ 7,013 $ 7,803 Of the amounts capitalized during 2017 , 2016 and 2015 the following were related to payroll and related costs (in thousands): 2017 2016 2015 Deferred lease costs capitalized- payroll and related costs $ 6,098 $ 6,210 $ 6,236 The amount of payroll and related costs capitalized is based on our estimate of the time and amount of costs directly related to originating leases. Deferred lease costs and other intangible assets also include the value of leases and origination costs deemed to have been acquired in real estate acquisitions. Deferred financing costs - Deferred financing costs include fees and costs incurred to obtain long-term financing and are amortized over the terms of the respective loans. Unamortized deferred financing costs are charged to expense when debt is retired before the maturity date. |
Captive Insurance | Captive Insurance - We have a wholly-owned captive insurance company that is responsible for losses up to certain deductible levels per occurrence for property damage (including wind damage from hurricanes) prior to third-party insurance coverage. Insurance losses are reflected in property operating expenses and include estimates of costs incurred, both reported and unreported. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. Fair value is determined using an income approach whereby we consider the prevailing market income capitalization rates and stabilized net operating income projections. We recognized no impairment losses for our consolidated properties during the years ended December 31, 2017 , 2016 , and 2015 , respectively. See Note 6 for discussion of the impairment of our unconsolidated joint ventures at the Bromont, Quebec and Saint Sauveur, Quebec outlet centers. |
Rental Property Held For Sale | Rental Property Held For Sale - Rental properties designated as held for sale are stated at the lower of their carrying value or their fair value less costs to sell. We classify rental property as held for sale when our Board of Directors approves the sale of the assets and it meets the requirements of current accounting guidance. Subsequent to this classification, no further depreciation is recorded on the assets. |
Impairment of Investments | Impairment of Investments - On a periodic basis, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. Our estimates of value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, estimated hold period, terminal capitalization rates, demand for space, competition for tenants, discount and capitalization rates, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. |
Sales of Real Estate | Sales of Real Estate - For sales transactions meeting the requirements for full profit recognition, the related assets and liabilities are removed from the balance sheet and the resulting gain or loss is recorded in the period the transaction closes. For sales transactions with continuing involvement after the sale, if the continuing involvement with the property is limited by the terms of the sales contract, profit is recognized at the time of sale and is reduced by the maximum exposure to loss related to the nature of the continuing involvement. Sales to entities in which we have or receive an interest are accounted for using partial sale accounting. For transactions that do not meet the criteria for a sale, we evaluate the nature of the continuing involvement, including put and call provisions, if present, and account for the transaction as a financing arrangement, profit-sharing arrangement, leasing arrangement or other alternate method of accounting, rather than as a sale, based on the nature and extent of the continuing involvement. Some transactions may have numerous forms of continuing involvement. In those cases, we determine which method is most appropriate based on the substance of the transaction. |
Discontinued Operations | Discontinued Operations - Properties that are sold or classified as held for sale are classified as discontinued operations provided that the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). |
Derivatives | Derivatives - We selectively enter into interest rate protection agreements to mitigate the impact of changes in interest rates on our variable rate borrowings. The notional amounts of such agreements are used to measure the interest to be paid or received and do not represent the amount of exposure to loss. None of these agreements are used for speculative or trading purposes. We recognize all derivatives as either assets or liabilities in the consolidated balance sheets and measure those instruments at their fair value. We also measure the effectiveness, as defined by the relevant accounting guidance, of all derivatives. We formally document our derivative transactions, including identifying the hedge instruments and hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. At inception and on a quarterly basis thereafter, we assess the effectiveness of derivatives used to hedge transactions. If a cash flow hedge is deemed effective, we record the change in fair value in other comprehensive income (loss). If after assessment it is determined that a portion of the derivative is ineffective, then that portion of the derivative's change in fair value will be immediately recognized in earnings. |
Income Taxes | Income Taxes - We operate in a manner intended to enable the Company to qualify as a REIT under the Internal Revenue Code. A REIT which distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. We intend to continue to qualify as a REIT and to distribute substantially all of the Company's taxable income to its shareholders. Accordingly, no provision has been made in the Company's consolidated financial statements for Federal income taxes. As a partnership, the allocated share of income or loss for the year with respect to the Operating Partnership is included in the income tax returns for the partners; accordingly, no provision has been made for Federal income taxes in the Operating Partnership's consolidated financial statements. In addition, we continue to evaluate uncertain tax positions. The tax years 2014 - 2017 remain open to examination by the major tax jurisdictions to which we are subject. With regard to the Company's unconsolidated Canadian joint ventures, deferred tax assets result principally from depreciation deducted under United States Generally Accepted Accounting Principles ("GAAP") that exceed capital cost allowances claimed under Canadian tax rules. A valuation allowance is provided if we believe all or some portion of the deferred tax asset may not be realized. We have determined that a full valuation allowance is required as we believe none of the deferred tax assets will be realized. For income tax purposes, distributions paid to the Company's common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof. |
Revenue Recognition | Revenue Recognition - Base rentals are recognized on a straight-line basis over the term of the lease. Straight-line rent adjustments recorded as a receivable in other assets on the consolidated balance sheets were approximately $51.9 million and $46.8 million as of December 31, 2017 and 2016 , respectively. As a provision of a tenant lease, if we make a cash payment to the tenant for purposes other than funding the construction of landlord assets, we defer the amount of such payments as a lease incentive. We amortize lease incentives as a reduction of base rental revenue over the term of the lease. Substantially all leases contain provisions which provide additional rents based on tenants' sales volume (“percentage rentals”) and reimbursement of the tenants' share of advertising and promotion, common area maintenance, insurance and real estate tax expenses. Percentage rentals are recognized when specified targets that trigger the contingent rent are met. Expense reimbursements are recognized in the period the applicable expenses are incurred. For certain tenants, we receive a fixed payment for common area maintenance ("CAM") which is recognized as revenue when earned. When not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses for the property. Payments received from the early termination of leases are recognized as revenue from the time the payment is receivable until the tenant vacates the space. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. If a tenant terminates its lease prior to the original contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value will be written off. We receive development, leasing, loan guarantee, management and marketing fees from third parties and unconsolidated affiliates for services provided to properties held in joint ventures. Development and leasing fees received from unconsolidated affiliates are recognized as revenue when earned to the extent of the third party partners' ownership interest. Development and leasing fees earned to the extent of our ownership interest are recorded as a reduction to our investment in the unconsolidated affiliate. Loan guarantee fees are recognized over the term of the guarantee. Management fees and marketing fees are recognized as revenue when earned. Fees recognized from these activities are shown as management, leasing and other services in our consolidated statements of operations. Fees received from consolidated joint ventures are eliminated in consolidation. |
Concentration of Credit Risk | Concentration of Credit Risk - We perform ongoing credit evaluations of our tenants. Although the tenants operate principally in the retail industry, the properties are geographically diverse. No single tenant accounted for 10% or more of combined base and percentage rental income or gross leasable area during 2017 , 2016 or 2015 . |
Accounting for Equity-Based Compensation | Accounting for Equity-Based Compensation - 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 and our employees. We may issue non-qualified options and other equity-based awards under the Plan. We account for our equity-based compensation plan under the fair value provisions of the relevant accounting guidance and we estimate expected forfeitures in determining compensation cost. |
Foreign Currency Translation | Foreign Currency Translation - We have entered into a co-ownership agreement with RioCan Real Estate Investment Trust to develop and acquire outlet centers in Canada for which the functional currency is the local currency. The assets and liabilities related to our investments in Canada are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are translated using the average exchange rate for the period. Our share of unrealized gains and losses resulting from the translation of these financial statements are reflected in equity as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets. |
New Accounting Pronouncements | Recently adopted accounting standards - In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 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. ASU 2016-15 clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to (i) debt prepayment or debt extinguishment costs, (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interests in securitization transactions, and (viii) separately identifiable cash flows and application of the predominance principle. 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 early adopted ASU 2016-15 during the third quarter of 2017, with retrospective application to our consolidated statements of cash flows. For distributions received from equity method investees, we have chosen the cumulative-earnings approach, which is also our current policy for these distributions. ASU 2016-15 requires debt prepayment or debt extinguishment costs to be classified as cash outflows for financing activities. As such, the make-whole premium related to the 2020 notes has been classified as a financing activity. The retrospective application of ASU 2016-15 had no impact on any of the prior periods presented. Recently issued accounting standards to be adopted - In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments can be adopted immediately in any interim or annual period (including the current period). The mandatory effective date for calendar year-end public companies is January 1, 2019. 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 adopted ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach. We do not actively sell operating properties as part of our core business strategy and, accordingly, the sale of properties does not generally constitute a significant part of our revenue and cash flows. 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 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 adopted 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) and issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13 (collectively, Topic 842). Topic 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. Topic 842 will be effective beginning in the first quarter of 2019. Early adoption of Topic 842 as of its issuance is permitted. We will adopt Topic 842 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 Topic 606, 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, as amended, (collectively, Topic 606). Topic 606 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. Topic 606 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. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. We are required to adopt the new pronouncement in the first quarter of fiscal 2018 using one of two retrospective application methods. We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach. Our revenues that will be impacted by this standard primarily include revenue from management, marketing, development, and leasing fees for services performed related to various joint ventures that we manage and other ancillary income earned at our properties. While the total revenue recognized over time would not differ under the new guidance, the recognition pattern may be different under the new guidance. For the years ended December 31, 2017 and December 31, 2016, these revenues were approximately 3% of consolidated revenue, for both periods. As a result, the adoption of Topic 606 or related amendments and modifications by the FASB will not have a material impact on the amount of revenue we recognize in our consolidated financial statements and we will not have a cumulative catch-up upon the adoption of this standard. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of cost capitalized | Payroll and related costs and interest costs capitalized for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Payroll and related costs capitalized $ 2,345 $ 2,095 $ 2,989 Interest costs capitalized $ 2,289 $ 2,259 $ 3,448 |
Schedule of depreciation expense | Depreciation expense related to rental property included in net income for each of the years ended December 31, 2017 , 2016 and 2015 was as follows (in thousands): 2017 2016 2015 Depreciation expense related to rental property $ 107,845 $ 96,813 $ 85,872 |
Schedule of Deferred Charges | Of the amounts capitalized during 2017 , 2016 and 2015 the following were related to payroll and related costs (in thousands): 2017 2016 2015 Deferred lease costs capitalized- payroll and related costs $ 6,098 $ 6,210 $ 6,236 Deferred lease costs capitalized, including amounts paid to third-party brokers and payroll and related costs of employees directly involved in originating leases for the years ended December 31, 2017 , 2016 and 2015 were as follows (in thousands): 2017 2016 2015 Deferred lease costs capitalized $ 6,584 $ 7,013 $ 7,803 |
Tax Treatment of Common Dividends Per Share for Federal Tax Purposes | For income tax purposes, distributions paid to the Company's common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends per share for the years ended December 31, 2017 , 2016 and 2015 were taxable as follows: Common dividends per share: 2017 2016 2015 Ordinary income $ 1.1660 $ 1.2459 $ 1.2846 Capital gain — 0.0141 0.0204 Return of capital 0.1865 — — $ 1.3525 $ 1.2600 $ 1.3050 |
GAAP Reconciliation of Net Income to Taxable Income | The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Net income available to the Company's shareholders $ 68,002 $ 193,744 $ 211,200 Book/tax difference on: Depreciation and amortization 10,685 1,666 12,446 Sale of assets and interests in unconsolidated entities (8,718 ) (8,688 ) (110,248 ) Equity in earnings from unconsolidated joint ventures 15,662 4,305 6,772 Share-based payment compensation 221 4,596 4,751 Gain on previously held interest in acquired joint venture — (91,467 ) — Other differences (1,089 ) 6,294 (2,831 ) Taxable income available to common shareholders $ 84,763 $ 110,450 $ 122,090 |
Schedule of Supplemental Cash Flow Disclosures | Interest paid, net of interest capitalized was as follows for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Interest paid, net of interest capitalized $ 56,730 $ 50,270 $ 49,542 Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Costs relating to construction included in accounts payable and accrued expenses $ 32,060 $ 22,908 $ 28,665 |
Acquisition of Rental Property
Acquisition of Rental Property (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisition of Rental Property [Abstract] | |
Schedule of Business Acquisitions | The following table illustrates the fair value of the aggregate consideration transferred to acquire the equity interests of the Savannah and Westgate properties at the acquisition date for the year ended 2016 (in thousands): Cash transferred for equity interests $ 54,000 Fair value of our previously held interests 145,581 Fair value of net assets $ 199,581 |
Schedule of Purchase Price Allocation | The following table illustrates the aggregate fair value of the amounts of the identifiable assets acquired and liabilities assumed and recognized at the acquisition date for the Savannah and Westgate properties acquired during the year ended 2016: Fair Value (in thousands) Weighted-Average Amortization Period (in years) Cash $ 8,781 Land 27,593 Buildings, improvements and fixtures 308,117 Deferred lease costs and other intangibles Above market lease value 15,882 7.2 Lease in place value 13,972 5.9 Lease and legal costs 10,264 6.4 Total deferred lease costs and other intangibles 40,118 Prepaids and other assets 477 Debt (158,994 ) Accounts payable and accrued expenses (7,183 ) Other liabilities (below market lease value) (19,328 ) 12.0 Total fair value of net assets $ 199,581 |
Disposition of Properties (Tabl
Disposition of Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disposition of Properties [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale | The following table sets forth the properties sold for the years ended 2017, 2016 and 2015 (in thousands): Properties Locations Date Sold Square Feet Net Sales Proceeds Gain on Sale 2017 Dispositions: (1) Westbrook Westbrook, CT May 2017 290 $ 39,213 $ 6,943 2016 Dispositions: (1) Fort Myers Fort Myers, FL January 2016 199 $ 25,785 $ 4,887 Land outparcel Myrtle Beach, SC September 2016 — $ 2,921 1,418 $ 6,305 2015 Dispositions: (1)(2) Barstow Barstow, CA October 2015 171 $ 105,793 $ 86,506 Kittery I and II, Tuscola, and West Branch Kittery, ME, Tuscola, IL, and West Branch, MI September 2015 439 $ 43,304 20,215 $ 106,721 (1) The rental properties did not meet the criteria set forth in the guidance for reporting discontinued operations (See Note 2), thus their results of operations have remained in continuing operations. (2) We received combined net proceeds of $149.1 million of which $121.3 million was recorded in restricted cash as of December 31, 2015. The restricted cash represented the cash proceeds from property sales that were being held by a qualified intermediary for such amounts subsequently being invested in the 2016 period in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended. |
Investments in Unconsolidated39
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | 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 December 31, 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 $ 1.1 $ 84.4 National Harbor National Harbor, MD 50.0 % 341 2.5 86.4 RioCan Canada Various 50.0 % 923 115.8 11.1 Investments included in investments in unconsolidated joint ventures $ 119.4 Charlotte (2) Charlotte, NC 50.0 % 398 $ (4.1 ) $ 89.8 Galveston/Houston (2) Texas City, TX 50.0 % 353 (13.0 ) 79.4 Investments included in other liabilities $ (17.1 ) 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 (in millions) (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 investments in unconsolidated joint ventures $ 128.1 Charlotte (2) Charlotte, NC 50.0 % 398 $ (2.5 ) $ 89.7 Galveston/Houston (2) 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 $1.4 million and $1.6 million as of December 31, 2017 and December 31, 2016, respectively. (2) 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 fees we received for various services provided to our unconsolidated joint ventures | Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Year Ended December 31, 2017 2016 2015 Fees: Management and marketing $ 2,310 $ 2,744 $ 2,853 Development and leasing 124 651 1,827 Loan guarantee 18 452 746 Total Fees $ 2,452 $ 3,847 $ 5,426 |
Summary Financial Information of Unconsolidated JVs Balance Sheet | Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2017 and 2016 is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures 2017 2016 Assets Land $ 95,686 $ 88,015 Buildings, improvements and fixtures 505,618 503,548 Construction in progress, including land under development 3,005 13,037 604,309 604,600 Accumulated depreciation (93,837 ) (67,431 ) Total rental property, net 510,472 537,169 Cash and cash equivalents 25,061 27,271 Deferred lease costs, net 10,985 13,612 Prepaids and other assets 15,073 12,567 Total assets $ 561,591 $ 590,619 Liabilities and Owners' Equity Mortgages payable, net $ 351,259 $ 335,971 Accounts payable and other liabilities 14,680 20,011 Total liabilities 365,939 355,982 Owners' equity 195,652 234,637 Total liabilities and owners' equity $ 561,591 $ 590,619 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: Year Ended December 31, 2017 2016 2015 Revenues $ 96,776 $ 106,766 $ 106,042 Expenses: Property operating 36,507 39,576 40,639 General and administrative 350 349 571 Asset impairment 18,042 5,838 — Depreciation and amortization 28,162 32,930 34,516 Total expenses 83,061 78,693 75,726 Operating income 13,715 28,073 30,316 Interest expense (10,365 ) (8,946 ) (8,674 ) Other non-operating income 71 6 19 Net income $ 3,421 $ 19,133 $ 21,661 The Company and Operating Partnership's share of: Net income $ 1,937 $ 10,872 $ 11,484 Depreciation, amortization and asset impairments (real estate related) $ 22,878 $ 21,829 $ 20,052 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs [Abstract] | |
Schedule of Deferred Charges | Deferred lease costs and other intangibles, net as of December 31, 2017 and 2016 consist of the following (in thousands): 2017 2016 Deferred lease costs $ 81,888 $ 76,733 Intangible assets: Above market leases 54,763 57,077 Lease in place value 71,801 77,858 Tenant relationships 49,184 52,925 Other intangibles 49,730 52,346 307,366 316,939 Accumulated amortization (175,305 ) (165,360 ) Deferred lease costs and other intangibles, net $ 132,061 $ 151,579 |
Schedule of Expected Amortization Expense | Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands): Year Above/below market leases, net (1) Deferred lease costs and other intangibles (2) 2018 $ 2,387 $ 9,173 2019 911 7,018 2020 447 5,945 2021 284 5,156 2022 267 4,767 Total $ 4,296 $ 32,059 (1) These amounts are recorded as a reduction of base rentals. (2) These amounts are recorded as an increase in depreciation and amortization. |
Debt of the Company (Tables)
Debt of the Company (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Debt | The Operating Partnership had the following amounts outstanding on the debt guaranteed by the Company as of December 31, 2017 and 2016 (in thousands): 2017 2016 Unsecured lines of credit $ 208,100 $ 61,000 Unsecured term loan $ 325,000 $ 325,000 |
Debt of the Operating Partner42
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Debt | The debt of the Operating Partnership as of December 31, 2017 and 2016 consisted of the following (in thousands): 2017 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 $ 298,226 Senior notes 3.875 % December 2023 250,000 246,036 250,000 245,425 Senior notes 3.750 % December 2024 250,000 247,410 250,000 247,058 Senior notes 3.125 % September 2026 350,000 345,128 350,000 344,600 Senior notes 3.875 % July 2027 300,000 296,182 — — Mortgages payable: Atlantic City (2) (3) 5.14%-7.65% November 2021- December 2026 37,462 39,879 40,471 43,286 Foxwoods LIBOR + 1.55% December 2017 — — 70,250 69,902 Southaven LIBOR + 1.75% April 2018 60,000 59,881 59,277 58,957 Unsecured term loan LIBOR + 0.95% April 2021 325,000 322,975 325,000 322,410 Unsecured lines of credit LIBOR + 0.90% October 2019 208,100 206,160 61,000 58,002 $ 1,780,562 $ 1,763,651 $ 1,705,998 $ 1,687,866 (1) Includes premiums and net of debt discount and unamortized debt origination costs. Unamortized debt origination costs were $12.7 million and $14.0 million for the years ended December 31, 2017 and 2016 , respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2017 , 2016 and 2015 was $3.3 million , $3.2 million and $2.7 million , respectively. (2) The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05% . (3) Principal and interest due monthly with remaining principal due at maturity. |
Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of December 31, 2017 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2018 $ 63,184 2019 211,469 2020 3,566 2021 330,793 2022 4,436 Thereafter 1,167,114 Subtotal 1,780,562 Net discount and debt origination costs (16,911 ) Total $ 1,763,651 |
Derivative Financial Instrume43
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2017 and 2016 (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Average Fixed Pay Rate 2017 2016 Assets (Liabilities) (1) : November 14, 2013 August 14, 2018 $ 150,000 1 month LIBOR 1.30 % $ 326 $ (344 ) April 13, 2016 January 1, 2021 175,000 1 month LIBOR 1.03 % 5,207 4,337 August 14, 2018 (2) January 1, 2021 150,000 1 month LIBOR 2.20 % (188 ) — Total $ 475,000 $ 5,345 $ 3,993 (1) Net asset balances are recorded in prepaids and other assets on the consolidated balance sheets and net liabilities are recorded in other liabilities on the consolidated balance sheets. (2) In December 2017, we entered into three separate forward starting interest rate swap agreements, effective August 14, 2018. |
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 for the years ended December 31, 2017 , 2016 and 2015 , respectively (in thousands): 2017 2016 2015 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in OCI on derivative $ 1,351 $ 4,609 $ (711 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017: Asset: Interest rate swaps (prepaids and other assets) $ 5,533 $ — $ 5,533 $ — Total assets $ 5,533 $ — $ 5,533 $ — Liabilities: Interest rate swaps (other liabilities) $ 188 $ — $ 188 $ — Total liabilities $ 188 $ — $ 188 $ — 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: Assets: 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 and recorded value of our debt as of December 31, 2017 and 2016 were as follows (in thousands): 2017 2016 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,139,064 1,137,976 Level 3 Significant Unobservable Inputs 636,476 566,668 Total fair value of debt $ 1,775,540 $ 1,704,644 Recorded value of debt $ 1,763,651 $ 1,687,866 |
Shareholders' Equity of the C45
Shareholders' Equity of the Company (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Shareholders equity of the Company [Table Text Block] | The following table sets forth the number of Class A common limited partnership units exchanged for an equal number of common shares for the years ended December 31, 2017 , 2016 and 2015 : 2017 2016 2015 Exchange of Class A limited partnership units 32,348 24,962 25,663 |
Partners' Equity of the Opera46
Partners' Equity of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2017 , 2016 and 2015 : Limited Partnership Units General partnership units Class A Class B Total Balance December 31, 2014 1,000,000 5,078,406 94,509,781 99,588,187 Units withheld for employee income taxes — — (31,863 ) (31,863 ) Exchange of Class A limited partnership units — (25,663 ) 25,663 — Grant of restricted common share awards by the Company, net of forfeitures — — 348,844 348,844 Units issued upon exercise of options — — 28,400 28,400 Balance December 31, 2015 1,000,000 5,052,743 94,880,825 99,933,568 Units withheld for employee income taxes — — (66,760 ) (66,760 ) Exchange of Class A limited partnership units — (24,962 ) 24,962 — 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 — — 59,700 59,700 Balance December 31, 2016 1,000,000 5,027,781 95,095,891 100,123,672 Units withheld for employee income taxes — — (69,886 ) (69,886 ) Exchange of Class A limited partnership units — (32,348 ) 32,348 — Grant of restricted common share awards by the Company, net of forfeitures — — 411,968 411,968 Repurchase of units — — (1,911,585 ) (1,911,585 ) Units issued upon exercise of options — — 1,800 1,800 Balance December 31, 2017 1,000,000 4,995,433 93,560,536 98,555,969 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows (in thousands): 2017 2016 Net income attributable to Tanger Factory Outlet Centers, Inc. $ 68,002 $ 193,744 Increase (decrease) in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests 1,630 (389 ) Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest $ 69,632 $ 193,355 |
Earnings Per Share of the Com48
Earnings Per Share of the Company (Tables) | 12 Months Ended |
Dec. 31, 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 earnings per share for the years ended December 31, 2017 , 2016 and 2015 (in thousands, except per share amounts): 2017 2016 2015 Numerator Net income attributable to Tanger Factory Outlet Centers, Inc. $ 68,002 $ 193,744 $ 211,200 Less allocation of earnings to participating securities (1,209 ) (1,926 ) (2,408 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 66,793 $ 191,818 $ 208,792 Denominator Basic weighted average common shares 94,506 95,102 94,698 Effect of notional units — 175 — Effect of outstanding options and certain restricted common shares 16 68 61 Diluted weighted average common shares 94,522 95,345 94,759 Basic earnings per common share: Net income $ 0.71 $ 2.02 $ 2.20 Diluted earnings per common share: Net income $ 0.71 $ 2.01 $ 2.20 |
Earnings Per Unit of the Oper49
Earnings Per Unit of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 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 for the years ended December 31, 2017 , 2016 and 2015 (in thousands, except per unit amounts): 2017 2016 2015 Numerator Net income attributable to partners of the Operating Partnership $ 71,611 $ 204,031 $ 222,531 Allocation of earnings to participating securities (1,209 ) (1,928 ) (2,413 ) Net income available to common unitholders of the Operating Partnership $ 70,402 $ 202,103 $ 220,118 Denominator Basic weighted average common units 99,533 100,155 99,777 Effect of notional units — 175 — Effect of outstanding options and certain restricted common units 16 68 61 Diluted weighted average common units 99,549 100,398 99,838 Basic earnings per common unit: Net income $ 0.71 $ 2.02 $ 2.21 Diluted earnings per common unit: Net income $ 0.71 $ 2.01 $ 2.20 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) - Tanger Factory Outlet Centers, Inc. [Member] | 12 Months Ended |
Dec. 31, 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 the consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 , respectively, as follows (in thousands): 2017 2016 2015 Restricted common shares $ 9,395 $ 10,976 $ 11,220 Notional unit performance awards 3,913 3,967 3,030 Options 277 376 462 Total equity-based compensation $ 13,585 $ 15,319 $ 14,712 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): 2017 2016 2015 Equity-based compensation expense capitalized $ 1,044 $ 985 $ 837 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes information related to unvested restricted common shares outstanding for the years ended December 31, 2017 , 2016 , and 2015 : Unvested Restricted Common Shares Number of shares Weighted average grant date fair value Outstanding at December 31, 2014 1,099,450 $ 29.01 Granted 357,844 36.69 Vested (371,299 ) 28.12 Forfeited — — Outstanding at December 31, 2015 1,085,995 $ 31.84 Granted 286,524 29.64 Vested (388,851 ) 31.30 Forfeited (104,400 ) 34.13 Outstanding at December 31, 2016 879,268 $ 31.09 Granted 253,431 33.07 Vested (368,043 ) 29.87 Forfeited (14,750 ) 34.39 Outstanding at December 31, 2017 749,906 $ 32.30 |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth OPP performance targets and other relevant information about each plan: 2017 OPP 2016 OPP 2015 OPP (1) 2014 OPP (2) 2013 OPP (3) Performance targets (4) Absolute portion of award: Percent of total award 50% 50% 60% 70% 70% Absolute share price appreciation range 18% - 35% 18% - 35% 25% - 35% 25% - 35% 25% - 35% Percentage of units to be earned 20%-100% 20%-100% 33%-100% 33%-100% 33%-100% Relative portion of award: Percent of total award 50% 50% 40% 30% 30% Percentile rank of peer group range (5) 40th - 70th 40th - 70th 50th - 70th 50th - 70th 50th - 70th Percentage of units to be earned 20%-100% 20%-100% 33%-100% 33%-100% 33%-100% Maximum number of restricted common shares that may be earned 296,400 321,900 306,600 329,700 315,150 Grant date fair value per share $ 16.60 $ 15.10 $ 15.85 $ 14.71 $ 13.99 (1) On December 31, 2017, the measurement period for the 2015 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2015 OPP performance awards were automatically forfeited. (2) On December 31, 2016, the measurement period for the 2014 OPP expired. Based on the Company’s absolute 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 (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). 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. (3) On December 31, 2015, the measurement period for the 2013 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2013 OPP performance awards were automatically forfeited. (4) The performance shares for the OPP will convert on a pro-rata basis by linear interpolation between share price appreciation thresholds, both for absolute total shareholder return and for relative total shareholder return. 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. (5) 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 OPP awards granted during the years ended December 31, 2017 , 2016 , and 2015 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: 2017 2016 2015 Risk free interest rate (1) 1.52 % 1.05 % 0.86 % Expected dividend yield (2) 3.4 % 3.1 % 2.7 % Expected volatility (3) 19 % 21 % 20 % (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. |
Schedule of Other Share-based Compensation, Activity | The following table sets forth OPP activity for the years ended December 31, 2017 , 2016 , and 2015 : Unvested OPP Awards Number of units Weighted average grant date fair value Outstanding as of December 31, 2014 644,850 $ 14.36 Awarded 306,600 15.85 Forfeited (407,150 ) 14.28 Outstanding as of December 31, 2015 544,300 $ 15.26 Awarded 321,900 15.10 Forfeited (107,024 ) 14.77 Outstanding as of December 31, 2016 759,176 $ 15.36 Awarded 296,400 16.60 Earned (1) (184,455 ) 14.71 Forfeited (267,710 ) 15.84 Outstanding as of December 31, 2017 603,411 $ 15.83 (1) Represents the units under the 2014 OPP that are no longer outstanding and have been settled in restricted common shares. |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Options outstanding at December 31, 2017 had the following weighted average exercise prices and weighted average remaining contractual lives: Options Outstanding Options Exercisable Exercise prices Options Weighted average exercise price Weighted remaining contractual life in years Options Weighted average exercise price $ 26.06 62,200 $ 26.06 3.15 62,200 $ 26.06 32.02 169,000 32.02 6.00 89,800 32.02 231,200 $ 30.42 5.24 152,000 $ 29.58 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity under the Plan for the years ended December 31, 2017 , 2016 , and 2015 (aggregate intrinsic value amount in thousands): Options Shares Weighted-average exercise price Weighted-average remaining contractual life in years Aggregate intrinsic value Outstanding as of December 31, 2014 370,500 $ 30.20 Granted — — Exercised (28,400 ) 27.76 Forfeited (23,700 ) 31.58 Outstanding as of December 31, 2015 318,400 $ 30.32 7.19 $ 924 Granted — — Exercised (59,700 ) 29.31 Forfeited (16,500 ) 31.86 Outstanding as of December 31, 2016 242,200 $ 30.46 6.26 $ 1,287 Granted — — Exercised (1,800 ) 29.70 Forfeited (9,200 ) 31.83 Outstanding as of December 31, 2017 231,200 $ 30.42 5.24 $ 28 Vested and Expected to Vest as of December 31, 2017 227,569 $ 30.39 5.22 $ 28 Exercisable as of December 31, 2017 152,000 $ 29.58 4.84 $ 28 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Loss of the Company (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive (Income) Loss Foreign currency Cash flow hedges Total Foreign currency Cash flow hedges Total Balance December 31, 2014 $ (14,113 ) $ 90 $ (14,023 ) $ (773 ) $ 5 $ (768 ) Other comprehensive loss before reclassifications (22,017 ) (2,279 ) (24,296 ) (1,183 ) (122 ) (1,305 ) Reclassification out of accumulated other comprehensive income into interest expense — 1,604 1,604 — 86 86 Balance December 31, 2015 (36,130 ) (585 ) (36,715 ) (1,956 ) (31 ) (1,987 ) Other comprehensive income before reclassifications 4,043 2,539 6,582 216 135 351 Reclassification out of accumulated other comprehensive income into interest expense — 1,838 1,838 — 97 97 Balance December 31, 2016 (32,087 ) 3,792 (28,295 ) (1,740 ) 201 (1,539 ) Other comprehensive income before reclassifications 7,727 1,020 8,747 411 55 466 Reclassification out of accumulated other comprehensive income into interest expense — 263 263 — 13 13 Balance December 31, 2017 $ (24,360 ) $ 5,075 $ (19,285 ) $ (1,329 ) $ 269 $ (1,060 ) |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Loss of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income for the years ended December 31, 2017 , 2016 , and 2015 (in thousands): Foreign currency Cash flow hedges Accumulated other comprehensive income (loss) Balance December 31, 2014 $ (14,886 ) $ 95 $ (14,791 ) Other comprehensive loss before reclassifications (23,200 ) (2,401 ) (25,601 ) Reclassification out of accumulated other comprehensive income into interest expense — 1,690 1,690 Balance December 31, 2015 (38,086 ) (616 ) (38,702 ) Other comprehensive income before reclassifications 4,259 2,674 6,933 Reclassification out of accumulated other comprehensive income into interest expense — 1,935 1,935 Balance December 31, 2016 (33,827 ) 3,993 (29,834 ) Other comprehensive income before reclassifications 8,138 1,075 9,213 Reclassification out of accumulated other comprehensive income into interest expense — 276 276 Balance December 31, 2017 $ (25,689 ) $ 5,344 $ (20,345 ) |
Supplementary Income Statemen53
Supplementary Income Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplementary Income Statement Information [Abstract] | |
Schedule of Supplementary Income Statement Information | The following amounts are included in property operating expenses for the years ended December 31, 2017 , 2016 and 2015 (in thousands): 2017 2016 2015 Advertising and promotion $ 29,046 $ 29,108 $ 29,144 Common area maintenance 71,195 70,616 68,886 Real estate taxes 30,695 28,542 26,168 Other operating expenses 24,299 23,751 22,305 $ 155,235 $ 152,017 $ 146,503 |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | Future minimum lease receipts under non-cancelable operating leases as of December 31, 2017 , excluding the effect of straight-line rent and percentage rentals, are as follows (in thousands): 2018 $ 280,644 2019 253,637 2020 231,031 2021 199,028 2022 171,083 Thereafter 448,227 $ 1,583,650 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum lease payments for the next five years and thereafter are as follows (in thousands): Operating Leases 2018 $ 7,523 2019 7,385 2020 7,187 2021 7,119 2022 7,190 Thereafter 307,521 Total minimum payment $ 343,925 |
Quarterly Financial Data of t56
Quarterly Financial Data of the Company (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2017 and 2016 (unaudited and in thousands, except per common share data) (1) . This information is not required for the Operating Partnership: Year Ended December 31, 2017 (1) First Quarter Second Quarter (2) Third Quarter (3) Fourth Quarter Total revenues $ 121,368 $ 119,614 $ 120,765 $ 126,487 Operating income 37,648 38,093 41,383 43,599 Net income (loss) 23,514 30,947 (16,034 ) 33,449 Income (loss) attributable to Tanger Factory Outlet Centers, Inc. 22,336 29,390 (15,219 ) 31,495 Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. 22,041 29,084 (15,525 ) 31,193 Basic earnings per common share: Net income (loss) $ 0.23 $ 0.31 $ (0.17 ) $ 0.33 Diluted earnings per common share: Net income (loss) $ 0.23 $ 0.31 $ (0.17 ) $ 0.33 (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the second quarter of 2017, net income includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut. (3) In the third quarter of 2017, net income includes a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020 a nd a $9.0 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures. Year Ended December 31, 2016 (1) First Quarter (2) Second Quarter (3) Third Quarter (4) Fourth Quarter Total revenues $ 110,805 $ 111,333 $ 119,137 $ 124,559 Operating income 34,799 38,340 39,875 38,263 Net income 28,617 77,302 72,774 25,636 Income attributable to Tanger Factory Outlet Centers, Inc. 27,150 73,417 69,104 24,073 Income available to common shareholders of Tanger Factory Outlet Centers, Inc. 26,856 72,692 68,477 23,793 Basic earnings per common share : Net income $ 0.28 $ 0.76 $ 0.72 $ 0.25 Diluted earnings per common share: Net income $ 0.28 $ 0.76 $ 0.72 $ 0.25 (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the first quarter of 2016, net income includes a gain of $4.9 million on the sale of our outlet center in Fort Myers, Florida. (3) In the second quarter of 2016, net income includes a gain of $49.3 million on the acquisition of our other venture partners' equity interests in the Westgate joint venture. (4) In the third quarter of 2016, net income includes a gain of $46.3 million on the acquisition of our other venture partners' equity interests in the Savannah joint venture and a $1.4 million gain on the sale of an outparcel at our outlet center in Myrtle Beach, South Carolina located on Highway 501. |
Organization of the Company (De
Organization of the Company (Details) ft² in Millions | Dec. 31, 2017sharesft²subsidiaryOutletCenterstore_brandstore |
Entity Information [Line Items] | |
Number of operating partnership units owned by wholly-owned subsidiaries | shares | 94,560,536 |
Exchange Ratio of Partnership Units for Common Shares | 1 |
Consolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 36 |
Total gross leaseable area | ft² | 12.9 |
Outlet center occupancy percentage | 97.00% |
Number of stores | store | 2,600 |
Number of store brands | store_brand | 400 |
Unconsolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 8 |
Total gross leaseable area | ft² | 2.4 |
CANADA | Unconsolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 4 |
Tanger Factory Outlet Centers, Inc. [Member] | |
Entity Information [Line Items] | |
Number Of Wholly Owned Subsidiaries | subsidiary | 2 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | |
Entity Information [Line Items] | |
Number of operating partnership units owned by family limited partners | shares | 4,995,433 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Rental Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Internal development costs, capitalized | $ 2,345 | $ 2,095 | $ 2,989 |
Interest costs incurred, capitalized | $ 2,289 | 2,259 | 3,448 |
Buildings and improvements, estimated useful life | 33 years | ||
Land improvements, estimated useful life | 15 years | ||
Property, plant and equipment, estimated useful life, minimum | 7 years | ||
Real estate depreciation | $ 107,845 | $ 96,813 | $ 85,872 |
Purchase price allocated to assets, useful life, maximum | 33 years |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Money market funds, at carrying value | $ 3,000 | $ 672 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Deferred Lease Costs Capitalized | $ 6,584 | $ 7,013 | $ 7,803 |
Deferred lease costs amount related to salaries and related costs | $ 6,098 | $ 6,210 | $ 6,236 |
Summary of Significant Accoun61
Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Impairment charges | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun62
Summary of Significant Accounting Policies - Income Taxes (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Common Dividends Per Share [Line Items] | |||
REIT annual taxable income distribution requirement percentage | 90.00% | ||
Tanger Factory Outlet Centers, Inc. [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $ 1.3525 | $ 1.2600 | $ 1.3050 |
Tanger Factory Outlet Centers, Inc. [Member] | Ordinary Income [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | 1.1660 | 1.2459 | 1.2846 |
Tanger Factory Outlet Centers, Inc. [Member] | Capital Gain [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | 0 | 0.0141 | 0.0204 |
Tanger Factory Outlet Centers, Inc. [Member] | Return Of Capital [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $ 0.1865 | $ 0 | $ 0 |
Summary of Significant Accoun63
Summary of Significant Accounting Policies - Income Taxes - Schedule of Taxable Income Available to Common Shareholders (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Taxable Income Available to Common Shareholders [Line Items] | |||||||||||
Net income available to the Company's shareholders | $ 31,495 | $ (15,219) | $ 29,390 | $ 22,336 | $ 24,073 | $ 69,104 | $ 73,417 | $ 27,150 | $ 68,002 | $ 193,744 | $ 211,200 |
Depreciation and amortization | 10,685 | 1,666 | 12,446 | ||||||||
Sale of assets and interests in unconsolidated entities | (8,718) | (8,688) | (110,248) | ||||||||
Equity in earnings from unconsolidated joint ventures | 15,662 | 4,305 | 6,772 | ||||||||
Share-based payment compensation | 221 | 4,596 | 4,751 | ||||||||
Gain on previously held interest in acquired joint venture | 0 | (91,467) | 0 | ||||||||
Other differences | (1,089) | 6,294 | (2,831) | ||||||||
Taxable income available to common shareholders | $ 84,763 | $ 110,450 | $ 122,090 |
Summary of Significant Accoun64
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
Straight-line rent adjustments | $ 51.9 | $ 46.8 |
Summary of Significant Accoun65
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs relating to construction included in accounts payable and accrued expenses | $ 32,060 | $ 22,908 | $ 28,665 |
Interest paid, net of interest capitalized | $ 56,730 | $ 50,270 | 49,542 |
Dividend Declared [Member] | |||
Special Dividend | $ 21,200 |
Summary of Significant Accoun66
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncement Or Change In Accounting Principle Recognized As A Percent Of Revenue | 3.00% | 3.00% |
Acquisition of Rental Propert67
Acquisition of Rental Property - Narrative (Details) - USD ($) | Jul. 31, 2016 | Nov. 30, 2017 | Aug. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2016 |
Acquistion of Rental Property [Line Items] | |||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | ||||||||
Foxwoods [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Economic interest percentage in joint venture | 100.00% | ||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 0 | ||||||||
Savannah [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Cash | $ 15,000,000 | ||||||||
Mortgage loan | 96,900,000 | ||||||||
Ownership % | 50.00% | ||||||||
Economic interest percentage in joint venture | 98.00% | ||||||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | ||||||||
Acquisition costs | 260,000 | ||||||||
Gain on previously held interest in acquired joint ventures | 46,300,000 | ||||||||
Rental property and related intangible increase | 46,300,000 | ||||||||
Prepaids and other assets | 250,000 | ||||||||
Accounts payable and accrued expense | $ 2,100,000 | ||||||||
Westgate [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Cash | $ 39,000,000 | ||||||||
Mortgage loan | 62,000,000 | ||||||||
Ownership % | 58.00% | ||||||||
Contingent Consideration Classified as Equity, Fair Value Disclosure | 0 | ||||||||
Acquisition costs | 127,000 | ||||||||
Gain on previously held interest in acquired joint ventures | 49,300,000 | ||||||||
Rental property and related intangible increase | 49,300,000 | ||||||||
Prepaids and other assets | 227,000 | ||||||||
Accounts payable and accrued expense | 5,000,000 | ||||||||
Payments to Acquire Businesses, Gross | $ 40,900,000 | ||||||||
Percentage of business acquired | 40.00% | ||||||||
Measurement period adjustment, Buildings, Improvements and Fixtures | $ (5,600,000) | ||||||||
Measurement period adjustment, Land | (150,000) | ||||||||
Mortgages [Member] | Savannah [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Basis spread on variable rate | 1.65% | ||||||||
Noncontrolling interests [Member] | Westgate [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Percentage of business acquired | 2.00% | ||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 1,900,000 | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Westgate [Member] | Mortgages [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
Minimum [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Fair Value Inputs, Discount Rate | 7.50% | ||||||||
Fair Value Inputs, Cap Rate | 5.75% | ||||||||
Maximum [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Fair Value Inputs, Discount Rate | 8.25% | ||||||||
Fair Value Inputs, Cap Rate | 7.00% | ||||||||
Above market lease value [Member] | Westgate [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Measurement period adjustment, intangibles | 1,600,000 | ||||||||
Below market lease value [Member] | Westgate [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Measurement period adjustment, intangibles | 4,800,000 | ||||||||
Lease in place value [Member] | Westgate [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Measurement period adjustment, intangibles | (628,000) | ||||||||
Tanger Properties Limited Partnership [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Cash | $ 0 | $ 45,219,000 | $ 0 | ||||||
Acquisition costs | 0 | 487,000 | 0 | ||||||
Gain on previously held interest in acquired joint ventures | 0 | 95,516,000 | $ 0 | ||||||
Principal | $ 1,705,998,000 | $ 1,780,562,000 | $ 1,705,998,000 | ||||||
Tanger Properties Limited Partnership [Member] | 3.125% Senior Notes $250 million [Member] | Senior Notes [Member] | |||||||||
Acquistion of Rental Property [Line Items] | |||||||||
Principal | $ 250,000,000 |
Acquisition of Rental Propert68
Acquisition of Rental Property - Schedule of Consideration Transferred (Details) - Westgate & Savannah [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule of Consideration Transferred [Line Items] | |
Cash transferred for equity interests | $ 54,000 |
Fair value of our previously held interests | 145,581 |
Fair value of net assets | $ 199,581 |
Acquisition of Rental Propert69
Acquisition of Rental Property - Schedule of Assets and Liabilities (Details) - Westgate & Savannah [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Cash | $ 8,781 |
Land | 27,593 |
Buildings, improvements and fixtures | 308,117 |
Deferred lease costs and other intangibles | 40,118 |
Prepaids and other assets | 477 |
Debt | (158,994) |
Accounts payable and accrued expense | (7,183) |
Total fair value of net assets acquired | 199,581 |
Above market lease value [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 15,882 |
Weighted-Average Amortization Period (in years) | 7 years 2 months |
Lease in place value [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 13,972 |
Weighted-Average Amortization Period (in years) | 5 years 11 months |
Lease and Legal Costs [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 10,264 |
Weighted-Average Amortization Period (in years) | 6 years 5 months |
Below market lease value [Member] | |
Business Acquisition [Line Items] | |
Other Liabilities (Below market lease value) | $ (19,328) |
Weighted-Average Amortization Period (in years) | 12 years |
Disposition of Properties (Deta
Disposition of Properties (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] ft² in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
May 31, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Jan. 31, 2016USD ($)ft² | Oct. 31, 2015USD ($)ft² | Sep. 30, 2015USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on sale of assets and interests in unconsolidated entities | $ 6,305 | $ 106,721 | |||||
Westbrook [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Square Feet | ft² | 290 | ||||||
Net Sales Price | $ 39,213 | ||||||
Gain on sale of assets and interests in unconsolidated entities | $ 6,943 | ||||||
Fort Myers [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Square Feet | ft² | 199 | ||||||
Net Sales Price | $ 25,785 | ||||||
Gain on sale of assets and interests in unconsolidated entities | $ 4,887 | ||||||
Myrtle Beach Hwy 501 [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net Sales Price | $ 2,921 | ||||||
Gain on sale of assets and interests in unconsolidated entities | $ 1,418 | ||||||
Barstow [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Square Feet | ft² | 171 | ||||||
Net Sales Price | $ 105,793 | ||||||
Gain on sale of assets and interests in unconsolidated entities | $ 86,506 | ||||||
Kittery I & II, Tuscola, & West Branch [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Square Feet | ft² | 439 | ||||||
Net Sales Price | $ 43,304 | ||||||
Gain on sale of assets and interests in unconsolidated entities | $ 20,215 | ||||||
Kittery I & II, Tuscola, West Branch & Barstow [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net Sales Price | 149,100 | ||||||
Restricted cash | $ 121,300 |
Development of Consolidated R71
Development of Consolidated Rental Properties - Narrative (Details) - ft² ft² in Thousands | Oct. 31, 2017 | Sep. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2015 | Jul. 31, 2015 | May 30, 2015 |
Fort Worth [Member] | ||||||
Development of Consolidated Rental Properties [Line Items] | ||||||
Square Feet | 352 | |||||
Lancaster [Member] | ||||||
Development of Consolidated Rental Properties [Line Items] | ||||||
Square Feet | 123 | |||||
Daytona Beach [Member] | ||||||
Development of Consolidated Rental Properties [Line Items] | ||||||
Square Feet | 352 | |||||
Foxwoods [Member] | ||||||
Development of Consolidated Rental Properties [Line Items] | ||||||
Square Feet | 312 | |||||
Grand Rapids [Member] | ||||||
Development of Consolidated Rental Properties [Line Items] | ||||||
Square Feet | 352 | |||||
Southaven [Member] | ||||||
Development of Consolidated Rental Properties [Line Items] | ||||||
Square Feet | 320 |
Investments in Unconsolidated72
Investments in Unconsolidated Real Estate Joint Ventures - Unconsolidated Real Estate Joint Ventures (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | Jun. 30, 2016ft² | Jul. 31, 2014ft² | Nov. 30, 2013ft² | Oct. 31, 2012ft² |
Columbus [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 355 | 355 | 355 | |||
Investments included in investments in unconsolidated joint ventures | $ 1,100 | $ 6,700 | ||||
National Harbor [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 341 | 341 | 341 | |||
Investments included in investments in unconsolidated joint ventures | $ 2,500 | $ 4,100 | ||||
RioCan Canada [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 923 | 901 | ||||
Investments included in investments in unconsolidated joint ventures | $ 115,800 | $ 117,300 | ||||
Columbus National Harbor RioCan Canada [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments included in investments in unconsolidated joint ventures | $ 119,400 | $ 128,100 | ||||
Charlotte [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 398 | 398 | 398 | |||
Investments included in other liabilities | $ (4,100) | $ (2,500) | ||||
Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 353 | 353 | 353 | |||
Investments included in other liabilities | $ (13,000) | $ (3,800) | ||||
Charlotte and Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments included in other liabilities | (17,100) | (6,300) | ||||
Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 351,259 | 335,971 | ||||
Unconsolidated Properties [Member] | Columbus [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 84,400 | 84,200 | ||||
Unconsolidated Properties [Member] | National Harbor [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 86,400 | 86,100 | ||||
Unconsolidated Properties [Member] | RioCan Canada [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 11,100 | 11,100 | ||||
Unconsolidated Properties [Member] | Charlotte [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 89,800 | 89,700 | ||||
Unconsolidated Properties [Member] | Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 79,400 | 64,900 | ||||
Mortgages [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Debt origination costs and premiums | $ 1,400 | $ 1,600 |
Investments in Unconsolidated73
Investments in Unconsolidated Real Estate Joint Ventures - Management, Leasing and Marketing Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | $ 2,452 | $ 3,847 | $ 5,426 |
Management and Marketing Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | 2,310 | 2,744 | 2,853 |
Development and Leasing Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | 124 | 651 | 1,827 |
Loan Guarantee Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | $ 18 | $ 452 | $ 746 |
Investments in Unconsolidated74
Investments in Unconsolidated Real Estate Joint Ventures - Summary Balance Sheets for Unconsolidated Joint Ventures (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets [Abstract] | ||
Land | $ 95,686 | $ 88,015 |
Buildings, improvements and fixtures | 505,618 | 503,548 |
Construction in progress, including land under development | 3,005 | 13,037 |
Total rental property, at cost | 604,309 | 604,600 |
Accumulated depreciation | (93,837) | (67,431) |
Total rental property, net | 510,472 | 537,169 |
Cash and cash equivalents | 25,061 | 27,271 |
Deferred lease costs, net | 10,985 | 13,612 |
Prepaids and other assets | 15,073 | 12,567 |
Total assets | 561,591 | 590,619 |
Liabilities and Owners' Equity [Abstract] | ||
Mortgages payable, net | 351,259 | 335,971 |
Accounts payable and other liabilities | 14,680 | 20,011 |
Total liabilities | 365,939 | 355,982 |
Owners' equity | 195,652 | 234,637 |
Total liabilities and owners' equity | $ 561,591 | $ 590,619 |
Investments in Unconsolidated75
Investments in Unconsolidated Real Estate Joint Ventures - Summary Statements of Operations for Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unconsolidated Properties [Member] | |||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||
Revenues | $ 96,776 | $ 106,766 | $ 106,042 | ||||||||
Expenses: | |||||||||||
Property operating | 36,507 | 39,576 | 40,639 | ||||||||
General and administrative | 350 | 349 | 571 | ||||||||
Asset impairment | 18,042 | 5,838 | 0 | ||||||||
Depreciation and amortization | 28,162 | 32,930 | 34,516 | ||||||||
Total expenses | 83,061 | 78,693 | 75,726 | ||||||||
Operating income | 13,715 | 28,073 | 30,316 | ||||||||
Interest expense | (10,365) | (8,946) | (8,674) | ||||||||
Other non-operating income | 71 | 6 | 19 | ||||||||
Net income | 3,421 | 19,133 | 21,661 | ||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||
Revenues | $ 126,487 | $ 120,765 | $ 119,614 | $ 121,368 | $ 124,559 | $ 119,137 | $ 111,333 | $ 110,805 | 488,234 | 465,834 | 439,369 |
Expenses: | |||||||||||
Property operating | 155,235 | 152,017 | 146,503 | ||||||||
General and administrative | 44,004 | 46,696 | 44,469 | ||||||||
Depreciation and amortization | 127,744 | 115,357 | 103,936 | ||||||||
Total expenses | 327,511 | 314,557 | 294,908 | ||||||||
Operating income | 43,599 | 41,383 | 38,093 | 37,648 | 38,263 | 39,875 | 38,340 | 34,799 | 160,723 | 151,277 | 144,461 |
Interest expense | (64,825) | (60,669) | (54,188) | ||||||||
Other non-operating income | 2,724 | 1,028 | (36) | ||||||||
Net income | $ 33,449 | $ (16,034) | $ 30,947 | $ 23,514 | $ 25,636 | $ 72,774 | $ 77,302 | $ 28,617 | 71,876 | 204,329 | 222,168 |
The Company and Operating Partnership's share of: | |||||||||||
Net income | 1,937 | 10,872 | 11,484 | ||||||||
Depreciation, amortization and asset impairments (real estate related) | $ 22,878 | $ 21,829 | $ 20,052 |
Investments in Unconsolidated76
Investments in Unconsolidated Real Estate Joint Ventures - Narrative (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2017USD ($)Extension | Nov. 30, 2016USD ($)Extension | Feb. 28, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2017USD ($)ft² | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Jun. 30, 2016ft² | May 31, 2016ft² | Mar. 31, 2016ft² | Nov. 30, 2014ft² | Jul. 31, 2014ft² | Nov. 30, 2013ft² | Oct. 31, 2012ft² | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Difference in basis | $ 4,200 | $ 3,700 | |||||||||||||
Charlotte [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 398 | 398 | 398 | ||||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||||
Columbus [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 355 | 355 | 355 | ||||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||||
Galveston/Houston [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 353 | 353 | 353 | ||||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||||
National Harbor [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 341 | 341 | 341 | ||||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||||
RioCan Canada [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 923 | 901 | |||||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||||
Ottawa [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 316 | ||||||||||||||
Square feet of anchor tenant | ft² | 28 | ||||||||||||||
Estimated square feet of expansion | ft² | 39 | ||||||||||||||
Cookstown [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 308 | ||||||||||||||
Estimated square feet of expansion | ft² | 149 | ||||||||||||||
Les Factoreries St. Sauveur Property [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 116 | ||||||||||||||
Bromont Outlet Mall Property [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 161 | ||||||||||||||
Non-cash impairment charge | $ 5,800 | ||||||||||||||
Company's share of impairment charge | 2,900 | ||||||||||||||
Savannah [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Square Feet | ft² | 429 | ||||||||||||||
Estimated square feet of expansion | ft² | 42 | ||||||||||||||
Wisconsin Dells [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Net sales price from sale of joint venture | $ 15,600 | ||||||||||||||
Company's share of sales price of sale of joint venture | 27,700 | ||||||||||||||
Company's share of joint venture debt | $ 12,100 | ||||||||||||||
Gain on sale of assets and interests in unconsolidated entities | $ 13,700 | ||||||||||||||
Unconsolidated Properties [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Non-cash impairment charge | $ 18,042 | $ 5,838 | $ 0 | ||||||||||||
Unconsolidated Properties [Member] | Bromont and Les Factories St. Sauveur [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Non-cash impairment charge | 18,000 | ||||||||||||||
Company's share of impairment charge | 9,000 | ||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Charlotte [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Principal | $ 90,000 | ||||||||||||||
Basis spread on variable rate | 1.45% | ||||||||||||||
Term of debt extension | 1 year | ||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Columbus [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Principal | $ 85,000 | ||||||||||||||
Basis spread on variable rate | 1.65% | ||||||||||||||
Term of debt extension | 1 year | ||||||||||||||
Proceeds from joint venture debt | $ 84,200 | ||||||||||||||
Number of mortgage extensions | Extension | 2 | ||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Galveston/Houston [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Principal | $ 80,000 | $ 70,000 | |||||||||||||
Basis spread on variable rate | 1.65% | 1.50% | |||||||||||||
Term of debt extension | 1 year | ||||||||||||||
Proceeds from joint venture debt | $ 14,500 | ||||||||||||||
Number of mortgage extensions | Extension | 2 | ||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | National Harbor [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Maximum Borrowing Capacity | $ 87,000 | ||||||||||||||
Unconsolidated Properties [Member] | National Harbor [Member] | Mortgages [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Basis spread on variable rate | 1.65% |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | $ 307,366 | $ 316,939 |
Accumulated amortization | (175,305) | (165,360) |
Deferred lease costs and other intangibles, net | 132,061 | 151,579 |
Deferred Lease Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 81,888 | 76,733 |
Above market lease value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 54,763 | 57,077 |
Lease in place value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 71,801 | 77,858 |
Tenant Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 49,184 | 52,925 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | $ 49,730 | $ 52,346 |
Deferred Charges - Schedule of
Deferred Charges - Schedule of Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Above and Below Market Lease Value [Member] | |
2,018 | $ 2,387 |
2,019 | 911 |
2,020 | 447 |
2,021 | 284 |
2,022 | 267 |
Total | 4,296 |
Deferred Lease Costs and Other Intangibles [Member] | |
2,018 | 9,173 |
2,019 | 7,018 |
2,020 | 5,945 |
2,021 | 5,156 |
2,022 | 4,767 |
Total | $ 32,059 |
Deferred Charges - Narrative (D
Deferred Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of above and below Market Leases | $ (2.4) | $ (2.8) | $ (2) |
Deferred Lease Costs and Other Intangibles [Member] | |||
Amortization of Intangible Assets | 17.8 | 16.8 | $ 16.7 |
Other Liabilities [Member] | |||
Below Market Lease, Net | $ 24.5 | $ 27.6 |
Debt of the Company (Details)
Debt of the Company (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt [Member] | Mortgages [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligations, current carrying value | $ 32,800,000 | |
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Borrowing Capacity | 520,000,000 | |
Letters of Credit Outstanding, Amount | 6,000,000 | |
Tanger Properties Limited Partnership [Member] | Debt [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum Borrowing Capacity | 520,000,000 | |
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligations, current carrying value | 208,100,000 | $ 61,000,000 |
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Unsecured Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligations, current carrying value | $ 325,000,000 | $ 325,000,000 |
Debt of the Operating Partner81
Debt of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 21 Months Ended | ||||||||||
Dec. 31, 2017 | Apr. 30, 2016 | Oct. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Nov. 30, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Oct. 31, 2016 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ||||||||||||||
Principal | $ 1,780,562,000 | $ 1,780,562,000 | $ 1,705,998,000 | |||||||||||
Book value of debt | 1,763,651,000 | 1,763,651,000 | 1,687,866,000 | |||||||||||
Debt Issuance Costs, Net | $ 12,700,000 | 12,700,000 | 14,000,000 | |||||||||||
Amortization of Debt Issuance Costs | $ 3,263,000 | 3,237,000 | $ 2,730,000 | |||||||||||
Senior Notes [Member] | 6.125% 2020 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 6.125% | 6.125% | 6.125% | |||||||||||
Principal | $ 0 | $ 0 | 300,000,000 | $ 300,000,000 | ||||||||||
Book value of debt | $ 0 | $ 0 | 298,226,000 | |||||||||||
Senior Notes [Member] | 3.875% 2023 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 3.875% | 3.875% | ||||||||||||
Principal | $ 250,000,000 | $ 250,000,000 | 250,000,000 | |||||||||||
Book value of debt | $ 246,036,000 | $ 246,036,000 | 245,425,000 | |||||||||||
Senior Notes [Member] | 3.75% 2024 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 3.75% | 3.75% | ||||||||||||
Principal | $ 250,000,000 | $ 250,000,000 | 250,000,000 | |||||||||||
Book value of debt | $ 247,410,000 | $ 247,410,000 | 247,058,000 | |||||||||||
Senior Notes [Member] | 3.125% 2026 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 3.125% | 3.125% | 3.125% | |||||||||||
Principal | $ 350,000,000 | $ 350,000,000 | 350,000,000 | |||||||||||
Book value of debt | $ 345,128,000 | $ 345,128,000 | 344,600,000 | |||||||||||
Senior Notes [Member] | 3.875% 2027 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 3.875% | 3.875% | 3.875% | |||||||||||
Principal | $ 300,000,000 | $ 300,000,000 | 0 | $ 300,000,000 | ||||||||||
Book value of debt | 296,182,000 | 296,182,000 | 0 | |||||||||||
Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | 37,462,000 | 37,462,000 | 40,471,000 | |||||||||||
Book value of debt | 39,879,000 | 39,879,000 | 43,286,000 | |||||||||||
Effective interest rate | 5.05% | |||||||||||||
Mortgages [Member] | Foxwoods [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | 0 | 0 | 70,250,000 | $ 70,300,000 | ||||||||||
Book value of debt | 0 | 0 | 69,902,000 | |||||||||||
Mortgages [Member] | Southaven [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | 60,000,000 | 60,000,000 | 59,277,000 | |||||||||||
Book value of debt | 59,881,000 | 59,881,000 | 58,957,000 | |||||||||||
Unsecured Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | 325,000,000 | $ 325,000,000 | $ 250,000,000 | 325,000,000 | 325,000,000 | |||||||||
Book value of debt | 322,975,000 | 322,975,000 | 322,410,000 | |||||||||||
Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | 208,100,000 | 208,100,000 | 61,000,000 | |||||||||||
Book value of debt | $ 206,160,000 | $ 206,160,000 | $ 58,002,000 | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Foxwoods [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.55% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Southaven [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.95% | 1.05% | 0.95% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.90% | 0.90% | 0.90% | 1.00% | ||||||||||
Minimum [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 5.14% | 5.14% | ||||||||||||
Maximum [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 7.65% | 7.65% |
Debt of the Operating Partner82
Debt of the Operating Partnership - Debt Maturities (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Maturities of Debt [Line Items] | ||
2,018 | $ 63,184 | |
2,019 | 211,469 | |
2,020 | 3,566 | |
2,021 | 330,793 | |
2,022 | 4,436 | |
Thereafter | 1,167,114 | |
Subtotal | 1,780,562 | $ 1,705,998 |
Net discount and debt origination costs | (16,911) | |
Total debt | $ 1,763,651 | $ 1,687,866 |
Debt of the Operating Partner83
Debt of the Operating Partnership - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 21 Months Ended | ||||||||||||||||
Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($) | Jul. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2015USD ($) | Apr. 30, 2015USD ($)Extension | Oct. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Nov. 30, 2017USD ($) | Jul. 31, 2015USD ($) | May 30, 2015USD ($) | |
Mortgages [Member] | Westgate [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 1,780,562,000 | $ 1,780,562,000 | $ 1,705,998,000 | |||||||||||||||||
Debt retirement make whole premium | 34,143,000 | 0 | $ 0 | |||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Collateral for mortgages payable | 193,100,000 | 193,100,000 | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | 37,462,000 | 37,462,000 | 40,471,000 | |||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Westgate [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayments of Long-term Debt | $ 62,000,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Ocean City Factory Outlets [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 17,600,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | The Outlets at Hershey [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 29,000,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum Borrowing Capacity | $ 60,000,000 | |||||||||||||||||||
Principal balance of debt | 60,000,000 | $ 60,000,000 | 59,277,000 | |||||||||||||||||
Number of mortgage extensions | Extension | 1 | |||||||||||||||||||
Term of debt extension | 2 years | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Foxwoods [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | 0 | $ 0 | 70,250,000 | $ 70,300,000 | ||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Foxwoods [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 1.55% | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Deer Park [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayments of Long-term Debt | $ 150,000,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Notes Payable, Other Payables [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 10,000,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum Borrowing Capacity | 520,000,000 | $ 520,000,000 | ||||||||||||||||||
Liquidity Line, Maximum Borrowings | 20,000,000 | 20,000,000 | ||||||||||||||||||
Syndicated Line, Maximum Borrowings | 500,000,000 | 500,000,000 | ||||||||||||||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Letters of Credit Outstanding, Amount | 6,000,000 | $ 6,000,000 | ||||||||||||||||||
Percentage of funds from operations allowed on a cumulative basis required for debt covenants | 95.00% | |||||||||||||||||||
Principal balance of debt | $ 208,100,000 | $ 208,100,000 | 61,000,000 | |||||||||||||||||
Line of Credit Facility, Syndicated Line, Amount That The Line May Be Increased | $ 1,000,000,000 | $ 750,000,000 | ||||||||||||||||||
Payments of Debt Issuance Costs | $ 2,000,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 0.90% | 0.90% | 0.90% | 1.00% | ||||||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Note [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Repayments of Long-term Debt | $ 7,500,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | $ 175,000,000 | $ 150,000,000 | ||||||||||||||||||
Principal balance of debt | $ 325,000,000 | $ 325,000,000 | $ 250,000,000 | $ 325,000,000 | 325,000,000 | |||||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 0.95% | 1.05% | 0.95% | |||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.125% Senior Notes $250 million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 250,000,000 | |||||||||||||||||||
Notes price at percentage of the principal amount | 99.605% | |||||||||||||||||||
Yield to maturity | 3.171% | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.125% Senior Notes 100 million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Notes price at percentage of the principal amount | 98.962% | |||||||||||||||||||
Yield to maturity | 3.248% | |||||||||||||||||||
Additional principal amount | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.125% 2026 Senior Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 350,000,000 | $ 350,000,000 | 350,000,000 | |||||||||||||||||
Stated Interest Rate(s) | 3.125% | 3.125% | 3.125% | 3.125% | ||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 344,500,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.75% 2024 Senior Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 250,000,000 | $ 250,000,000 | 250,000,000 | |||||||||||||||||
Stated Interest Rate(s) | 3.75% | 3.75% | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.875% 2023 Senior Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 250,000,000 | $ 250,000,000 | 250,000,000 | |||||||||||||||||
Stated Interest Rate(s) | 3.875% | 3.875% | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.875% 2027 Senior Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | 0 | ||||||||||||||||
Stated Interest Rate(s) | 3.875% | 3.875% | 3.875% | |||||||||||||||||
Notes price at percentage of the principal amount | 99.579% | |||||||||||||||||||
Yield to maturity | 3.926% | |||||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 295,900,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 6.125% 2020 Senior Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal balance of debt | $ 0 | $ 300,000,000 | $ 0 | $ 300,000,000 | ||||||||||||||||
Stated Interest Rate(s) | 6.125% | 6.125% | 6.125% | |||||||||||||||||
Debt retirement make whole premium | $ 34,100,000 | |||||||||||||||||||
Write off of debt discount and deferred debt issuance costs | $ 1,500,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Debt [Member] | Line of Credit [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum Borrowing Capacity | $ 520,000,000 | $ 520,000,000 | ||||||||||||||||||
Savannah [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Mortgage loan | $ 96,900,000 | |||||||||||||||||||
Savannah [Member] | Mortgages [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Basis spread on variable rate | 1.65% |
Deferred Financing Obligation (
Deferred Financing Obligation (Details) $ in Millions | Sep. 30, 2015USD ($) |
Deer Park [Member] | |
Deferred financing obligation | $ 28.4 |
Derivative Financial Instrume85
Derivative Financial Instruments - Classifications on Consolidated Balance Sheets (Details) - Designated as Hedging Instrument [Member] | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2017USD ($)swaps | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 475,000,000 | $ 475,000,000 | |
Fair Value | 5,345,000 | 5,345,000 | $ 3,993,000 |
Interest Rate Swap One [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 150,000,000 | $ 150,000,000 | |
Company Fixed Pay Rate | 1.30% | 1.30% | |
Fair Value | $ 326,000 | $ 326,000 | (344,000) |
Interest Rate Swap Two [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 175,000,000 | $ 175,000,000 | |
Company Fixed Pay Rate | 1.03% | 1.03% | |
Fair Value | $ 5,207,000 | $ 5,207,000 | 4,337,000 |
Interest Rate Swap Three [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 150,000,000 | $ 150,000,000 | |
Company Fixed Pay Rate | 2.20% | 2.20% | |
Fair Value | $ (188,000) | $ (188,000) | $ 0 |
Number of swaps entered into | swaps | 3 | ||
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap One [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Term | 1 month | ||
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Two [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Term | 1 month | ||
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Three [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Term | 1 month |
Derivative Financial Instrume86
Derivative Financial Instruments - Gain (Loss) Recognized and Reclassified (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 (Effective Portion) | $ 1,351 | $ 4,609 | $ (711) |
Fair Value Measurements - Measu
Fair Value Measurements - Measurement Hierarchy (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | $ 5,533,000 | $ 3,993,000 |
Total assets | 5,533,000 | 3,993,000 |
Interest rate swaps (other liabilities) | 188,000 | |
Total liabilities | 188,000 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swaps (other liabilities) | 0 | |
Total liabilities | 0 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 5,533,000 | 3,993,000 |
Total assets | 5,533,000 | 3,993,000 |
Interest rate swaps (other liabilities) | 188,000 | |
Total liabilities | 188,000 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Total assets | 0 | $ 0 |
Interest rate swaps (other liabilities) | 0 | |
Total liabilities | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 1,775,540 | $ 1,704,644 |
Recorded value of debt | 1,763,651 | 1,687,866 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 1,139,064 | 1,137,976 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 636,476 | $ 566,668 |
Shareholders' Equity of the C89
Shareholders' Equity of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2017 | |
Exchange of Class A limited partnership units (in units) | 32,348 | 24,962 | 25,663 | |
Stock Repurchase Program, Authorized Amount | $ 125 | |||
Repurchase of shares including transaction cost (in shares) | 1,911,585 | |||
Stock Repurchased Average Price Per Share (dollars per share) | $ 25.80 | |||
Shares repurchased exclusive of commissions and related fees | $ 49.3 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 75.7 |
Partners' Equity of the Opera90
Partners' Equity of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
General partner (in units) | 1,000,000 | ||
Units withheld for employee income taxes (in units) | (69,886) | (66,760) | (31,863) |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 411,968 | 173,124 | 348,844 |
Issuance of deferred units (in units) | 24,040 | ||
Repurchase of units (in units) | (1,911,585) | 0 | |
Units issued upon exercise of options (in units) | 1,800 | 59,700 | 28,400 |
General partner (in units) | 1,000,000 | 1,000,000 | |
General partner [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
General partner (in units) | 1,000,000 | 1,000,000 | 1,000,000 |
Units withheld for employee income taxes (in units) | 0 | 0 | 0 |
Exchange of Class A limited partnership units (in units) | 0 | 0 | 0 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 0 | 0 | 0 |
Issuance of deferred units (in units) | 0 | ||
Repurchase of units (in units) | 0 | ||
Units issued upon exercise of options (in units) | 0 | 0 | 0 |
General partner (in units) | 1,000,000 | 1,000,000 | 1,000,000 |
Class A Limited Partnership Units [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 5,027,781 | 5,052,743 | 5,078,406 |
Units withheld for employee income taxes (in units) | 0 | 0 | 0 |
Exchange of Class A limited partnership units (in units) | (32,348) | (24,962) | (25,663) |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 0 | 0 | 0 |
Issuance of deferred units (in units) | 0 | ||
Repurchase of units (in units) | 0 | ||
Units issued upon exercise of options (in units) | 0 | 0 | 0 |
Limited partners (in units) | 4,995,433 | 5,027,781 | 5,052,743 |
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 | 94,509,781 |
Units withheld for employee income taxes (in units) | (69,886) | (66,760) | (31,863) |
Exchange of Class A limited partnership units (in units) | 32,348 | 24,962 | 25,663 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 411,968 | 173,124 | 348,844 |
Issuance of deferred units (in units) | 24,040 | ||
Repurchase of units (in units) | (1,911,585) | ||
Units issued upon exercise of options (in units) | 1,800 | 59,700 | 28,400 |
Limited partners (in units) | 93,560,536 | 95,095,891 | 94,880,825 |
Limited partners [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 100,123,672 | 99,933,568 | 99,588,187 |
Units withheld for employee income taxes (in units) | (69,886) | (66,760) | (31,863) |
Exchange of Class A limited partnership units (in units) | 0 | 0 | 0 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 411,968 | 173,124 | 348,844 |
Issuance of deferred units (in units) | 24,040 | ||
Repurchase of units (in units) | (1,911,585) | ||
Units issued upon exercise of options (in units) | 1,800 | 59,700 | 28,400 |
Limited partners (in units) | 98,555,969 | 100,123,672 | 99,933,568 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||
Repurchase of shares including transaction cost (in shares) | 1,911,585 | ||||||||||
Exchange of Class A limited partnership units (in units) | 32,348 | 24,962 | 25,663 | ||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 31,495 | $ (15,219) | $ 29,390 | $ 22,336 | $ 24,073 | $ 69,104 | $ 73,417 | $ 27,150 | $ 68,002 | $ 193,744 | $ 211,200 |
Increase (decrease) in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests | 1,630 | (389) | |||||||||
Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest | $ 69,632 | $ 193,355 |
Earnings Per Share of the Com92
Earnings Per Share of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator | |||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 31,495 | $ (15,219) | $ 29,390 | $ 22,336 | $ 24,073 | $ 69,104 | $ 73,417 | $ 27,150 | $ 68,002 | $ 193,744 | $ 211,200 |
Less allocation of earnings to participating securities | (1,209) | (1,926) | (2,408) | ||||||||
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 31,193 | $ (15,525) | $ 29,084 | $ 22,041 | $ 23,793 | $ 68,477 | $ 72,692 | $ 26,856 | $ 66,793 | $ 191,818 | $ 208,792 |
Denominator | |||||||||||
Basic weighted average common shares (in shares) | 94,506,000 | 95,102,000 | 94,698,000 | ||||||||
Effect of notional units (in shares) | 0 | 175,000 | 0 | ||||||||
Effect of outstanding options and restricted common shares (in shares) | 16,000 | 68,000 | 61,000 | ||||||||
Diluted weighted average common shares (in shares) | 94,522,000 | 95,345,000 | 94,759,000 | ||||||||
Basic earnings per common share: | |||||||||||
Net income, basic (in dollars per share) | $ 0.33 | $ (0.17) | $ 0.31 | $ 0.23 | $ 0.25 | $ 0.72 | $ 0.76 | $ 0.28 | $ 0.71 | $ 2.02 | $ 2.20 |
Diluted earnings per common share: | |||||||||||
Net income, diluted (in dollars per share) | $ 0.33 | $ (0.17) | $ 0.31 | $ 0.23 | $ 0.25 | $ 0.72 | $ 0.76 | $ 0.28 | $ 0.71 | $ 2.01 | $ 2.20 |
Antidilutive Incremental Common Shares Attributable to Notional Units (in units) | 603,411 | 501,446 | 859,450 | ||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 169,000 | 141,300 | 227,400 |
Earnings Per Unit of the Oper93
Earnings Per Unit of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator | |||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 71,611 | $ 204,031 | $ 222,531 |
Less allocation of earnings to participating securities | (1,209) | (1,928) | (2,413) |
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 70,402 | $ 202,103 | $ 220,118 |
Denominator | |||
Basic weighted average common shares (in shares) | 99,533,000 | 100,155,000 | 99,777,000 |
Effect of notional units (in shares) | 0 | 175,000 | 0 |
Effect of outstanding options and restricted common shares (in shares) | 16,000 | 68,000 | 61,000 |
Diluted weighted average common shares (in shares) | 99,549,000 | 100,398,000 | 99,838,000 |
Basic earnings per common unit: | |||
Net income, basic (in dollars per share) | $ 0.71 | $ 2.02 | $ 2.21 |
Diluted earnings per common unit: | |||
Net income, diluted (in dollars per share) | $ 0.71 | $ 2.01 | $ 2.20 |
Antidilutive Incremental Common Shares Attributable to Notional Units (in units) | 603,411 | 501,446 | 859,450 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 169,000 | 141,300 | 227,400 |
Equity-Based Compensation - The
Equity-Based Compensation - The Plan Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exchange Ratio of Partnership Units for Common Shares | 1 |
Tanger Factory Outlet Centers, Inc. [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation Cost Not yet Recognized | $ | $ 23.2 |
Weighted-average period over cost is expected to be recognized related to unvested common equity-based compensation arrangements | 1 year 11 months |
Tanger Factory Outlet Centers, Inc. [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of common shares that may be issued (in shares) | 15,400,000 |
Total Options Granted, to Date, Net of Forfeitures (in shares) | 7,534,560 |
Total Restricted Shares Granted, To Date, Net of Forfeitures (in shares) | 5,365,728 |
Total Number of Common Shares The Could Be Issued Upon Vesting of Notional Units Granted (in shares) | 603,411 |
Shares remaining available for future issuance (in shares) | 1,896,301 |
Equity-Based Compensation - Sha
Equity-Based Compensation - Share-Based Compensation Expense (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 13,585 | $ 15,319 | $ 14,712 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 1,044 | 985 | 837 |
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | 9,395 | 10,976 | 11,220 |
Notional Unit Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | 3,913 | 3,967 | 3,030 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 277 | $ 376 | $ 462 |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Share Activity (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of shares | |||
Beginning balance | 879,268 | 1,085,995 | 1,099,450 |
Granted | 253,431 | 286,524 | 357,844 |
Vested | (368,043) | (388,851) | (371,299) |
Forfeited | (14,750) | (104,400) | 0 |
Ending balance | 749,906 | 879,268 | 1,085,995 |
Weighted-average grant date fair value | |||
Beginning balance (in dollars per share) | $ 31.09 | $ 31.84 | $ 29.01 |
Granted (in dollars per share) | 33.07 | 29.64 | 36.69 |
Vested (in dollars per share) | 29.87 | 31.30 | 28.12 |
Forfeited (in dollars per share) | 34.39 | 34.13 | 0 |
Ending balance (in dollars per share) | $ 32.30 | $ 31.09 | $ 31.84 |
Equity-Based Compensation - R97
Equity-Based Compensation - Restricted Common Shares Narrative (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares paid for tax withholding for share based compensation (in shares) | 69,886 | 66,760 | 31,863 |
Payments for the employees' tax obligations to taxing authorities | $ 2,436 | $ 2,177 | $ 1,126 |
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 253,431 | 286,524 | 357,844 |
Total value of restricted common shares vested | $ 12,400 | $ 12,700 | $ 13,100 |
Shares paid for tax withholding for share based compensation (in shares) | 69,886 | 31,863 | |
Payments for the employees' tax obligations to taxing authorities | $ 2,400 | $ 2,200 | $ 1,100 |
Restricted Common Share Award Plan [Member] | Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 253,431 | 286,524 | 357,844 |
Restricted Common Share Award Plan [Member] | Independent director | Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 3 years | ||
Restricted Common Share Award Plan [Member] | Chief executive officer | 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] | Minimum [Member] | Senior Executive officer | Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 3 years | ||
Restricted Common Share Award Plan [Member] | Maximum [Member] | Senior Executive officer | Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award Vesting Period | 5 years |
Equity-Based Compensation - Out
Equity-Based Compensation - Outperformance Plan Narrative (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Award Measurement Period | 3 years |
Year one [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Percentage | 50.00% |
Year two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Percentage | 50.00% |
Equity-Based Compensation - O99
Equity-Based Compensation - Outperformance Plan (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - $ / shares | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Granted (in dollars per share) | $ 16.60 | $ 15.10 | $ 15.85 | |||
Granted | 296,400 | 321,900 | 306,600 | |||
Vested | 184,455 | |||||
2017 OPP [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Number Of Shares That May Be Earned | 296,400 | |||||
Granted (in dollars per share) | $ 16.60 | |||||
2016 OPP [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Number Of Shares That May Be Earned | 321,900 | |||||
Granted (in dollars per share) | $ 15.10 | |||||
2015 OPP [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Number Of Shares That May Be Earned | 306,600 | |||||
Granted (in dollars per share) | $ 15.85 | |||||
2014 OPP [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Number Of Shares That May Be Earned | 329,700 | |||||
Granted (in dollars per share) | $ 14.71 | |||||
2013 OPP [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Aggregate Number Of Shares That May Be Earned | 315,150 | |||||
Granted (in dollars per share) | $ 13.99 | |||||
Absolute portion of award [Member] | 2017 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Absolute portion of award [Member] | 2016 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Absolute portion of award [Member] | 2015 OPP [Member] | ||||||
Percent of total award | 60.00% | |||||
Absolute portion of award [Member] | 2014 OPP [Member] | ||||||
Percent of total award | 70.00% | |||||
Granted | 184,455 | |||||
Absolute portion of award [Member] | 2013 OPP [Member] | ||||||
Percent of total award | 70.00% | |||||
Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Relative portion of award [Member] | 2015 OPP [Member] | ||||||
Percent of total award | 40.00% | |||||
Relative portion of award [Member] | 2014 OPP [Member] | ||||||
Percent of total award | 30.00% | |||||
Relative portion of award [Member] | 2013 OPP [Member] | ||||||
Percent of total award | 30.00% | |||||
Minimum [Member] | Absolute portion of award [Member] | 2017 OPP [Member] | ||||||
Absolute share price appreciation range | 18.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion of award [Member] | 2016 OPP [Member] | ||||||
Absolute share price appreciation range | 18.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion of award [Member] | 2015 OPP [Member] | ||||||
Absolute share price appreciation range | 25.00% | |||||
Percentage of units to be earned | 33.00% | |||||
Minimum [Member] | Absolute portion of award [Member] | 2014 OPP [Member] | ||||||
Absolute share price appreciation range | 25.00% | |||||
Percentage of units to be earned | 33.00% | |||||
Minimum [Member] | Absolute portion of award [Member] | 2013 OPP [Member] | ||||||
Absolute share price appreciation range | 25.00% | |||||
Percentage of units to be earned | 33.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 40.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 40.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2015 OPP [Member] | ||||||
Percentage of units to be earned | 33.00% | |||||
Threshold Percentage for Performance Target | 50.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2014 OPP [Member] | ||||||
Percentage of units to be earned | 33.00% | |||||
Threshold Percentage for Performance Target | 50.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2013 OPP [Member] | ||||||
Percentage of units to be earned | 33.00% | |||||
Threshold Percentage for Performance Target | 50.00% | |||||
Maximum [Member] | Absolute portion of award [Member] | 2017 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion of award [Member] | 2016 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion of award [Member] | 2015 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion of award [Member] | 2014 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion of award [Member] | 2013 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2015 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2014 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2013 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Year one [Member] | Absolute portion of award [Member] | 2014 OPP [Member] | ||||||
Vested | 94,663 | |||||
Year two [Member] | Absolute portion of award [Member] | 2014 OPP [Member] | ||||||
Vested | 89,792 |
Equity-Based Compensation - 100
Equity-Based Compensation - Outperformance Plan Assumptions (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
2017 OPP [Member] | |||
Risk Free Interest Rate | 1.52% | ||
Expected Dividend Rate | 3.40% | ||
Expected Volatility Rate | 19.00% | ||
2016 OPP [Member] | |||
Risk Free Interest Rate | 1.05% | ||
Expected Dividend Rate | 3.10% | ||
Expected Volatility Rate | 21.00% | ||
2015 OPP [Member] | |||
Risk Free Interest Rate | 0.86% | ||
Expected Dividend Rate | 2.70% | ||
Expected Volatility Rate | 20.00% |
Equity-Based Compensation - 101
Equity-Based Compensation - Outperformance Plan Rollforward (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of units | |||
Beginning balance | 759,176 | 544,300 | 644,850 |
Granted | 296,400 | 321,900 | 306,600 |
Forfeited | (267,710) | (107,024) | (407,150) |
Ending balance | 603,411 | 759,176 | 544,300 |
Weighted-average grant date fair value | |||
Beginning balance (in dollars per share) | $ 15.36 | $ 15.26 | $ 14.36 |
Granted (in dollars per share) | 16.60 | 15.10 | 15.85 |
Vested (in dollars per share) | 14.71 | ||
Forfeited (in dollars per share) | 15.84 | 14.77 | 14.28 |
Ending balance (in dollars per share) | $ 15.83 | $ 15.36 | $ 15.26 |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Awards (Details) - Tanger Factory Outlet Centers, Inc. [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 231,200 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 30.42 |
Weighted remaining contractual life in years | 5 years 2 months 27 days |
Options Exercisable, Options | shares | 152,000 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 29.58 |
Exercise price 26.06 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 62,200 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 26.06 |
Weighted remaining contractual life in years | 3 years 1 month 25 days |
Options Exercisable, Options | shares | 62,200 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 26.06 |
Exercise price 32.02 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 169,000 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 32.02 |
Weighted remaining contractual life in years | 6 years |
Options Exercisable, Options | shares | 89,800 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 32.02 |
Equity-Based Compensation - 103
Equity-Based Compensation - Options Awards Activity (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares | |||
Beginning balance | 242,200 | 318,400 | 370,500 |
Granted | 0 | 0 | 0 |
Exercised | (1,800) | (59,700) | (28,400) |
Forfeited | (9,200) | (16,500) | (23,700) |
Ending balance | 231,200 | 242,200 | 318,400 |
Weighted-average exercise price | |||
Beginning balance (in dollars per share) | $ 30.46 | $ 30.32 | $ 30.20 |
Granted (in dollars per share) | 0 | 0 | 0 |
Exercised (in dollars per share) | 29.70 | 29.31 | 27.76 |
Forfeited (in dollars per share) | 31.83 | 31.86 | 31.58 |
Ending balance (in dollars per share) | $ 30.42 | $ 30.46 | $ 30.32 |
Weighted-average remaining contractual life in years, outstanding | 5 years 2 months 27 days | 6 years 2 months 35 days | 7 years 2 months 10 days |
Aggregate intrinsic value, outstanding | $ 28 | $ 1,287 | $ 924 |
Vested and Expected to Vest | |||
Vested and Expected to Vest, Shares | 227,569 | ||
Vested and Expected to Vest, Weighted-average exercise price (in dollars per share) | $ 30.39 | ||
Vested and Expected to Vest, Weighted-average remaining contractual life in years | 5 years 2 months 20 days | ||
Vested and Expected to Vest, Aggregate intrinsic value | $ 28 | ||
Exercisable | |||
Exercisable, Shares | 152,000 | ||
Exercisable, Weighted-average exercise price (in dollars per share) | $ 29.58 | ||
Exercisable, Weighted-average remaining contractual life in years | 4 years 8 months 62 days | ||
Exercisable, Aggregate intrinsic value | $ 28 |
Equity-Based Compensation - 104
Equity-Based Compensation - Options Awards Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised during the period | $ 8 | $ 469 | $ 200 |
Equity-Based Compensation Equit
Equity-Based Compensation Equity-Based Compensation - 401(k) Retirement Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Employer 401(K) retirement savings plan contribution Amount | $ 862 | $ 828 | $ 742 |
Accumulated Other Comprehens106
Accumulated Other Comprehensive Loss of the Company - Balances of Each Component of AOCI (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 705,441 | $ 606,032 | $ 523,886 |
Other comprehensive income before reclassifications | 8,747 | 6,582 | (24,296) |
Reclassification out of accumulated other comprehensive income into interest expense | 263 | 1,838 | 1,604 |
Ending balance | 612,302 | 705,441 | 606,032 |
Interest rate swap gain (loss) to be reclassified within Twelve Months | 1,200 | ||
Foreign Currency Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (32,087) | (36,130) | (14,113) |
Other comprehensive income before reclassifications | 7,727 | 4,043 | (22,017) |
Reclassification out of accumulated other comprehensive income into interest expense | 0 | 0 | 0 |
Ending balance | (24,360) | (32,087) | (36,130) |
Cash flow hedges Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 3,792 | (585) | 90 |
Other comprehensive income before reclassifications | 1,020 | 2,539 | (2,279) |
Reclassification out of accumulated other comprehensive income into interest expense | 263 | 1,838 | 1,604 |
Ending balance | 5,075 | 3,792 | (585) |
Total Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (28,295) | (36,715) | (14,023) |
Ending balance | (19,285) | (28,295) | (36,715) |
Foreign Currency noncontrolling interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,740) | (1,956) | (773) |
Other comprehensive income before reclassifications | 411 | 216 | (1,183) |
Reclassification out of accumulated other comprehensive income into interest expense | 0 | 0 | 0 |
Ending balance | (1,329) | (1,740) | (1,956) |
Cash Flow Hedges noncontrolling interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 201 | (31) | 5 |
Other comprehensive income before reclassifications | 55 | 135 | (122) |
Reclassification out of accumulated other comprehensive income into interest expense | 13 | 97 | 86 |
Ending balance | 269 | 201 | (31) |
Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,539) | (1,987) | (768) |
Ending balance | (1,060) | (1,539) | (1,987) |
Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income before reclassifications | 466 | 351 | (1,305) |
Reclassification out of accumulated other comprehensive income into interest expense | $ 13 | $ 97 | $ 86 |
Accumulated Other Comprehens107
Accumulated Other Comprehensive Loss of the Operating Partnership - Balances of Each Component (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 705,282 | ||
Ending Balance | 612,302 | $ 705,282 | |
Interest rate swap gain (loss) to be reclassified within Twelve Months | 1,200 | ||
Foreign currency [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (33,827) | (38,086) | $ (14,886) |
Other comprehensive loss before reclassifications | 8,138 | 4,259 | (23,200) |
Ending Balance | (25,689) | (33,827) | (38,086) |
Cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 3,993 | (616) | 95 |
Other comprehensive loss before reclassifications | 1,075 | 2,674 | (2,401) |
Reclassification out of accumulated other comprehensive income into interest expense | 276 | 1,935 | 1,690 |
Ending Balance | 5,344 | 3,993 | (616) |
Accumulated other comprehensive income (loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (29,834) | (38,702) | (14,791) |
Other comprehensive loss before reclassifications | 9,213 | 6,933 | (25,601) |
Reclassification out of accumulated other comprehensive income into interest expense | 276 | 1,935 | 1,690 |
Ending Balance | $ (20,345) | $ (29,834) | $ (38,702) |
Supplementary Income Stateme108
Supplementary Income Statement Information (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Advertising and promotion | $ 29,046 | $ 29,108 | $ 29,144 |
Common area maintenance | 71,195 | 70,616 | 68,886 |
Real estate taxes | 30,695 | 28,542 | 26,168 |
Other operating expenses | 24,299 | 23,751 | 22,305 |
Operating Costs and Expenses | $ 155,235 | $ 152,017 | $ 146,503 |
Lease Agreements (Details)
Lease Agreements (Details) $ in Thousands | Dec. 31, 2017USD ($)OutletCenterstore |
Future Minimum Payments Receivable | |
2,018 | $ 280,644 |
2,019 | 253,637 |
2,020 | 231,031 |
2,021 | 199,028 |
2,022 | 171,083 |
Thereafter | 448,227 |
Future lease payment receivables | $ 1,583,650 |
Consolidated Properties [Member] | |
Operating Leased Assets [Line Items] | |
Number of stores | store | 2,600 |
Number of Outlet Centers | OutletCenter | 36 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 7,100 | $ 7,000 | $ 6,400 |
Commitments to complete construction of our ongoing capital projects and other capital expenditure requirement | $ 9,400 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Percent of guaranty of completion and principal guaranty | 5.00% | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Percent of guaranty of completion and principal guaranty | 100.00% | ||
Debt [Member] | Mortgages [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum amount of joint venture debt guaranteed by the Company | $ 32,800 | ||
Unconsolidated Properties [Member] | |||
Loss Contingencies [Line Items] | |||
Commitments to complete construction of our ongoing capital projects and other capital expenditure requirement | 1,100 | ||
Company's Share of Joint Venture Purchase Commitment Remaining Minimum Amount Committed | $ 548 |
Commitments and Contingencie111
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases | |
2,018 | $ 7,523 |
2,019 | 7,385 |
2,020 | 7,187 |
2,021 | 7,119 |
2,022 | 7,190 |
Thereafter | 307,521 |
Total minimum payment | $ 343,925 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 21 Months Ended | |||||
Feb. 22, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2017 | Sep. 30, 2015 | Dec. 31, 2016 | |
Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.3425 | |||||||
Tanger Properties Limited Partnership [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Principal | $ 1,780,562,000 | $ 1,780,562,000 | $ 1,705,998,000 | |||||
Tanger Properties Limited Partnership [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Distributions Per Limited Partnership Unit Outstanding, Basic | $ 0.3425 | |||||||
Line of Credit [Member] | Tanger Properties Limited Partnership [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum Borrowing Capacity | 520,000,000 | 520,000,000 | ||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | 1,000,000,000 | 1,000,000,000 | ||||||
Principal | 208,100,000 | 208,100,000 | 61,000,000 | |||||
Line of Credit [Member] | Tanger Properties Limited Partnership [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Term of debt extension | 1 year | |||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | $ 1,200,000,000 | |||||||
Line of Credit [Member] | Debt [Member] | Tanger Properties Limited Partnership [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum Borrowing Capacity | $ 520,000,000 | $ 520,000,000 | ||||||
Line of Credit [Member] | Debt [Member] | Tanger Properties Limited Partnership [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum Borrowing Capacity | 600,000,000 | |||||||
Loan origination costs | $ 2,300,000 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Tanger Properties Limited Partnership [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Basis spread on variable rate | 0.90% | 0.90% | 0.90% | 1.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Tanger Properties Limited Partnership [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Basis spread on variable rate | 0.875% | |||||||
Southaven [Member] | Mortgages [Member] | Tanger Properties Limited Partnership [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum Borrowing Capacity | $ 60,000,000 | |||||||
Term of debt extension | 2 years | |||||||
Principal | $ 60,000,000 | $ 60,000,000 | $ 59,277,000 | |||||
Southaven [Member] | Mortgages [Member] | Tanger Properties Limited Partnership [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Term of debt extension | 2 years | |||||||
Principal | $ 51,400,000 | |||||||
Southaven [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Tanger Properties Limited Partnership [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||
Southaven [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Tanger Properties Limited Partnership [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Basis spread on variable rate | 1.80% | |||||||
Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Award Measurement Period | 3 years | |||||||
2018 OPP [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Award Measurement Period | 3 years | |||||||
Year one [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Vesting Percentage | 50.00% | 50.00% | ||||||
Year one [Member] | 2018 OPP [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Vesting Percentage | 50.00% | |||||||
Year two [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Vesting Percentage | 50.00% | 50.00% | ||||||
Year two [Member] | 2018 OPP [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Vesting Percentage | 50.00% |
Quarterly Financial Data of 113
Quarterly Financial Data of the Company (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2016 | Aug. 31, 2016 | Jun. 30, 2016 | Jan. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||
Entity Information [Line Items] | |||||||||||||||
Total revenues | $ 126,487 | $ 120,765 | $ 119,614 | $ 121,368 | $ 124,559 | $ 119,137 | $ 111,333 | $ 110,805 | $ 488,234 | $ 465,834 | $ 439,369 | ||||
Operating income | 43,599 | 41,383 | 38,093 | 37,648 | 38,263 | 39,875 | 38,340 | 34,799 | 160,723 | 151,277 | 144,461 | ||||
Net income (loss) | 33,449 | (16,034) | 30,947 | 23,514 | 25,636 | 72,774 | 77,302 | 28,617 | 71,876 | 204,329 | 222,168 | ||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | 31,495 | (15,219) | 29,390 | 22,336 | 24,073 | 69,104 | 73,417 | 27,150 | 68,002 | 193,744 | 211,200 | ||||
Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ 31,193 | $ (15,525) | $ 29,084 | $ 22,041 | $ 23,793 | $ 68,477 | $ 72,692 | $ 26,856 | $ 66,793 | $ 191,818 | $ 208,792 | ||||
Basic earnings per common share: | |||||||||||||||
Net income (in dollars per share) | $ 0.33 | $ (0.17) | $ 0.31 | $ 0.23 | $ 0.25 | $ 0.72 | $ 0.76 | $ 0.28 | $ 0.71 | $ 2.02 | $ 2.20 | ||||
Diluted earnings per common share: | |||||||||||||||
Net income (in dollars per share) | $ 0.33 | $ (0.17) | $ 0.31 | $ 0.23 | $ 0.25 | $ 0.72 | $ 0.76 | $ 0.28 | $ 0.71 | $ 2.01 | $ 2.20 | ||||
Gain on sale of assets and interests in unconsolidated entities | $ 6,900 | $ 6,943 | $ 6,305 | $ 120,447 | |||||||||||
Loss on early extinguishment of debt | $ 35,600 | 35,626 | 0 | 0 | |||||||||||
Gain on previously held interest in acquired joint ventures | 0 | 95,516 | 0 | ||||||||||||
Unconsolidated Properties [Member] | |||||||||||||||
Entity Information [Line Items] | |||||||||||||||
Total revenues | 96,776 | 106,766 | 106,042 | ||||||||||||
Operating income | 13,715 | 28,073 | 30,316 | ||||||||||||
Net income (loss) | 3,421 | 19,133 | 21,661 | ||||||||||||
Unconsolidated Properties [Member] | Bromont and Les Factories St. Sauveur [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Company's share of impairment charge | $ 9,000 | ||||||||||||||
Unconsolidated Properties [Member] | Bromont and Les Factories St. Sauveur [Member] | Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Company's share of impairment charge | $ 9,000 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on sale of assets and interests in unconsolidated entities | $ 6,305 | $ 106,721 | |||||||||||||
Fort Myers [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on sale of assets and interests in unconsolidated entities | $ 4,887 | ||||||||||||||
Fort Myers [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on sale of assets and interests in unconsolidated entities | $ 4,900 | ||||||||||||||
Myrtle Beach Hwy 501 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on sale of assets and interests in unconsolidated entities | $ 1,418 | ||||||||||||||
Myrtle Beach Hwy 501 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on sale of assets and interests in unconsolidated entities | $ 1,400 | ||||||||||||||
Westgate [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on previously held interest in acquired joint ventures | $ 49,300 | ||||||||||||||
Westgate [Member] | Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on previously held interest in acquired joint ventures | $ 49,300 | ||||||||||||||
Savannah [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on previously held interest in acquired joint ventures | $ 46,300 | ||||||||||||||
Savannah [Member] | Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on previously held interest in acquired joint ventures | $ 46,300 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | $ 99,760 |
Initial cost to Company, Land | 260,107 |
Initial cost to Company, Buildings, Improvements & Fixtures | 2,006,818 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 19,871 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 801,674 |
Gross Amount Carried at Close of Period, Land | 279,978 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 2,808,492 |
Total | 3,088,470 |
Accumulated Depreciation | 901,967 |
Real estate, Federal income tax basis | $ 3,100,000 |
Buildings and improvements, estimated useful life | 33 years |
Land improvements, estimated useful life | 15 years |
Atlantic City [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | $ 39,879 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 125,988 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 5,006 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 130,994 |
Total | 130,994 |
Accumulated Depreciation | 28,612 |
Blowing Rock [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,963 |
Initial cost to Company, Buildings, Improvements & Fixtures | 9,424 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 8,652 |
Gross Amount Carried at Close of Period, Land | 1,963 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 18,076 |
Total | 20,039 |
Accumulated Depreciation | 10,028 |
Branson [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 4,407 |
Initial cost to Company, Buildings, Improvements & Fixtures | 25,040 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 396 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 23,057 |
Gross Amount Carried at Close of Period, Land | 4,803 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 48,097 |
Total | 52,900 |
Accumulated Depreciation | 30,082 |
Charleston [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 10,353 |
Initial cost to Company, Buildings, Improvements & Fixtures | 48,877 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 14,816 |
Gross Amount Carried at Close of Period, Land | 10,353 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 63,693 |
Total | 74,046 |
Accumulated Depreciation | 28,547 |
Commerce [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,262 |
Initial cost to Company, Buildings, Improvements & Fixtures | 14,046 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 707 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 34,928 |
Gross Amount Carried at Close of Period, Land | 1,969 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 48,974 |
Total | 50,943 |
Accumulated Depreciation | 31,710 |
Daytona Beach [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 9,913 |
Initial cost to Company, Buildings, Improvements & Fixtures | 81,183 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 0 |
Gross Amount Carried at Close of Period, Land | 9,913 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 81,183 |
Total | 91,096 |
Accumulated Depreciation | 5,315 |
Deer Park [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 82,413 |
Initial cost to Company, Buildings, Improvements & Fixtures | 173,044 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 12,194 |
Gross Amount Carried at Close of Period, Land | 82,413 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 185,238 |
Total | 267,651 |
Accumulated Depreciation | 32,435 |
Foley [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 4,400 |
Initial cost to Company, Buildings, Improvements & Fixtures | 82,410 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 693 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 41,927 |
Gross Amount Carried at Close of Period, Land | 5,093 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 124,337 |
Total | 129,430 |
Accumulated Depreciation | 54,558 |
Fort Worth [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 11,157 |
Initial cost to Company, Buildings, Improvements & Fixtures | 83,827 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 0 |
Gross Amount Carried at Close of Period, Land | 11,157 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 83,827 |
Total | 94,984 |
Accumulated Depreciation | 601 |
Foxwoods [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 130,561 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 1,262 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 131,823 |
Total | 131,823 |
Accumulated Depreciation | 14,665 |
Gonzales [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 679 |
Initial cost to Company, Buildings, Improvements & Fixtures | 15,895 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 34,684 |
Gross Amount Carried at Close of Period, Land | 679 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 50,579 |
Total | 51,258 |
Accumulated Depreciation | 31,867 |
Grand Rapids [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 8,180 |
Initial cost to Company, Buildings, Improvements & Fixtures | 75,420 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 566 |
Gross Amount Carried at Close of Period, Land | 8,180 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 75,986 |
Total | 84,166 |
Accumulated Depreciation | 10,177 |
Hershey [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 3,673 |
Initial cost to Company, Buildings, Improvements & Fixtures | 48,186 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 3,905 |
Gross Amount Carried at Close of Period, Land | 3,673 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 52,091 |
Total | 55,764 |
Accumulated Depreciation | 12,597 |
Hilton Head I [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 4,753 |
Initial cost to Company, Buildings, Improvements & Fixtures | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 33,346 |
Gross Amount Carried at Close of Period, Land | 4,753 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 33,346 |
Total | 38,099 |
Accumulated Depreciation | 12,605 |
Hilton Head II [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 5,128 |
Initial cost to Company, Buildings, Improvements & Fixtures | 20,668 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 12,137 |
Gross Amount Carried at Close of Period, Land | 5,128 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 32,805 |
Total | 37,933 |
Accumulated Depreciation | 15,458 |
Howell [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 2,250 |
Initial cost to Company, Buildings, Improvements & Fixtures | 35,250 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 14,288 |
Gross Amount Carried at Close of Period, Land | 2,250 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 49,538 |
Total | 51,788 |
Accumulated Depreciation | 23,380 |
Jeffersonville [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 2,752 |
Initial cost to Company, Buildings, Improvements & Fixtures | 111,276 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 11,683 |
Gross Amount Carried at Close of Period, Land | 2,752 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 122,959 |
Total | 125,711 |
Accumulated Depreciation | 26,729 |
Lancaster [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 3,691 |
Initial cost to Company, Buildings, Improvements & Fixtures | 19,907 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 6,656 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 55,935 |
Gross Amount Carried at Close of Period, Land | 10,347 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 75,842 |
Total | 86,189 |
Accumulated Depreciation | 26,569 |
Locust Grove [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 2,558 |
Initial cost to Company, Buildings, Improvements & Fixtures | 11,801 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 28,687 |
Gross Amount Carried at Close of Period, Land | 2,558 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 40,488 |
Total | 43,046 |
Accumulated Depreciation | 25,694 |
Mebane [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 8,821 |
Initial cost to Company, Buildings, Improvements & Fixtures | 53,362 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 3,024 |
Gross Amount Carried at Close of Period, Land | 8,821 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 56,386 |
Total | 65,207 |
Accumulated Depreciation | 23,015 |
Mytrle Beach Hwy 17 [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 80,733 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 24,911 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 105,644 |
Total | 105,644 |
Accumulated Depreciation | 29,791 |
Myrtle Beach Hwy 501 [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 8,781 |
Initial cost to Company, Buildings, Improvements & Fixtures | 56,798 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 38,156 |
Gross Amount Carried at Close of Period, Land | 8,781 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 94,954 |
Total | 103,735 |
Accumulated Depreciation | 41,492 |
Nags Head [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,853 |
Initial cost to Company, Buildings, Improvements & Fixtures | 6,679 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 6,298 |
Gross Amount Carried at Close of Period, Land | 1,853 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 12,977 |
Total | 14,830 |
Accumulated Depreciation | 8,301 |
Ocean City [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 16,334 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 12,946 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 29,280 |
Total | 29,280 |
Accumulated Depreciation | 7,013 |
Park City [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 6,900 |
Initial cost to Company, Buildings, Improvements & Fixtures | 33,597 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 343 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 27,524 |
Gross Amount Carried at Close of Period, Land | 7,243 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 61,121 |
Total | 68,364 |
Accumulated Depreciation | 25,774 |
Pittsburgh [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 5,528 |
Initial cost to Company, Buildings, Improvements & Fixtures | 91,288 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 3 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 13,602 |
Gross Amount Carried at Close of Period, Land | 5,531 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 104,890 |
Total | 110,421 |
Accumulated Depreciation | 49,281 |
Rehoboth Beach [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 20,600 |
Initial cost to Company, Buildings, Improvements & Fixtures | 74,209 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 1,875 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 53,335 |
Gross Amount Carried at Close of Period, Land | 22,475 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 127,544 |
Total | 150,019 |
Accumulated Depreciation | 47,162 |
Riverhead [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 36,374 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 6,152 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 127,942 |
Gross Amount Carried at Close of Period, Land | 6,152 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 164,316 |
Total | 170,468 |
Accumulated Depreciation | 89,714 |
San Marcos [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,801 |
Initial cost to Company, Buildings, Improvements & Fixtures | 9,440 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 2,301 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 58,326 |
Gross Amount Carried at Close of Period, Land | 4,102 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 67,766 |
Total | 71,868 |
Accumulated Depreciation | 41,424 |
Savannah [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 8,556 |
Initial cost to Company, Buildings, Improvements & Fixtures | 167,780 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 2,780 |
Gross Amount Carried at Close of Period, Land | 8,556 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 170,560 |
Total | 179,116 |
Accumulated Depreciation | 8,397 |
Sevierville [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 18,495 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 48,944 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 67,439 |
Total | 67,439 |
Accumulated Depreciation | 37,488 |
Southaven [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 59,881 |
Initial cost to Company, Land | 14,959 |
Initial cost to Company, Buildings, Improvements & Fixtures | 62,042 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 3,194 |
Gross Amount Carried at Close of Period, Land | 14,959 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 65,236 |
Total | 80,195 |
Accumulated Depreciation | 8,629 |
Terrell [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 523 |
Initial cost to Company, Buildings, Improvements & Fixtures | 13,432 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 9,712 |
Gross Amount Carried at Close of Period, Land | 523 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 23,144 |
Total | 23,667 |
Accumulated Depreciation | 18,173 |
Tilton [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,800 |
Initial cost to Company, Buildings, Improvements & Fixtures | 24,838 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 29 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 13,780 |
Gross Amount Carried at Close of Period, Land | 1,829 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 38,618 |
Total | 40,447 |
Accumulated Depreciation | 17,025 |
Westgate [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 19,037 |
Initial cost to Company, Buildings, Improvements & Fixtures | 140,337 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 2,329 |
Gross Amount Carried at Close of Period, Land | 19,037 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 142,666 |
Total | 161,703 |
Accumulated Depreciation | 7,013 |
Williamsburg [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 706 |
Initial cost to Company, Buildings, Improvements & Fixtures | 6,781 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 716 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 17,798 |
Gross Amount Carried at Close of Period, Land | 1,422 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 24,579 |
Total | 26,001 |
Accumulated Depreciation | 20,510 |
Other [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 710 |
Initial cost to Company, Buildings, Improvements & Fixtures | 1,496 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 0 |
Gross Amount Carried at Close of Period, Land | 710 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 1,496 |
Total | 2,206 |
Accumulated Depreciation | $ 136 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | $ 2,965,907 | $ 2,513,217 | $ 2,263,603 |
Acquisitions | 0 | 335,710 | 0 |
Improvements | 175,868 | 163,187 | 245,391 |
Dispositions and reclassifications to and from rental property held for sale | (53,305) | (46,207) | 4,223 |
Balance, end of year | $ 3,088,470 | $ 2,965,907 | $ 2,513,217 |
Schedule III - Reconciliatio116
Schedule III - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $ 814,583 | $ 748,341 | $ 662,236 |
Depreciation for the period | 107,845 | 96,813 | 85,872 |
Dispositions and reclassifications to and from rental property held for sale | (20,461) | (30,571) | 233 |
Balance, end of year | $ 901,967 | $ 814,583 | $ 748,341 |