Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 02, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS INC | |
Entity Central Index Key | 0000899715 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 94,102,666 | |
Tanger Properties Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | TANGER PROPERTIES LIMITED PARTNERSHIP | |
Entity Central Index Key | 0001004036 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt: | ||
Operating lease liabilities | $ 92,354 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Rental property: | ||
Land | 267,910 | $ 278,428 |
Buildings, improvements and fixtures | 2,639,764 | 2,764,649 |
Construction in progress | 0 | 3,102 |
Rental property, at cost, total | 2,907,674 | 3,046,179 |
Accumulated depreciation | (941,193) | (981,305) |
Total rental property, net | 1,966,481 | 2,064,874 |
Cash and cash equivalents | 1,616 | 9,083 |
Investments in unconsolidated joint ventures | 97,654 | 95,969 |
Deferred lease costs and other intangibles, net | 106,170 | 116,874 |
Operating lease right-of-use assets | 87,679 | |
Prepaids and other assets | 94,224 | 98,102 |
Total assets | 2,353,824 | 2,384,902 |
Debt: | ||
Senior, unsecured notes, net | 1,137,145 | 1,136,663 |
Unsecured term loan, net | 346,950 | 346,799 |
Mortgages payable, net | 86,572 | 87,471 |
Unsecured lines of credit, net | 12,117 | 141,985 |
Total debt | 1,582,784 | 1,712,918 |
Accounts payable and accrued expenses | 87,536 | 82,676 |
Operating lease liabilities | 92,354 | |
Other liabilities | 87,707 | 83,773 |
Total liabilities | 1,850,381 | 1,879,367 |
Commitments and contingencies | ||
Tanger Factory Outlet Centers, Inc.: | ||
Common shares, $.01 par value, 300,000,000 shares authorized, 94,102,666 and 93,941,783 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 941 | 939 |
Paid in capital | 780,936 | 778,845 |
Accumulated distributions in excess of net income | (276,491) | (272,454) |
Partners' Equity: | ||
Accumulated other comprehensive loss | (27,153) | (27,151) |
Equity attributable to Tanger Factory Outlet Centers, Inc. | 478,233 | 480,179 |
Noncontrolling interests in Operating Partnership | 25,210 | 25,356 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 503,443 | 505,535 |
Total liabilities and equity | 2,353,824 | 2,384,902 |
Tanger Properties Limited Partnership [Member] | ||
Rental property: | ||
Land | 267,910 | 278,428 |
Buildings, improvements and fixtures | 2,639,764 | 2,764,649 |
Construction in progress | 0 | 3,102 |
Rental property, at cost, total | 2,907,674 | 3,046,179 |
Accumulated depreciation | (941,193) | (981,305) |
Total rental property, net | 1,966,481 | 2,064,874 |
Cash and cash equivalents | 1,570 | 8,991 |
Investments in unconsolidated joint ventures | 97,654 | 95,969 |
Deferred lease costs and other intangibles, net | 106,170 | 116,874 |
Operating lease right-of-use assets | 87,679 | |
Prepaids and other assets | 93,826 | 97,832 |
Total assets | 2,353,380 | 2,384,540 |
Debt: | ||
Senior, unsecured notes, net | 1,137,145 | 1,136,663 |
Unsecured term loan, net | 346,950 | 346,799 |
Mortgages payable, net | 86,572 | 87,471 |
Unsecured lines of credit, net | 12,117 | 141,985 |
Total debt | 1,582,784 | 1,712,918 |
Accounts payable and accrued expenses | 87,092 | 82,314 |
Operating lease liabilities | 92,354 | |
Other liabilities | 87,707 | 83,773 |
Total liabilities | 1,849,937 | 1,879,005 |
Commitments and contingencies | ||
Partners' Equity: | ||
General partner, 1,000,000 units outstanding at March 31, 2019 and December 31, 2018 | 5,227 | 4,914 |
Limited partners, 4,960,684 and 4,960,684 Class A common units, and 93,102,666 and 92,941,783 Class B common units outstanding at March 31, 2019 and December 31, 2018, respectively | 526,850 | 529,252 |
Accumulated other comprehensive loss | (28,634) | (28,631) |
Total partners' equity | 503,443 | 505,535 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 503,443 | 505,535 |
Total liabilities and equity | $ 2,353,380 | $ 2,384,540 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized (in shares) | 300,000,000 | 300,000,000 |
Common shares, issued (in shares) | 94,102,666 | 93,941,783 |
Common shares, outstanding (in shares) | 94,102,666 | 93,941,783 |
Tanger Properties Limited Partnership [Member] | ||
General partner units, outstanding (in units) | 1,000,000 | 1,000,000 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | ||
Limited partners units, outstanding (in units) | 4,960,684 | 4,960,684 |
Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member] | ||
Limited partners units, outstanding (in units) | 93,102,666 | 92,941,783 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Rental revenues | $ 119,954 | |
Management, leasing and other services | 1,342 | $ 1,199 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Revenues: | ||
Rental revenues | 119,954 | 120,656 |
Management, leasing and other services | 1,342 | 1,199 |
Other revenues | 1,859 | 1,680 |
Total revenues | 123,155 | 123,535 |
Expenses: | ||
Property operating | 42,377 | 42,218 |
General and administrative | 12,145 | 11,112 |
Depreciation and amortization | 31,760 | 33,123 |
Total expenses | 86,282 | 86,453 |
Other income (expense): | ||
Interest expense | (16,307) | (15,800) |
Gain on sale of assets | 43,422 | 0 |
Other income | 224 | 209 |
Total other income (expense) | 27,339 | (15,591) |
Income before equity in earnings of unconsolidated joint ventures | 64,212 | 21,491 |
Equity in earnings of unconsolidated joint ventures | 1,629 | 2,194 |
Net income | 65,841 | 23,685 |
Noncontrolling interests in Operating Partnership | (3,315) | (1,217) |
Noncontrolling interests in other consolidated partnerships | (195) | 370 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 62,331 | $ 22,838 |
Basic earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ 0.66 | $ 0.24 |
Diluted earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ 0.66 | $ 0.24 |
Tanger Properties Limited Partnership [Member] | ||
Revenues: | ||
Rental revenues | $ 119,954 | $ 120,656 |
Management, leasing and other services | 1,342 | 1,199 |
Other revenues | 1,859 | 1,680 |
Total revenues | 123,155 | 123,535 |
Expenses: | ||
Property operating | 42,377 | 42,218 |
General and administrative | 12,145 | 11,112 |
Depreciation and amortization | 31,760 | 33,123 |
Total expenses | 86,282 | 86,453 |
Other income (expense): | ||
Interest expense | (16,307) | (15,800) |
Gain on sale of assets | 43,422 | 0 |
Other income | 224 | 209 |
Total other income (expense) | 27,339 | (15,591) |
Income before equity in earnings of unconsolidated joint ventures | 64,212 | 21,491 |
Equity in earnings of unconsolidated joint ventures | 1,629 | 2,194 |
Net income | 65,841 | 23,685 |
Noncontrolling interests in consolidated partnerships | (195) | 370 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 65,646 | 24,055 |
Net income available to limited partners | 64,983 | 23,814 |
Net income available to general partner | $ 663 | $ 241 |
Basic earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ 0.66 | $ 0.24 |
Diluted earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ 0.66 | $ 0.24 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Net income | $ 65,841 | $ 23,685 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 1,949 | (3,095) |
Change in fair value of cash flow hedges | (1,952) | 2,739 |
Other comprehensive loss | (3) | (356) |
Comprehensive income | 65,838 | 23,329 |
Comprehensive income attributable to noncontrolling interests | (3,509) | (829) |
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership | 62,329 | 22,500 |
Tanger Properties Limited Partnership [Member] | ||
Net income | 65,841 | 23,685 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 1,949 | (3,095) |
Change in fair value of cash flow hedges | (1,952) | 2,739 |
Other comprehensive loss | (3) | (356) |
Comprehensive income | 65,838 | 23,329 |
Comprehensive income attributable to noncontrolling interests | (195) | 370 |
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership | $ 65,643 | $ 23,699 |
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 consolidated partnerships [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, 2017 | $ 612,302 | $ 946 | $ 784,782 | $ (184,865) | $ (19,285) | $ 581,578 | $ 30,724 | $ 0 | |||||||
Beginning Balance at Dec. 31, 2017 | $ (20,345) | $ 612,302 | $ 0 | $ 5,844 | $ 626,803 | ||||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2017 | $ 612,302 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 23,685 | 22,838 | 22,838 | 1,217 | (370) | 23,685 | 24,055 | (370) | 241 | 23,814 | |||||
Other comprehensive loss | (356) | (338) | (338) | (18) | (356) | (356) | (356) | ||||||||
Compensation under Incentive Award Plan | 3,656 | 3,656 | 3,656 | 3,656 | 3,656 | 3,656 | |||||||||
Grant of restricted common share awards, net of forfeitures | 3 | (3) | |||||||||||||
Repurchased of common shares including transaction costs | (9,998) | (4) | (9,994) | (9,998) | (9,998) | (9,998) | (9,998) | ||||||||
Withholding of common shares/units for employee income taxes | (2,068) | (1) | (2,067) | (2,068) | (2,068) | (2,068) | (2,068) | ||||||||
Contributions from noncontrolling interests | 445 | 445 | 445 | 445 | |||||||||||
Adjustment for noncontrolling interests in Operating Partnership | 379 | 379 | (379) | ||||||||||||
Common distributions declared | (34,100) | (34,100) | (342) | (33,758) | |||||||||||
Common dividends declared | (32,389) | (32,389) | (32,389) | ||||||||||||
Distributions to noncontrolling interests | (1,786) | (1,711) | (75) | (75) | (75) | ||||||||||
Ending Balance at Mar. 31, 2018 | 593,491 | 944 | 776,753 | (194,416) | (19,623) | 563,658 | 29,833 | ||||||||
Ending Balance at Mar. 31, 2018 | (20,701) | 593,491 | 5,743 | 608,449 | |||||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2018 | 593,491 | ||||||||||||||
Beginning Balance at Dec. 31, 2018 | 505,535 | 939 | 778,845 | (272,454) | (27,151) | 480,179 | 25,356 | 0 | |||||||
Beginning Balance at Dec. 31, 2018 | 505,535 | (28,631) | 505,535 | 4,914 | 529,252 | ||||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2018 | 505,535 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 65,841 | 62,331 | 62,331 | 3,315 | 195 | 65,841 | 65,646 | 195 | 663 | 64,983 | |||||
Other comprehensive loss | (3) | (2) | (2) | (1) | (3) | (3) | (3) | ||||||||
Compensation under Incentive Award Plan | 3,910 | 3,910 | 3,910 | 3,910 | 3,910 | 3,910 | |||||||||
Grant of restricted common share awards, net of forfeitures | 3 | (3) | |||||||||||||
Withholding of common shares/units for employee income taxes | (1,781) | (1) | (1,780) | (1,781) | (1,781) | (1,781) | (1,781) | ||||||||
Contributions from noncontrolling interests | 18 | 18 | 18 | 18 | |||||||||||
Adjustment for noncontrolling interests in Operating Partnership | (36) | (36) | 36 | ||||||||||||
Common distributions declared | [1] | (69,864) | (69,864) | (350) | (69,514) | ||||||||||
Common dividends declared | [2] | (66,368) | (66,368) | (66,368) | |||||||||||
Distributions to noncontrolling interests | (3,709) | (3,496) | (213) | (213) | $ (213) | ||||||||||
Ending Balance at Mar. 31, 2019 | $ 503,443 | $ 941 | $ 780,936 | $ (276,491) | $ (27,153) | $ 478,233 | $ 25,210 | $ 0 | |||||||
Ending Balance at Mar. 31, 2019 | 503,443 | $ (28,634) | $ 503,443 | $ 5,227 | $ 526,850 | ||||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2019 | $ 503,443 | ||||||||||||||
[1] | Includes both a $0.35 cash dividend per common unit declared and paid during the first quarter of 2019 and a cash dividend declared in February 2019 payable in May 2019 of $0.355 per common unit. | ||||||||||||||
[2] | Includes both a $0.35 cash dividend per common share declared and paid during the first quarter of 2019 and a cash dividend declared in February 2019 payable in May 2019 of $0.355 per common share. |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 1 Months Ended | 3 Months Ended |
Jan. 31, 2019 | Mar. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Common shares/units issued upon exercise of options (in shares) | 0 | |
Grant of restricted common share awards, net of forfeitures (in shares) | 355,184 | |
Total number of shares purchased (in shares) | 443,700 | |
Shares paid for tax withholding for share based compensation (in shares) | 89,437 | |
Common dividends per common share (in dollars per share) | $ 0.35 | |
Common dividends per common share (in dollars per share) | 0.35 | $ 0.3425 |
Common distributions (in dollars per share) | 0.350 | |
Tanger Properties Limited Partnership [Member] | ||
Common shares/units issued upon exercise of options (in shares) | 0 | |
Grant of restricted common share awards, net of forfeitures (in shares) | 355,184 | |
Total number of shares purchased (in shares) | 443,700 | |
Shares paid for tax withholding for share based compensation (in shares) | 89,437 | |
Common distributions (in dollars per share) | $ 0.35 | $ 0.343 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net income | $ 65,841 | $ 23,685 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 31,760 | 33,123 |
Amortization of deferred financing costs | 747 | 783 |
Gain on sale of assets | (43,422) | 0 |
Equity in earnings of unconsolidated joint ventures | (1,629) | (2,194) |
Equity-based compensation expense | 3,818 | 3,392 |
Amortization of debt (premiums) and discounts, net | 109 | 101 |
Amortization (accretion) of market rent rate adjustments, net | 480 | 562 |
Straight-line rent adjustments | (1,970) | (1,948) |
Distributions of cumulative earnings from unconsolidated joint ventures | 1,455 | 2,198 |
Changes in other assets and liabilities: | ||
Other assets | 873 | 1,714 |
Accounts payable and accrued expenses | (24,894) | (11,412) |
Net cash provided by operating activities | 33,168 | 50,004 |
INVESTING ACTIVITIES | ||
Additions to rental property | (9,906) | (19,714) |
Additions to investments in unconsolidated joint ventures | (779) | (514) |
Net proceeds from sale of assets | 128,248 | 0 |
Additions to non-real estate assets | (174) | (303) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 8,157 | 4,494 |
Additions to deferred lease costs | (1,209) | (1,014) |
Other investing activities | 2,936 | 2,969 |
Net cash provided by (used) in investing activities | 127,273 | (14,082) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (32,910) | (32,389) |
Distributions to noncontrolling interests in Operating Partnership | (1,735) | (1,711) |
Proceeds from revolving credit facility | 135,200 | 149,200 |
Repayments of revolving credit facility | (265,300) | (129,700) |
Repayments of notes, mortgages and loans | (825) | (9,379) |
Repurchase of common shares, including transaction costs | 0 | (9,998) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (1,781) | (2,068) |
Additions to deferred financing costs | (65) | (2,606) |
Proceeds from other financing activities | 18 | 445 |
Payment for other financing activities | (500) | (362) |
Net cash used in financing activities | (167,898) | (38,568) |
Effect of foreign currency rate changes on cash and cash equivalents | (10) | (28) |
Net decrease in cash and cash equivalents | (7,467) | (2,674) |
Cash and cash equivalents, beginning of period | 9,083 | 6,101 |
Cash and cash equivalents, end of period | 1,616 | 3,427 |
Tanger Properties Limited Partnership [Member] | ||
OPERATING ACTIVITIES | ||
Net income | 65,841 | 23,685 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 31,760 | 33,123 |
Amortization of deferred financing costs | 747 | 783 |
Gain on sale of assets | (43,422) | 0 |
Equity in earnings of unconsolidated joint ventures | (1,629) | (2,194) |
Equity-based compensation expense | 3,818 | 3,392 |
Amortization of debt (premiums) and discounts, net | 109 | 101 |
Amortization (accretion) of market rent rate adjustments, net | 480 | 562 |
Straight-line rent adjustments | (1,970) | (1,948) |
Distributions of cumulative earnings from unconsolidated joint ventures | 1,455 | 2,198 |
Changes in other assets and liabilities: | ||
Other assets | 1,001 | 1,903 |
Accounts payable and accrued expenses | (24,976) | (11,639) |
Net cash provided by operating activities | 33,214 | 49,966 |
INVESTING ACTIVITIES | ||
Additions to rental property | (9,906) | (19,714) |
Additions to investments in unconsolidated joint ventures | (779) | (514) |
Net proceeds from sale of assets | 128,248 | 0 |
Additions to non-real estate assets | (174) | (303) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 8,157 | 4,494 |
Additions to deferred lease costs | (1,209) | (1,014) |
Other investing activities | 2,936 | 2,969 |
Net cash provided by (used) in investing activities | 127,273 | (14,082) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (34,645) | (34,100) |
Proceeds from revolving credit facility | 135,200 | 149,200 |
Repayments of revolving credit facility | (265,300) | (129,700) |
Repayments of notes, mortgages and loans | (825) | (9,379) |
Repurchase of common shares, including transaction costs | 0 | (9,998) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (1,781) | (2,068) |
Additions to deferred financing costs | (65) | (2,606) |
Proceeds from other financing activities | 18 | 445 |
Payment for other financing activities | (500) | (362) |
Net cash used in financing activities | (167,898) | (38,568) |
Effect of foreign currency rate changes on cash and cash equivalents | (10) | (28) |
Net decrease in cash and cash equivalents | (7,421) | (2,712) |
Cash and cash equivalents, beginning of period | 8,991 | 6,050 |
Cash and cash equivalents, end of period | $ 1,570 | $ 3,338 |
Business
Business | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of March 31, 2019 , we owned and operated 32 consolidated outlet centers, with a total gross leasable area of approximately 12.0 million square feet. We also had partial ownership interests in 8 unconsolidated outlet centers totaling approximately 2.4 million square feet, including 4 outlet centers in Canada. Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term "Company" refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, "Operating Partnership", refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires. The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust is the sole general partner of the Operating Partnership. Tanger LP Trust holds a limited partnership interest. As of March 31, 2019 , the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 94,102,666 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,960,684 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company's and the Operating Partnership's combined Annual Report on Form 10-K for the year ended December 31, 2018 . The December 31, 2018 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. Certain prior period balances in the accompanying unaudited consolidated statements of operations have been reclassified or combined to conform to the current period presentation. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned and properties where we own less than 100% but control such properties. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management agreements and other contractual arrangements. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the joint venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain investments in real estate joint ventures, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“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. 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, Galveston/Houston, and Columbus joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization. "Noncontrolling interests in the Operating Partnership" reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. |
Disposition of Properties
Disposition of Properties | 3 Months Ended |
Mar. 31, 2019 | |
Disposition of Properties [Abstract] | |
Disposition of Properties [Text Block] | Disposition of Properties During the three months ended March 31, 2019, the Company closed on the sale of four non-core outlet centers for total gross proceeds of $130.5 million . The following table sets forth certain summarized information regarding the properties sold during the three months ended March 31, 2019: Property Location Date Sold Square Feet (in 000's) Net Sales Proceeds (in 000's) Gain on Sale (in 000's) Nags Head, Ocean City, Park City, and Williamsburg Nags Head, NC, Ocean City, MD, Park City, UT, and Williamsburg, IA March 2019 878 $ 128,248 $ 43,422 The rental properties sold did not meet the criteria to be reported as discontinued operations. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2019 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures: As of March 31, 2019 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) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 924 $ 97.7 $ 9.5 $ 97.7 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (2.6 ) $ 84.8 Charlotte (2) Charlotte, NC 50.0 % 399 (11.2 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.0 ) 94.4 Galveston/Houston (2) Texas City, TX 50.0 % 353 (20.6 ) 79.7 $ (39.4 ) As of December 31, 2018 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) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 924 $ 96.0 $ 9.3 $ 96.0 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (1.6 ) $ 84.7 Charlotte (2) Charlotte, NC 50.0 % 398 (10.8 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.1 ) 94.5 Galveston/Houston (2) Texas City, TX 50.0 % 353 (15.0 ) 79.6 $ (32.5 ) (1) Net of debt origination costs and including premiums of $1.4 million as of March 31, 2019 and December 31, 2018. (2) The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Three months ended March 31, 2019 2018 Fee: Management and marketing $ 566 $ 567 Leasing and other fees 31 46 Expense reimbursements from unconsolidated joint ventures 745 586 Total Fees $ 1,342 $ 1,199 Expense reimbursements from unconsolidated joint ventures were previously included in expense reimbursements in our 2018 10-Q. As these revenues are not related to leases, the 2018 amounts have been reclassified to management, leasing and other services on the consolidated statements of operations to conform to the current year presentation. See Note 17 for discussion of adoption of Accounting Standards Codification Topic 842 “Leases”. Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the "Summary Balance Sheets - Unconsolidated Joint Ventures" shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $4.0 million and $4.1 million as of March 31, 2019 and December 31, 2018 , respectively) are amortized over the various useful lives of the related assets. Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures March 31, 2019 December 31, 2018 Assets Land $ 92,440 $ 91,443 Buildings, improvements and fixtures 474,981 469,834 Construction in progress 3,455 2,841 570,876 564,118 Accumulated depreciation (119,996 ) (113,713 ) Total rental property, net 450,880 450,405 Cash and cash equivalents 11,744 16,216 Deferred lease costs and other intangibles, net 8,098 8,437 Prepaids and other assets 15,963 25,648 Total assets $ 486,685 $ 500,706 Liabilities and Owners' Equity Mortgages payable, net $ 367,933 $ 367,865 Accounts payable and other liabilities 11,933 13,414 Total liabilities 379,866 381,279 Owners' equity 106,819 119,427 Total liabilities and owners' equity $ 486,685 $ 500,706 Three months ended Condensed Combined Statements of Operations March 31, - Unconsolidated Joint Ventures 2019 2018 Revenues $ 23,463 $ 23,997 Expenses: Property operating 9,790 9,928 General and administrative 90 198 Depreciation and amortization 6,110 6,363 Total expenses 15,990 16,489 Other income (expense): Interest expense (4,134 ) (3,077 ) Other income 66 52 Total other income (expense) $ (4,068 ) $ (3,025 ) Net income $ 3,405 $ 4,483 The Company and Operating Partnership's share of: Net income $ 1,629 $ 2,194 Depreciation and amortization (real estate related) $ 3,130 $ 3,229 |
Debt Guaranteed by the Company
Debt Guaranteed by the Company | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Debt Guaranteed by the Company | Debt Guaranteed by the Company All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries. The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $600.0 million . The Company also guarantees the Operating Partnership's unsecured term loan. The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands): As of March 31, 2019 December 31, 2018 Unsecured lines of credit $ 15,000 $ 145,100 Unsecured term loan $ 350,000 $ 350,000 |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Properties Limited Partnership [Member] | |
Debt of the Operating Partnership | Debt of the Operating Partnership The debt of the Operating Partnership consisted of the following (in thousands): As of As of March 31, 2019 December 31, 2018 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.875 % December 2023 $ 250,000 $ 246,823 $ 250,000 $ 246,664 Senior notes 3.750 % December 2024 250,000 247,855 250,000 247,765 Senior notes 3.125 % September 2026 350,000 345,805 350,000 345,669 Senior notes 3.875 % July 2027 300,000 296,662 300,000 296,565 Mortgages payable: Atlantic City (2)(3) 5.14%-7.65% November 2021- December 2026 33,454 35,375 34,279 36,298 Southaven LIBOR + 1.80% April 2021 51,400 51,197 51,400 51,173 Unsecured term loan LIBOR + 0.90% April 2024 350,000 346,950 350,000 346,799 Unsecured lines of credit LIBOR + 0.875% October 2021 15,000 12,117 145,100 141,985 $ 1,599,854 $ 1,582,784 $ 1,730,779 $ 1,712,918 (1) Including premiums and net of debt discount and debt origination costs. (2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05% . (3) Principal and interest due monthly with remaining principal due at maturity. Certain of our properties, which had a net book value of approximately $178.5 million at March 31, 2019 , serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $600.0 million . The unsecured lines of credit include a $20.0 million liquidity line and a $580.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. As of March 31, 2019 , letters of credit totaling approximately $170,000 were issued under the lines of credit. We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal. The principal guarantees include terms for release or reduction based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. As of March 31, 2019 , the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $19.4 million . The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of March 31, 2019 , we believe we were in compliance with all of our debt covenants. Debt Maturities Maturities of the existing long-term debt as of March 31, 2019 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2019 $ 2,545 2020 3,566 2021 72,193 2022 4,436 2023 254,768 Thereafter 1,262,346 Subtotal 1,599,854 Net discount and debt origination costs (17,070 ) Total $ 1,582,784 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate March 31, 2019 December 31, 2018 Assets (Liabilities) (1) : April 13, 2016 January 1, 2021 175,000 1 month LIBOR 1.03 % $ 3,773 $ 4,948 March 1, 2018 January 31, 2021 40,000 1 month LIBOR 2.47 % (156 ) (6 ) August 14, 2018 January 1, 2021 150,000 1 month LIBOR 2.20 % 180 807 Total $ 365,000 $ 3,797 $ 5,749 (1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, 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. Changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): Three months ended March 31, 2019 2018 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in OCI on derivative $ (1,952 ) $ 2,739 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows: Tier Description Level 1 Observable inputs such as quoted prices in active markets Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable Level 3 Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions Fair Value Measurements on a Recurring Basis The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of March 31, 2019: Asset: Interest rate swaps (prepaids and other assets) $ 3,953 $ — $ 3,953 $ — Total assets $ 3,953 $ — $ 3,953 $ — Liabilities: Interest rate swaps (other liabilities) $ 156 $ — $ 156 $ — Total liabilities $ 156 $ — $ 156 $ — 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, 2018: Asset: Interest rate swaps (prepaids and other assets) $ 5,755 $ — $ 5,755 $ — Total assets $ 5,755 $ — $ 5,755 $ — Liabilities: Interest rate swaps (other liabilities) $ 6 $ — $ 6 $ — Total liabilities $ 6 $ — $ 6 $ — 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. Other Fair Value Disclosures The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands): March 31, 2019 December 31, 2018 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,116,493 1,085,138 Level 3 Significant Unobservable Inputs 452,278 583,337 Total fair value of debt $ 1,568,771 $ 1,668,475 Recorded value of debt $ 1,582,784 $ 1,712,918 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 | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Shareholders' Equity of the Company [Line Items] | |
Share Repurchase Program | Shareholders' Equity of the Company Dividend Declaration In January 2019, the Company's Board of Directors declared a $0.35 cash dividend per common which was paid during the first quarter of 2019, to each shareholder of record on January 31, 2019, and the Trustees of Tanger GP Trust declared a $0.35 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. In February 2019, the Company's Board of Directors declared a $0.355 cash dividend per common share payable on May 15, 2019 to each shareholder of record on April 30, 2019, and the Trustees of Tanger GP Trust declared a $0.355 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. A liability in the amount of approximately $35.2 million was recorded in accounts payable and accrued expenses in the consolidated balance sheet as of March 31, 2019 . Share Repurchase Program In May 2017, the Company announced that our Board of Directors authorized the repurchase of up to $125.0 million of our outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019. During 2017 and 2018, we repurchased an aggregate of approximately 2.8 million common shares on the open market at an average price of $24.48 , totaling approximately $69.3 million . In February 2019, the Company's Board of Directors authorized the repurchase of up to an additional $44.3 million of our outstanding common shares for a total authorized amount of $100.0 million . The Board of Directors also extended the expiration of the existing plan by two years to May 2021. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring 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. Shares repurchased are as follows: Three months ended March 31, 2019 2018 Total number of shares purchased — 443,700 Average price paid per share $ — $ 22.52 Total price paid exclusive of commissions and related fees (in thousands) $ — $ 9,990 The remaining amount authorized to be repurchased under the program as of March 31, 2019 was approximately $100.0 million . |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |
Partners' Equity of the Operating Partnership | Partners' Equity of the Operating Partnership All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the grant of restricted common share awards, or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP Trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its 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 three months ended March 31, 2019 and March 31, 2018 : Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2017 1,000,000 4,995,433 93,560,536 98,555,969 Grant of restricted common share awards by the Company, net of forfeitures — — 355,184 355,184 Repurchase of units — — (443,700 ) (443,700 ) Units withheld for employee income taxes — — (89,437 ) (89,437 ) Balance March 31, 2018 1,000,000 4,995,433 93,382,583 98,378,016 Balance December 31, 2018 1,000,000 4,960,684 92,941,783 97,902,467 Grant of restricted common share awards by the Company, net of forfeitures — — 242,167 242,167 Units withheld for employee income taxes — — (81,284 ) (81,284 ) Balance March 31, 2019 1,000,000 4,960,684 93,102,666 98,063,350 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Earnings Per Share of the Company | Earnings Per Share of the Company The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts): Three months ended March 31, 2019 2018 Numerator: Net income attributable to Tanger Factory Outlet Centers, Inc. $ 62,331 $ 22,838 Less allocation of earnings to participating securities (611 ) (263 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 61,720 $ 22,575 Denominator: Basic weighted average common shares 93,303 93,644 Diluted weighted average common shares 93,303 93,644 Basic earnings per common share: Net income $ 0.66 $ 0.24 Diluted earnings per common share: Net income $ 0.66 $ 0.24 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. There were no securities which had a dilutive effect on earnings per common share for the three months ended March 31, 2019 and 2018. Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2019 and March 31, 2018 approximately 1.2 million and 1.0 million notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or as they were anti-dilutive. With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For the three months ended March 31, 2019 and March 31, 2018 , approximately 528,000 and 564,000 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 | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Properties Limited Partnership [Member] | |
Earnings Per Unit of the Operating Partnership | Earnings Per Unit of the Operating Partnership The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts): Three months ended March 31, 2019 2018 Numerator: Net income attributable to partners of the Operating Partnership $ 65,646 $ 24,055 Less allocation of earnings to participating securities (611 ) (263 ) Net income available to common unitholders of the Operating Partnership $ 65,035 $ 23,792 Denominator: Basic weighted average common units 98,264 98,640 Diluted weighted average common units 98,264 98,640 Basic earnings per common unit: Net income $ 0.66 $ 0.24 Diluted earnings per common unit: Net income $ 0.66 $ 0.24 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. There were no securities which had a dilutive effect on earnings per common unit for the three months ended March 31, 2019 and 2018. Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common units would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2019 and March 31, 2018 approximately 1.2 million and 1.0 million units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the three months ended March 31, 2019 , approximately 528,000 and 564,000 options were excluded from the computation, respectively, as they were anti-dilutive. Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method. |
Equity-Based Compensation of th
Equity-Based Compensation of the Company | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Equity-Based Compensation of the Company | Equity-Based Compensation of the Company We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (as amended and restated on April 4, 2014, the "Plan"), which covers our non-employee directors, officers, employees and consultants. For each common share issued by the Company, the Operating Partnership issues one corresponding unit of partnership interest to the Company's wholly-owned subsidiaries. Therefore, when the Company grants an equity-based award, the Operating Partnership treats each award as having been granted by the Operating Partnership. In the discussion below, the term "we" refers to the Company and the Operating Partnership together and the term "shares" is meant to also include corresponding units of the Operating Partnership. We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands): Three months ended March 31, 2019 2018 Restricted common shares $ 2,513 $ 2,376 Notional unit performance awards 1,262 937 Options 43 79 Total equity-based compensation $ 3,818 $ 3,392 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended March 31, 2019 2018 Equity-based compensation expense capitalized $ 92 $ 264 Restricted Common Share and Restricted Share Unit Awards During February 2019, the Company granted approximately 309,000 in restricted common shares and restricted share units to the Company's non-employee directors and the Company's senior executive officers. The grant date fair value of the awards ranged from $19.01 to $21.73 per share. The non-employee directors' restricted common shares vest ratably over a three year period and the senior executive officers' restricted shares (other than our Chief Executive Officer's) vest ratably over a three or five year period. Our Chief Executive Officer’s restricted shares vest on the first anniversary of the grant date and his restricted share units vest in two equal installments on the second and third anniversaries of the grant date. For the restricted shares and units issued to our Chief Executive Officer, the award agreements require him to hold shares or units issued to him for a minimum of three years following vesting or the share issuance date, as applicable. Compensation expense related to the amortization of the deferred compensation is being recognized in accordance with the vesting schedule of the restricted shares. For certain shares that vest during the period, we withhold shares with value equivalent up to the employees' maximum statutory obligation for the applicable income and other employment taxes, and remit cash to the appropriate taxing authorities. The total number of shares withheld upon vesting were approximately 81,000 and 89,000 for the three months ended March 31, 2019 and 2018 , respectively. The total number of shares withheld was based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date. Total amounts paid for the employees' tax obligation to taxing authorities were $1.8 million for the three months ended March 31, 2019 and $2.1 million for the three months ended March 31, 2018 . These amounts are reflected as financing activities within the consolidated statements of cash flows. 2019 Outperformance Plan In February 2019, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2019 Outperformance Plan (the “2019 OPP"). The 2019 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, with respect to our Chief Executive Officer, retirement or (c) due to death or disability). The following table sets forth 2019 OPP performance targets and other relevant information about the 2019 OPP: Performance targets (1) Absolute portion of award: Percent of total award 33.3% Absolute total shareholder return range 19.1% - 29.5% Percentage of units to be earned 20%-100% Relative portion of award: Percent of total award 66.7% Percentile rank of peer group range (2) 30th - 80th Percentage of units to be earned 20%-100% Maximum number of restricted common shares that may be earned 531,827 Grant date fair value per share $ 12.09 (1) The number of restricted common shares received under the 2019 OPP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company's peer group. (2) The peer group is based on companies included in the FTSE NAREIT Retail Index. The fair values of the 2019 OPP awards granted during the three months ended March 31, 2019 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 2.6 % Expected dividend yield (2) 5.3 % Expected volatility (3) 24 % (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period. (3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) of the Company | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) of the Company | Accumulated Other Comprehensive Income (Loss) of the Company The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (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, 2018 $ (32,610 ) $ 5,459 $ (27,151 ) $ (1,770 ) $ 290 $ (1,480 ) Other comprehensive income (loss) before reclassifications 1,851 (1,166 ) 685 98 (62 ) 36 Reclassification out of accumulated other comprehensive income into interest expense — (687 ) (687 ) — (37 ) (37 ) Balance March 31, 2019 $ (30,759 ) $ 3,606 $ (27,153 ) $ (1,672 ) $ 191 $ (1,481 ) The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2018 (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, 2017 $ (24,360 ) $ 5,075 $ (19,285 ) $ (1,329 ) $ 269 $ (1,060 ) Other comprehensive income (loss) before reclassifications (2,938 ) 2,914 (24 ) (157 ) 156 (1 ) Reclassification out of accumulated other comprehensive income into interest expense — (314 ) (314 ) — (17 ) (17 ) Balance March 31, 2018 $ (27,298 ) $ 7,675 $ (19,623 ) $ (1,486 ) $ 408 $ (1,078 ) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $2.4 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2019 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | Accumulated Other Comprehensive Income (Loss) of the Operating Partnership The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2018 $ (34,380 ) $ 5,749 $ (28,631 ) Other comprehensive income (loss) before reclassifications 1,949 (1,228 ) 721 Reclassification out of accumulated other comprehensive income into interest expense — (724 ) (724 ) Balance March 31, 2019 $ (32,431 ) $ 3,797 $ (28,634 ) The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2018 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2017 $ (25,689 ) $ 5,344 $ (20,345 ) Other comprehensive income (loss) before reclassifications (3,095 ) 3,070 (25 ) Reclassification out of accumulated other comprehensive income into interest expense — (331 ) (331 ) Balance March 31, 2018 $ (28,784 ) $ 8,083 $ (20,701 ) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $2.4 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2019 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Supplemental Cash Flow Information We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows (in thousands): As of As of March 31, 2019 March 31, 2018 Costs relating to construction included in accounts payable and accrued expenses $ 12,791 $ 18,978 Dividends payable were as follows (in thousands): As of As of March 31, 2019 March 31, 2018 Dividends payable $ 35,199 $ — Interest paid, net of interest capitalized was as follows (in thousands): Three months ended March 31, 2019 2018 Interest paid $ 16,022 $ 15,903 Information related to non-cash assets and liabilities recorded as a result of the adoption of Accounting Standards Codification Topic 842 “Leases” (“ASC 842”) as of March 31, 2019 was as follows (in thousands): March 31, 2019 Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities $ 87,679 Non-Cash operating lease liabilities exchanged for operating right-of-use assets 92,354 The difference between the recorded operating lease liabilities and operating right-of-use assets represents the accrued straight-line rent liability of $5.0 million and our prepaid rent balances of $307,000 previously recognized under Accounting Standards Codification Topic 840 “Leases” ("ASC 840") that were reclassified to the operating leases right-of use assets under ASC 842. Cash flow information related to leases for the three months ended March 31, 2019 (in thousands): March 31, 2019 Operating cash outflows related to operating leases $ 1,403 |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, we adopted ASC 842, which supersedes ASC 840. We adopted ASC 842 using the modified retrospective approach, whereby there was no cumulative effect adjustments on the adoption and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption. Accordingly, our leases and lease related costs, as both lessee and lessor, and lease related receivables, as lessor, are presented under ASC 842 as of and for the three months ended March 31, 2019 and under ASC 840 as of December 31, 2018 and for the three months ended March 31, 2018. As a lessor, substantially all of our revenues are earned from arrangements that are within the scope of ASC 842. We utilized the practical expedient in ASU 2018-11 to account for lease and non-lease components as a single component which resulted in all of our revenues associated with leases being recorded as rental revenues in the consolidated statements of operations. As a result of the adoption of ASC 842, the amounts disclosed in our 2018 10-Q as base rentals, percentage rentals and expense reimbursements have now been combined into rental revenues on the consolidated statements of operations to conform to the current year presentation. In addition, certain amounts previously included in expense reimbursements in our 2018 10-Q, which are not related to leases have been reclassified to management, leasing and other services on the consolidated statements of operations to conform to the current year presentation, see Note 4 for additional details. ASC 842 requires certain other accounting changes effective January 1, 2019 where prior year amounts are not reclassified or restated. Uncollectible tenant revenues previously recorded in general and administrative expense are recorded in rental revenues as a contra-revenue account in 2019. As a result of combining all components of a lease, all fixed contractual payments, including consideration received from certain executory costs, are now recognized on a straight line basis. For the three months ended March 31, 2019, we recorded a straight-line rent adjustment of $1.5 million in rental revenues in our consolidated statements of operations to record revenues from executory costs on a straight-line basis. In addition, direct internal leasing costs are capitalized, however, indirect internal leasing costs previously capitalized are now expensed. We only capitalize the portion of these types of costs incurred that are a direct result of an executed lease. For the three months ended March 31, 2019, lease costs of approximately $1.1 million were expensed which would have been capitalized under ASC 840. As a lessee, the new standard also provides a number of optional provisions, known as practical expedients, which companies may elect to adopt to facilitate implementation. We elected the package of practical expedients which, among other items, precludes us from needing to reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification of any expired or existing leases, and (3) initial direct costs for any existing leases. Information as Lessor Under ASC 842 As of March 31, 2019 , we were the lessor to over 2,300 stores in our 32 consolidated outlet centers, under operating leases with initial terms that expire from 2019 to 2032 , with certain agreements containing extension options. We also have certain agreements which require tenants to pay their portion of reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. For the three months ended March 31, 2019 , the components of rental revenues are as follows (in thousands): Rental revenues - fixed $ 93,459 Rental revenues - variable (1) 26,495 Rental revenues $ 119,954 (1) Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. Future minimum lease receipts under non-cancelable operating leases as of March 31, 2019 , excluding the effect of straight-line rent and variable rentals, are as follows (in thousands): For the remainder of 2019 $ 241,203 2020 308,442 2021 270,437 2022 235,196 2023 200,954 2024 166,256 Thereafter 291,784 $ 1,714,272 Information as Lessor Under ASC 840 As of December 31, 2018, we were the lessor to over 2600 stores in our 36 consolidated outlet centers, under operating leases with initial terms that expire from 2019 to 2033. The majority of our leases contain provisions which provide additional rents based on tenants' sales volume. Percentage rentals are recognized when specified targets that trigger the contingent rent are met. Future minimum lease receipts under non-cancelable operating leases as of December 31, 2018, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands): 2019 $ 285,343 2020 265,361 2021 229,553 2022 195,808 2023 164,845 Thereafter 364,844 $ 1,505,754 Information as Lessee Under ASC 842 Adoption of the new standard resulted in the recording of operating lease right-of-use assets and operating lease liabilities, of $90.4 million and $95.1 million , respectively, as of January 1, 2019 equal to the present value of the minimum lease payments required under each lease. The difference between the recorded operating lease liability and operating right-of-use assets represents the accrued straight-line rent liability and our prepaid rent balances previously recognized under ASC 840. In March 2019, we sold our Ocean City outlet center, which had an operating lease right-of-use asset and operating lease liability of approximately $2.5 million . Our non-cancelable operating leases, with terms in excess of one year, have terms, including certain extension options, that expire from 2028 to 2101. Certain extension options, which are reasonably certain at inception, are used in the calculation of our operating lease right-of-use assets based on the economic life of the asset. Leases with an initial term of 12 months or less (short-term leases) are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The majority of our operating lease expense is related to ground leases at the following outlet centers: Myrtle Beach Hwy 17, Atlantic City, Sevierville, Riverhead, Foxwoods and Rehoboth Beach and the lease of our corporate office in Greensboro, North Carolina. For the three months ended March 31, 2019 , the components of lease costs are as follows (in thousands): Operating lease costs $ 1,404 Short-term lease costs 591 Variable lease costs (1) 78 Total lease costs $ 2,073 (1) Our variable lease costs relate to our ground leases where increases in payments are based on center financial performance. The discount rate applied to measure each operating lease right-of-use asset and operating lease liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate based on the intended use of the underlying lease. The lease term and discount rates are as follows: March 31, 2019 Weighted - average remaining lease term (years) 51 Weighted - average discount rate 5.0 % Cash flow information related to leases for the three months ended March 31, 2019 (in thousands): March 31, 2019 Operating cash outflows related to operating leases $ 1,403 Maturities of lease liabilities as of March 31, 2019 for the next five years and thereafter are as follows (in thousands): For the remainder of 2019 $ 4,168 2020 5,568 2021 5,613 2022 5,669 2023 5,709 2024 5,765 Thereafter 226,837 Total lease payments $ 259,329 Less imputed interest 166,975 Present value of lease liabilities $ 92,354 Information as Lessee Under ASC 840 As of December 31, 2018, our non-cancelable operating leases have terms, including certain extension options, that expire from 2019 to 2101. Rental payments for these leases totaled approximately $1.8 million for the three months ended March 31, 2018. As of December 31, 2018, 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 and the lease of our corporate office in Greensboro, North Carolina. The contingent portion of our ground lease payments is based on center performance and/or changes in an index. For operating leases as of December 31, 2018, minimum lease payments for the next five years and thereafter are as follows (in thousands): 2019 $ 7,526 2020 7,311 2021 7,140 2022 7,127 2023 7,167 Thereafter 258,438 Total minimum payment $ 294,709 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently adopted accounting standards (other than ASC 842 Leases) In October 2018, the FASB issued Accounting Standards Update ("ASU") 2018-16, Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to Accounting Standards Codification 815. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The mandatory effective date for calendar year-end public companies was January 1, 2019. The adoption of ASU 2018-16 as of January 1, 2019 did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU 2018-07 were effective for us as of January 1, 2019 using a modified transition method upon adoption, and early adoption was permitted. The adoption of ASU 2018-07 as of January 1, 2019 did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance made more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amended the presentation and disclosure requirements and changed 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 adoption of ASU 2017-12 as of January 1, 2019 did not have a material impact on our consolidated financial statements. Recently issued accounting standards to be adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted. The adoption of ASU 2018-13 will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 to amend the accounting for credit losses for certain financial instruments. Under the new guidance, an entity recognizes its estimate of expected credit losses as an allowance, which the FASB believes will result in more timely recognition of such losses. In November 2018, the FASB released ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses.” This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 “Financial Instruments - Credit Losses.” Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this new guidance will not have a material impact on our consolidated financial statements. |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company's and the Operating Partnership's combined Annual Report on Form 10-K for the year ended December 31, 2018 . The December 31, 2018 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. |
Consolidation | The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned and properties where we own less than 100% but control such properties. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management agreements and other contractual arrangements. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the joint venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain investments in real estate joint ventures, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“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. 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, Galveston/Houston, and Columbus joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization. "Noncontrolling interests in the Operating Partnership" reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Recently adopted accounting standards (other than ASC 842 Leases) In October 2018, the FASB issued Accounting Standards Update ("ASU") 2018-16, Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to Accounting Standards Codification 815. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The mandatory effective date for calendar year-end public companies was January 1, 2019. The adoption of ASU 2018-16 as of January 1, 2019 did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU 2018-07 were effective for us as of January 1, 2019 using a modified transition method upon adoption, and early adoption was permitted. The adoption of ASU 2018-07 as of January 1, 2019 did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance made more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amended the presentation and disclosure requirements and changed 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 adoption of ASU 2017-12 as of January 1, 2019 did not have a material impact on our consolidated financial statements. Recently issued accounting standards to be adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted. The adoption of ASU 2018-13 will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 to amend the accounting for credit losses for certain financial instruments. Under the new guidance, an entity recognizes its estimate of expected credit losses as an allowance, which the FASB believes will result in more timely recognition of such losses. In November 2018, the FASB released ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses.” This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 “Financial Instruments - Credit Losses.” Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this new guidance will not have a material impact on our consolidated financial statements. |
Disposition of Properties (Tabl
Disposition of Properties (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposition of Property | The following table sets forth certain summarized information regarding the properties sold during the three months ended March 31, 2019: Property Location Date Sold Square Feet (in 000's) Net Sales Proceeds (in 000's) Gain on Sale (in 000's) Nags Head, Ocean City, Park City, and Williamsburg Nags Head, NC, Ocean City, MD, Park City, UT, and Williamsburg, IA March 2019 878 $ 128,248 $ 43,422 |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | We have an ownership interest in the following unconsolidated real estate joint ventures: As of March 31, 2019 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) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 924 $ 97.7 $ 9.5 $ 97.7 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (2.6 ) $ 84.8 Charlotte (2) Charlotte, NC 50.0 % 399 (11.2 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.0 ) 94.4 Galveston/Houston (2) Texas City, TX 50.0 % 353 (20.6 ) 79.7 $ (39.4 ) As of December 31, 2018 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) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 924 $ 96.0 $ 9.3 $ 96.0 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (1.6 ) $ 84.7 Charlotte (2) Charlotte, NC 50.0 % 398 (10.8 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.1 ) 94.5 Galveston/Houston (2) Texas City, TX 50.0 % 353 (15.0 ) 79.6 $ (32.5 ) (1) Net of debt origination costs and including premiums of $1.4 million as of March 31, 2019 and December 31, 2018. (2) The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. |
Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs | Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Three months ended March 31, 2019 2018 Fee: Management and marketing $ 566 $ 567 Leasing and other fees 31 46 Expense reimbursements from unconsolidated joint ventures 745 586 Total Fees $ 1,342 $ 1,199 |
Summary Financial Information of Unconsolidated JVs Balance Sheet | Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures March 31, 2019 December 31, 2018 Assets Land $ 92,440 $ 91,443 Buildings, improvements and fixtures 474,981 469,834 Construction in progress 3,455 2,841 570,876 564,118 Accumulated depreciation (119,996 ) (113,713 ) Total rental property, net 450,880 450,405 Cash and cash equivalents 11,744 16,216 Deferred lease costs and other intangibles, net 8,098 8,437 Prepaids and other assets 15,963 25,648 Total assets $ 486,685 $ 500,706 Liabilities and Owners' Equity Mortgages payable, net $ 367,933 $ 367,865 Accounts payable and other liabilities 11,933 13,414 Total liabilities 379,866 381,279 Owners' equity 106,819 119,427 Total liabilities and owners' equity $ 486,685 $ 500,706 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Three months ended Condensed Combined Statements of Operations March 31, - Unconsolidated Joint Ventures 2019 2018 Revenues $ 23,463 $ 23,997 Expenses: Property operating 9,790 9,928 General and administrative 90 198 Depreciation and amortization 6,110 6,363 Total expenses 15,990 16,489 Other income (expense): Interest expense (4,134 ) (3,077 ) Other income 66 52 Total other income (expense) $ (4,068 ) $ (3,025 ) Net income $ 3,405 $ 4,483 The Company and Operating Partnership's share of: Net income $ 1,629 $ 2,194 Depreciation and amortization (real estate related) $ 3,130 $ 3,229 |
Debt Guaranteed by the Company
Debt Guaranteed by the Company (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt | The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands): As of March 31, 2019 December 31, 2018 Unsecured lines of credit $ 15,000 $ 145,100 Unsecured term loan $ 350,000 $ 350,000 |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Debt | The debt of the Operating Partnership consisted of the following (in thousands): As of As of March 31, 2019 December 31, 2018 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.875 % December 2023 $ 250,000 $ 246,823 $ 250,000 $ 246,664 Senior notes 3.750 % December 2024 250,000 247,855 250,000 247,765 Senior notes 3.125 % September 2026 350,000 345,805 350,000 345,669 Senior notes 3.875 % July 2027 300,000 296,662 300,000 296,565 Mortgages payable: Atlantic City (2)(3) 5.14%-7.65% November 2021- December 2026 33,454 35,375 34,279 36,298 Southaven LIBOR + 1.80% April 2021 51,400 51,197 51,400 51,173 Unsecured term loan LIBOR + 0.90% April 2024 350,000 346,950 350,000 346,799 Unsecured lines of credit LIBOR + 0.875% October 2021 15,000 12,117 145,100 141,985 $ 1,599,854 $ 1,582,784 $ 1,730,779 $ 1,712,918 (1) Including premiums and net of debt discount and debt origination costs. (2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05% . (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 March 31, 2019 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2019 $ 2,545 2020 3,566 2021 72,193 2022 4,436 2023 254,768 Thereafter 1,262,346 Subtotal 1,599,854 Net discount and debt origination costs (17,070 ) Total $ 1,582,784 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate March 31, 2019 December 31, 2018 Assets (Liabilities) (1) : April 13, 2016 January 1, 2021 175,000 1 month LIBOR 1.03 % $ 3,773 $ 4,948 March 1, 2018 January 31, 2021 40,000 1 month LIBOR 2.47 % (156 ) (6 ) August 14, 2018 January 1, 2021 150,000 1 month LIBOR 2.20 % 180 807 Total $ 365,000 $ 3,797 $ 5,749 (1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): Three months ended March 31, 2019 2018 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in OCI on derivative $ (1,952 ) $ 2,739 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of March 31, 2019: Asset: Interest rate swaps (prepaids and other assets) $ 3,953 $ — $ 3,953 $ — Total assets $ 3,953 $ — $ 3,953 $ — Liabilities: Interest rate swaps (other liabilities) $ 156 $ — $ 156 $ — Total liabilities $ 156 $ — $ 156 $ — 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, 2018: Asset: Interest rate swaps (prepaids and other assets) $ 5,755 $ — $ 5,755 $ — Total assets $ 5,755 $ — $ 5,755 $ — Liabilities: Interest rate swaps (other liabilities) $ 6 $ — $ 6 $ — Total liabilities $ 6 $ — $ 6 $ — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands): March 31, 2019 December 31, 2018 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,116,493 1,085,138 Level 3 Significant Unobservable Inputs 452,278 583,337 Total fair value of debt $ 1,568,771 $ 1,668,475 Recorded value of debt $ 1,582,784 $ 1,712,918 |
Shareholders' Equity of the C_2
Shareholders' Equity of the Company (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share repurchase program [Table Text Block] | Shares repurchased are as follows: Three months ended March 31, 2019 2018 Total number of shares purchased — 443,700 Average price paid per share $ — $ 22.52 Total price paid exclusive of commissions and related fees (in thousands) $ — $ 9,990 |
Partners' Equity of the Opera_2
Partners' Equity of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 and March 31, 2018 : Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2017 1,000,000 4,995,433 93,560,536 98,555,969 Grant of restricted common share awards by the Company, net of forfeitures — — 355,184 355,184 Repurchase of units — — (443,700 ) (443,700 ) Units withheld for employee income taxes — — (89,437 ) (89,437 ) Balance March 31, 2018 1,000,000 4,995,433 93,382,583 98,378,016 Balance December 31, 2018 1,000,000 4,960,684 92,941,783 97,902,467 Grant of restricted common share awards by the Company, net of forfeitures — — 242,167 242,167 Units withheld for employee income taxes — — (81,284 ) (81,284 ) Balance March 31, 2019 1,000,000 4,960,684 93,102,666 98,063,350 |
Earnings Per Share of the Com_2
Earnings Per Share of the Company (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts): Three months ended March 31, 2019 2018 Numerator: Net income attributable to Tanger Factory Outlet Centers, Inc. $ 62,331 $ 22,838 Less allocation of earnings to participating securities (611 ) (263 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 61,720 $ 22,575 Denominator: Basic weighted average common shares 93,303 93,644 Diluted weighted average common shares 93,303 93,644 Basic earnings per common share: Net income $ 0.66 $ 0.24 Diluted earnings per common share: Net income $ 0.66 $ 0.24 |
Earnings Per Unit of the Oper_2
Earnings Per Unit of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts): Three months ended March 31, 2019 2018 Numerator: Net income attributable to partners of the Operating Partnership $ 65,646 $ 24,055 Less allocation of earnings to participating securities (611 ) (263 ) Net income available to common unitholders of the Operating Partnership $ 65,035 $ 23,792 Denominator: Basic weighted average common units 98,264 98,640 Diluted weighted average common units 98,264 98,640 Basic earnings per common unit: Net income $ 0.66 $ 0.24 Diluted earnings per common unit: Net income $ 0.66 $ 0.24 |
Equity-Based Compensation of _2
Equity-Based Compensation of the Company (Tables) - Tanger Factory Outlet Centers, Inc. [Member] | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands): Three months ended March 31, 2019 2018 Restricted common shares $ 2,513 $ 2,376 Notional unit performance awards 1,262 937 Options 43 79 Total equity-based compensation $ 3,818 $ 3,392 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended March 31, 2019 2018 Equity-based compensation expense capitalized $ 92 $ 264 |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2019 OPP performance targets and other relevant information about the 2019 OPP: Performance targets (1) Absolute portion of award: Percent of total award 33.3% Absolute total shareholder return range 19.1% - 29.5% Percentage of units to be earned 20%-100% Relative portion of award: Percent of total award 66.7% Percentile rank of peer group range (2) 30th - 80th Percentage of units to be earned 20%-100% Maximum number of restricted common shares that may be earned 531,827 Grant date fair value per share $ 12.09 (1) The number of restricted common shares received under the 2019 OPP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company's peer group. (2) The peer group is based on companies included in the FTSE NAREIT Retail Index. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the 2019 OPP awards granted during the three months ended March 31, 2019 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 2.6 % Expected dividend yield (2) 5.3 % Expected volatility (3) 24 % (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period. (3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) of the Company (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (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, 2018 $ (32,610 ) $ 5,459 $ (27,151 ) $ (1,770 ) $ 290 $ (1,480 ) Other comprehensive income (loss) before reclassifications 1,851 (1,166 ) 685 98 (62 ) 36 Reclassification out of accumulated other comprehensive income into interest expense — (687 ) (687 ) — (37 ) (37 ) Balance March 31, 2019 $ (30,759 ) $ 3,606 $ (27,153 ) $ (1,672 ) $ 191 $ (1,481 ) The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2018 (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, 2017 $ (24,360 ) $ 5,075 $ (19,285 ) $ (1,329 ) $ 269 $ (1,060 ) Other comprehensive income (loss) before reclassifications (2,938 ) 2,914 (24 ) (157 ) 156 (1 ) Reclassification out of accumulated other comprehensive income into interest expense — (314 ) (314 ) — (17 ) (17 ) Balance March 31, 2018 $ (27,298 ) $ 7,675 $ (19,623 ) $ (1,486 ) $ 408 $ (1,078 ) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2018 $ (34,380 ) $ 5,749 $ (28,631 ) Other comprehensive income (loss) before reclassifications 1,949 (1,228 ) 721 Reclassification out of accumulated other comprehensive income into interest expense — (724 ) (724 ) Balance March 31, 2019 $ (32,431 ) $ 3,797 $ (28,634 ) The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2018 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2017 $ (25,689 ) $ 5,344 $ (20,345 ) Other comprehensive income (loss) before reclassifications (3,095 ) 3,070 (25 ) Reclassification out of accumulated other comprehensive income into interest expense — (331 ) (331 ) Balance March 31, 2018 $ (28,784 ) $ 8,083 $ (20,701 ) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Expenditures included in accounts payable and accrued expenses were as follows (in thousands): As of As of March 31, 2019 March 31, 2018 Costs relating to construction included in accounts payable and accrued expenses $ 12,791 $ 18,978 Dividends payable were as follows (in thousands): As of As of March 31, 2019 March 31, 2018 Dividends payable $ 35,199 $ — Interest paid, net of interest capitalized was as follows (in thousands): Three months ended March 31, 2019 2018 Interest paid $ 16,022 $ 15,903 Information related to non-cash assets and liabilities recorded as a result of the adoption of Accounting Standards Codification Topic 842 “Leases” (“ASC 842”) as of March 31, 2019 was as follows (in thousands): March 31, 2019 Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities $ 87,679 Non-Cash operating lease liabilities exchanged for operating right-of-use assets 92,354 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of rental revenues | For the three months ended March 31, 2019 , the components of rental revenues are as follows (in thousands): Rental revenues - fixed $ 93,459 Rental revenues - variable (1) 26,495 Rental revenues $ 119,954 (1) Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. |
Future minimum lease receipts under non-cancelable operating leases | Future minimum lease receipts under non-cancelable operating leases as of March 31, 2019 , excluding the effect of straight-line rent and variable rentals, are as follows (in thousands): For the remainder of 2019 $ 241,203 2020 308,442 2021 270,437 2022 235,196 2023 200,954 2024 166,256 Thereafter 291,784 $ 1,714,272 |
Future minimum lease receipts under non-cancelable operating leases | Future minimum lease receipts under non-cancelable operating leases as of December 31, 2018, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands): 2019 $ 285,343 2020 265,361 2021 229,553 2022 195,808 2023 164,845 Thereafter 364,844 $ 1,505,754 |
Components of lease costs | For the three months ended March 31, 2019 , the components of lease costs are as follows (in thousands): Operating lease costs $ 1,404 Short-term lease costs 591 Variable lease costs (1) 78 Total lease costs $ 2,073 (1) Our variable lease costs relate to our ground leases where increases in payments are based on center financial performance. |
Lease term and discount rates | The lease term and discount rates are as follows: March 31, 2019 Weighted - average remaining lease term (years) 51 Weighted - average discount rate 5.0 % |
Supplemental cash flow information | Supplemental Cash Flow Information We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows (in thousands): As of As of March 31, 2019 March 31, 2018 Costs relating to construction included in accounts payable and accrued expenses $ 12,791 $ 18,978 Dividends payable were as follows (in thousands): As of As of March 31, 2019 March 31, 2018 Dividends payable $ 35,199 $ — Interest paid, net of interest capitalized was as follows (in thousands): Three months ended March 31, 2019 2018 Interest paid $ 16,022 $ 15,903 Information related to non-cash assets and liabilities recorded as a result of the adoption of Accounting Standards Codification Topic 842 “Leases” (“ASC 842”) as of March 31, 2019 was as follows (in thousands): March 31, 2019 Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities $ 87,679 Non-Cash operating lease liabilities exchanged for operating right-of-use assets 92,354 The difference between the recorded operating lease liabilities and operating right-of-use assets represents the accrued straight-line rent liability of $5.0 million and our prepaid rent balances of $307,000 previously recognized under Accounting Standards Codification Topic 840 “Leases” ("ASC 840") that were reclassified to the operating leases right-of use assets under ASC 842. Cash flow information related to leases for the three months ended March 31, 2019 (in thousands): March 31, 2019 Operating cash outflows related to operating leases $ 1,403 |
Maturity of lease liabilities | Maturities of lease liabilities as of March 31, 2019 for the next five years and thereafter are as follows (in thousands): For the remainder of 2019 $ 4,168 2020 5,568 2021 5,613 2022 5,669 2023 5,709 2024 5,765 Thereafter 226,837 Total lease payments $ 259,329 Less imputed interest 166,975 Present value of lease liabilities $ 92,354 |
Minimum lease payments | For operating leases as of December 31, 2018, minimum lease payments for the next five years and thereafter are as follows (in thousands): 2019 $ 7,526 2020 7,311 2021 7,140 2022 7,127 2023 7,167 Thereafter 258,438 Total minimum payment $ 294,709 |
Business (Details)
Business (Details) ft² in Millions | Mar. 31, 2019ft²sharesOutletCentersubsidiary | Dec. 31, 2018OutletCenter |
Entity Information [Line Items] | ||
Number of Operating Partnership Units Owned by the Company | shares | 94,102,666 | |
Exchange ratio of Partnership Units for common shares | 1 | |
Consolidated Properties [Member] | ||
Entity Information [Line Items] | ||
Number of outlet centers | 32 | 36 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 12 | |
Unconsolidated Properties [Member] | ||
Entity Information [Line Items] | ||
Number of outlet centers | 8 | |
Total gross leaseable area of outlet centers (in square feet) | ft² | 2.4 | |
Unconsolidated Properties [Member] | CANADA | ||
Entity Information [Line Items] | ||
Number of outlet centers | 4 | |
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 the Operating Partnership and other limited partners | shares | 4,960,684 |
Disposition of Properties (Deta
Disposition of Properties (Details) - Nags Head, Ocean City, Park City & Williamsburg [Member] - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] ft² in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gross proceeds from sale of assets | $ 130,500 |
Area of Real Estate Property | ft² | 878 |
Net proceeds from sale of assets | $ 128,248 |
Gain on sale of assets | $ 43,422 |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details) ft² in Thousands, $ in Thousands | Mar. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($)ft² |
RioCan Canda [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 924 | 924 |
Carrying Value of Investment | $ 97,700 | $ 96,000 |
Columbus, Charlotte, National Harbor and Galveston/Houston [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment Reported In Liabilities | $ (39,400) | $ (32,500) |
Columbus [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 355 | 355 |
Equity Method Investment Reported In Liabilities | $ (2,600) | $ (1,600) |
Charlotte [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 399 | 398 |
Equity Method Investment Reported In Liabilities | $ (11,200) | $ (10,800) |
National Harbor [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 341 | 341 |
Equity Method Investment Reported In Liabilities | $ (5,000) | $ (5,100) |
Galveston/Houston [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 353 | 353 |
Equity Method Investment Reported In Liabilities | $ (20,600) | $ (15,000) |
Unconsolidated Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 367,933 | 367,865 |
Unconsolidated Properties [Member] | RioCan Canda [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 9,500 | 9,300 |
Unconsolidated Properties [Member] | Columbus [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 84,800 | 84,700 |
Unconsolidated Properties [Member] | Charlotte [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 99,500 | 99,500 |
Unconsolidated Properties [Member] | National Harbor [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 94,400 | 94,500 |
Unconsolidated Properties [Member] | Galveston/Houston [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 79,700 | 79,600 |
Mortgages [Member] | Unconsolidated Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net discount and debt origination costs | $ 1,400 | $ 1,400 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Management, Leasing and other services [Line Items] | ||
Fees received | $ 1,342 | $ 1,199 |
Management and Marketing Fee [Member] | ||
Management, Leasing and other services [Line Items] | ||
Fees received | 566 | 567 |
Leasing and other fees [Member] | ||
Management, Leasing and other services [Line Items] | ||
Fees received | 31 | 46 |
Expense reimbursements from unconsolidated joint ventures [Member] | ||
Management, Leasing and other services [Line Items] | ||
Fees received | $ 745 | $ 586 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Land | $ 92,440 | $ 91,443 |
Buildings, improvements and fixtures | 474,981 | 469,834 |
Construction in progress | 3,455 | 2,841 |
Rental property, at cost, total | 570,876 | 564,118 |
Accumulated depreciation | (119,996) | (113,713) |
Total rental property, net | 450,880 | 450,405 |
Cash and cash equivalents | 11,744 | 16,216 |
Deferred lease costs and other intangibles, net | 8,098 | 8,437 |
Prepaids and other assets | 15,963 | 25,648 |
Total assets | 486,685 | 500,706 |
Liabilities and Owners' Equity | ||
Mortgages payable, net | 367,933 | 367,865 |
Accounts payable and other liabilities | 11,933 | 13,414 |
Total liabilities | 379,866 | 381,279 |
Owners' equity | 106,819 | 119,427 |
Total liabilities and owners' equity | $ 486,685 | $ 500,706 |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Joint Ventures (Summary Statements of Operations for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unconsolidated Properties [Member] | ||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||
Revenues | $ 23,463 | $ 23,997 |
Expenses: | ||
Property operating | 9,790 | 9,928 |
General and administrative | 90 | 198 |
Depreciation and amortization | 6,110 | 6,363 |
Total expenses | 15,990 | 16,489 |
Interest expense | (4,134) | (3,077) |
Other income | 66 | 52 |
Total other income (expense) | (4,068) | (3,025) |
Net income | 3,405 | 4,483 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||
Revenues | 123,155 | 123,535 |
Expenses: | ||
Property operating | 42,377 | 42,218 |
General and administrative | 12,145 | 11,112 |
Depreciation and amortization | 31,760 | 33,123 |
Total expenses | 86,282 | 86,453 |
Interest expense | (16,307) | (15,800) |
Other income | 224 | 209 |
Total other income (expense) | 27,339 | (15,591) |
Net income | 65,841 | 23,685 |
The Company and Operating Partnership's share of: | ||
Net income | 1,629 | 2,194 |
Depreciation and amortization (real estate related) | $ 3,130 | $ 3,229 |
Investments in Unconsolidated_7
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | ||
Differences in basis | $ 4 | $ 4.1 |
Debt Guaranteed by the Compan_2
Debt Guaranteed by the Company (Details) - Debt [Member] - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit borrowing capacity | $ 600,000,000 | |
Tanger Factory Outlet Centers, Inc. [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligation | 15,000,000 | $ 145,100,000 |
Tanger Factory Outlet Centers, Inc. [Member] | Unsecured Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligation | $ 350,000,000 | $ 350,000,000 |
Debt of the Operating Partner_3
Debt of the Operating Partnership (Schedule of Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | |||
Principal | $ 1,599,854,000 | $ 1,730,779,000 | |
Book value of debt | $ 1,582,784,000 | 1,712,918,000 | |
Senior Notes [Member] | 3.875% 2023 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate(s) | 3.875% | ||
Principal | $ 250,000,000 | 250,000,000 | |
Book value of debt | $ 246,823,000 | 246,664,000 | |
Senior Notes [Member] | 3.75% 2024 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate(s) | 3.75% | ||
Principal | $ 250,000,000 | 250,000,000 | |
Book value of debt | $ 247,855,000 | 247,765,000 | |
Senior Notes [Member] | 3.125% 2026 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate(s) | 3.125% | ||
Principal | $ 350,000,000 | 350,000,000 | |
Book value of debt | $ 345,805,000 | 345,669,000 | |
Senior Notes [Member] | 3.875% 2027 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate(s) | 3.875% | ||
Principal | $ 300,000,000 | 300,000,000 | |
Book value of debt | 296,662,000 | 296,565,000 | |
Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 33,454,000 | 34,279,000 | |
Book value of debt | 35,375,000 | 36,298,000 | |
Effective interest rates | 5.05% | ||
Mortgages Payable [Member] | Southaven [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 51,400,000 | 51,400,000 | |
Book value of debt | 51,197,000 | 51,173,000 | |
Unsecured Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 350,000,000 | 350,000,000 | |
Book value of debt | 346,950,000 | 346,799,000 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 15,000,000 | 145,100,000 | |
Book value of debt | $ 12,117,000 | $ 141,985,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Southaven [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.80% | ||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.90% | ||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.875% | ||
Minimum [Member] | Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate(s) | 5.14% | ||
Maximum [Member] | Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate(s) | 7.65% |
Debt of the Operating Partner_4
Debt of the Operating Partnership (Debt Maturities) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Maturities of Debt [Line Items] | ||
For the remainder of 2019 | $ 2,545 | |
2020 | 3,566 | |
2021 | 72,193 | |
2022 | 4,436 | |
2023 | 254,768 | |
Thereafter | 1,262,346 | |
Subtotal | 1,599,854 | $ 1,730,779 |
Net discount and debt origination costs | (17,070) | |
Total debt | $ 1,582,784 | $ 1,712,918 |
Debt of the Operating Partner_5
Debt of the Operating Partnership (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Percent of guaranty of completion and principal guaranty | 5.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Percent of guaranty of completion and principal guaranty | 100.00% | |
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Net book value of collateral for mortgages payable | $ 178,500,000 | |
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Liquidity Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings | 20,000,000 | |
Line of Credit Facility, Syndicated Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings | 580,000,000 | |
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | 1,200,000,000 | |
Letters of Credit | $ 170,000 | |
Percentage of funds from operations allowed on a cumulative basis to pay dividends | 95.00% | |
Tanger Properties Limited Partnership [Member] | Debt [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit borrowing capacity | $ 600,000,000 | |
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | 19,400,000 | |
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | $ 15,000,000 | $ 145,100,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Classifications on Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Amount | $ 365,000,000 | |
Fair Value | 3,797,000 | $ 5,749,000 |
Interest Rate Swap One [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 175,000,000 | |
Company Fixed Pay Rate | 1.03% | |
Fair Value | $ 3,773,000 | 4,948,000 |
Interest Rate Swap Two [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 40,000,000 | |
Company Fixed Pay Rate | 2.47% | |
Fair Value | $ (156,000) | (6,000) |
Interest Rate Swap Three [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 150,000,000 | |
Company Fixed Pay Rate | 2.20% | |
Fair Value | $ 180,000 | $ 807,000 |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap One [Member] | ||
Derivative [Line Items] | ||
Bank Pay Rate | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Two [Member] | ||
Derivative [Line Items] | ||
Bank Pay Rate | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Three [Member] | ||
Derivative [Line Items] | ||
Bank Pay Rate | 1 month |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | $ (1,952) | $ 2,739 |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | $ 3,953 | $ 5,755 |
Total liabilities | 156 | 6 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 3,953 | 5,755 |
Total liabilities | 156 | 6 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 3,953 | 5,755 |
Interest rate swaps (other liabilities) | 156 | 6 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Interest rate swaps (other liabilities) | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 3,953 | 5,755 |
Interest rate swaps (other liabilities) | 156 | 6 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Interest rate swaps (other liabilities) | $ 0 | $ 0 |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 1,568,771 | $ 1,668,475 |
Recorded value of debt | 1,582,784 | 1,712,918 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 1,116,493 | 1,085,138 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 452,278 | $ 583,337 |
Shareholders' Equity of the C_3
Shareholders' Equity of the Company (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 24 Months Ended | |||
Feb. 28, 2019 | Jan. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | May 31, 2017 | |
Dividends payable | $ 35,199,000 | $ 0 | ||||
Tanger Factory Outlet Centers, Inc. [Member] | ||||||
Common dividends per common share (in dollars per share) | $ 0.355 | $ 0.35 | $ 0.7050 | |||
Common distributions (in dollars per share) | 0.350 | |||||
Authorized repurchase amount | $ 100,000,000 | $ 125,000,000 | ||||
Additional amount authorized | $ 44,300,000 | |||||
Expiration of the plan | 2 years | |||||
Total number of shares purchased (in shares) | 0 | 443,700 | 2,800,000 | |||
Average price paid per share | $ 0 | $ 22.52 | $ 24.48 | |||
Shares repurchased exclusive of commissions and related fees | $ 0 | $ 9,990,000 | $ 69,300,000 | |||
Remaining amount authorized to be repurchase | $ 100,000,000 | |||||
Tanger Properties Limited Partnership [Member] | ||||||
Common distributions (in dollars per share) | $ 0.355 | $ 0.35 | $ 0.705 | $ 0.343 | ||
Total number of shares purchased (in shares) | 0 | 443,700 |
Partners' Equity of the Opera_3
Partners' Equity of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
General partner (in units) | 1,000,000 | |
Grant of restricted common shares awards, net of forfeitures (in units) | 242,167 | 355,184 |
Repurchased of units (in units) | 0 | (443,700) |
Units issued upon exercise of options (in units) | 0 | |
Units withheld for employee income taxes (in units) | (81,284) | (89,437) |
General partner (in units) | 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 |
Grant of restricted common shares awards, net of forfeitures (in units) | 0 | 0 |
Repurchased of units (in units) | 0 | |
Units withheld for employee income taxes (in units) | 0 | 0 |
General partner (in units) | 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) | 4,960,684 | 4,995,433 |
Grant of restricted common shares awards, net of forfeitures (in units) | 0 | 0 |
Repurchased of units (in units) | 0 | |
Units withheld for employee income taxes (in units) | 0 | 0 |
Limited partners (in units) | 4,960,684 | 4,995,433 |
Class B Limited Partnership Units [Member] | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited partners (in units) | 92,941,783 | 93,560,536 |
Grant of restricted common shares awards, net of forfeitures (in units) | 242,167 | 355,184 |
Repurchased of units (in units) | (443,700) | |
Units withheld for employee income taxes (in units) | (81,284) | (89,437) |
Limited partners (in units) | 93,102,666 | 93,382,583 |
Limited partners [Member] | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited partners (in units) | 97,902,467 | 98,555,969 |
Grant of restricted common shares awards, net of forfeitures (in units) | 242,167 | 355,184 |
Repurchased of units (in units) | (443,700) | |
Units withheld for employee income taxes (in units) | (81,284) | (89,437) |
Limited partners (in units) | 98,063,350 | 98,378,016 |
Earnings Per Share of the Com_3
Earnings Per Share of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 62,331 | $ 22,838 |
Less allocation of earnings to participating securities | (611) | (263) |
Net income (loss) available to common shareholders/unitholders | $ 61,720 | $ 22,575 |
Denominator: | ||
Basic weighted average common shares (in shares) | 93,303,000 | 93,644,000 |
Diluted weighted average common shares (in shares) | 93,303,000 | 93,644,000 |
Basic earnings per common share/unit: | ||
Net income (loss), basic (in dollars per share) | $ 0.66 | $ 0.24 |
Diluted earnings per common share: | ||
Net income (loss), diluted (in dollars per share) | $ 0.66 | $ 0.24 |
Securities which had a dilutive effect on earnings per common share/unit | 0 | 0 |
Antidilutive incremental common shares attributable to notional units excluded from computation of earnings per share (in units) | 1,200,000 | 1,000,000 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 528,000 | 564,000 |
Earnings Per Unit of the Oper_3
Earnings Per Unit of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income attributable to partners of the Operating Partnership | $ 65,646 | $ 24,055 |
Less allocation of earnings to participating securities | (611) | (263) |
Net income (loss) available to common shareholders/unitholders | $ 65,035 | $ 23,792 |
Denominator: | ||
Basic weighted average common shares (in shares) | 98,264,000 | 98,640,000 |
Diluted weighted average common shares (in shares) | 98,264,000 | 98,640,000 |
Basic earnings per common share/unit: | ||
Net income (loss), basic (in dollars per share) | $ 0.66 | $ 0.24 |
Diluted earnings per common unit: | ||
Net income (loss), diluted (in dollars per share) | $ 0.66 | $ 0.24 |
Securities which had a dilutive effect on earnings per common share/unit | 0 | 0 |
Antidilutive incremental common shares attributable to notional units excluded from computation of earnings per share (in units) | 1,200,000 | 1,000,000 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 528,000 | 564,000 |
Equity-Based Compensation of _3
Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 3,818 | $ 3,392 |
Restricted common shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 2,513 | 2,376 |
Notional unit performance awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 1,262 | 937 |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 43 | $ 79 |
Equity-Based Compensation of _4
Equity-Based Compensation of the Company (Equity-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Equity-based compensation expense capitalized | $ 92 | $ 264 |
Equity-Based Compensation of _5
Equity-Based Compensation of the Company (Outperformance Plan) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - 2019 OPP [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Maximum number of restricted common shares that may be earned | shares | 531,827 |
Granted (in dollars per share) | $ / shares | $ 12.09 |
Absolute portion of award [Member] | |
Percent of total award | 33.30% |
Relative portion of award [Member] | |
Percent of total award | 66.70% |
Minimum [Member] | Absolute portion of award [Member] | |
Absolute total shareholder return | 19.10% |
Percentage of units to be earned | 20.00% |
Minimum [Member] | Relative portion of award [Member] | |
Percentage of units to be earned | 20.00% |
Percentile rank of peer group range | 30.00% |
Maximum [Member] | Absolute portion of award [Member] | |
Absolute total shareholder return | 29.50% |
Percentage of units to be earned | 100.00% |
Maximum [Member] | Relative portion of award [Member] | |
Percentage of units to be earned | 100.00% |
Percentile rank of peer group range | 80.00% |
Equity-Based Compensation of _6
Equity-Based Compensation of the Company (Outperformance Plan Assumptions) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - 2019 OPP [Member] | 3 Months Ended |
Mar. 31, 2019 | |
Risk Free Interest Rate | 2.60% |
Expected Dividend Rate | 5.30% |
Expected Volatility Rate | 24.00% |
Equity-Based Compensation of _7
Equity-Based Compensation of the Company (Narrative) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares paid for tax withholding for share based compensation (in shares) | 81,284 | 89,437 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 1,781 | $ 2,068 | |
Restricted Common Share Award Plan [Member] | Restricted common shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares/Units, granted (in shares/units) | 309,000 | ||
Lower limit, grant date fair value (in dollars per share) | $ 19.01 | ||
Upper limit, grant date fair value (in dollars per share) | $ 21.73 | ||
Restricted Common Share Award Plan [Member] | Director [Member] | Restricted common shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Common Share Award Plan [Member] | Chief Executive Officer [Member] | Restricted common 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 Officers [Member] | Restricted common shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Common Share Award Plan [Member] | Maximum [Member] | Senior Executive Officers [Member] | Restricted common shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
2019 OPP [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Award Measurement Period | 3 years | ||
2019 OPP [Member] | Vesting immediately [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 50.00% | ||
2019 OPP [Member] | Vesting one year thereafter [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 50.00% |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $ 505,535 | $ 612,302 |
Ending Balance | 503,443 | 593,491 |
Interest rate swap gain (loss) to be reclassified within twelve months | 2,400 | |
Foreign Currency, Tanger Factory Outlet Centers, Inc., AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (32,610) | (24,360) |
Other comprehensive income (loss) before reclassifications | 1,851 | (2,938) |
Reclassification out of accumulated other comprehensive income into interest expense | 0 | 0 |
Ending Balance | (30,759) | (27,298) |
Cash flow hedges, Tanger Factory Outlet Centers, Inc., AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 5,459 | |
Other comprehensive income (loss) before reclassifications | (1,166) | |
Reclassification out of accumulated other comprehensive income into interest expense | (687) | |
Ending Balance | 3,606 | |
Cash flow hedges, Tanger Factory Outlet Centers, Inc., AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 5,075 | |
Other comprehensive income (loss) before reclassifications | 2,914 | |
Reclassification out of accumulated other comprehensive income into interest expense | (314) | |
Ending Balance | 7,675 | |
Total, Tanger Factory Outlet Centers, Inc., AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (27,151) | (19,285) |
Other comprehensive income (loss) before reclassifications | 685 | (24) |
Reclassification out of accumulated other comprehensive income into interest expense | (687) | (314) |
Ending Balance | (27,153) | (19,623) |
Foreign Currency, noncontrolling interest, AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (1,770) | (1,329) |
Other comprehensive income (loss) before reclassifications | 98 | (157) |
Reclassification out of accumulated other comprehensive income into interest expense | 0 | 0 |
Ending Balance | (1,672) | (1,486) |
Cash flow hedges, noncontrolling interest, AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 290 | |
Other comprehensive income (loss) before reclassifications | (62) | |
Reclassification out of accumulated other comprehensive income into interest expense | (37) | |
Ending Balance | 191 | |
Cash flow hedges, noncontrolling interest, AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 269 | |
Other comprehensive income (loss) before reclassifications | 156 | |
Reclassification out of accumulated other comprehensive income into interest expense | (17) | |
Ending Balance | 408 | |
Total, noncontrolling interest, AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (1,480) | (1,060) |
Other comprehensive income (loss) before reclassifications | 36 | (1) |
Reclassification out of accumulated other comprehensive income into interest expense | (37) | (17) |
Ending Balance | $ (1,481) | $ (1,078) |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $ 505,535 | |
Ending Balance | 503,443 | |
Interest rate swap gain (loss) to be reclassified within twelve months | 2,400 | |
Foreign Currency [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (34,380) | $ (25,689) |
Other comprehensive income (loss) before reclassifications | 1,949 | (3,095) |
Ending Balance | (32,431) | (28,784) |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 5,749 | |
Other comprehensive income (loss) before reclassifications | (1,228) | |
Reclassification out of accumulated other comprehensive income into interest expense | (724) | |
Ending Balance | 3,797 | |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 5,344 | |
Other comprehensive income (loss) before reclassifications | 3,070 | |
Reclassification out of accumulated other comprehensive income into interest expense | (331) | |
Ending Balance | 8,083 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (28,631) | (20,345) |
Other comprehensive income (loss) before reclassifications | 721 | (25) |
Reclassification out of accumulated other comprehensive income into interest expense | (724) | (331) |
Ending Balance | $ (28,634) | $ (20,701) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | ||
Costs relating to construction included in accounts payable and accrued expenses | $ 12,791,000 | $ 18,978,000 |
Dividends payable | 35,199,000 | 0 |
Interest paid | 16,022,000 | $ 15,903,000 |
Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities | 87,679,000 | |
Non-Cash operating lease liabilities exchanged for operating right-of-use assets | 92,354,000 | |
Accrued straight line rent liability | 5,000,000 | |
Prepaid rent | $ 307,000 |
Leases Revenue (Details)
Leases Revenue (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)OutletCenterstore | Dec. 31, 2018OutletCenterstore | |
Rental revenues - fixed | $ 93,459 | |
Rental revenues - variable | 26,495 | |
Rental revenues | 119,954 | |
Accounting Standards Update 2016-02 [Member] | ||
Executory costs on a straight-line basis | 1,500 | |
Indirect internal leasing costs | $ 1,100 | |
Consolidated Properties [Member] | ||
Number of stores (over) | store | 2,300 | 2,600 |
Number of outlet centers | OutletCenter | 32 | 36 |
Leases Future minimum lease rec
Leases Future minimum lease receipts ASC 842 (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
For the remainder of 2019 | $ 241,203 |
2020 | 308,442 |
2021 | 270,437 |
2022 | 235,196 |
2023 | 200,954 |
2024 | 166,256 |
Thereafter | 291,784 |
Future minimum lease receipts | $ 1,714,272 |
Leases Future minimum lease r_2
Leases Future minimum lease receipts ASC 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 285,343 |
2020 | 265,361 |
2021 | 229,553 |
2022 | 195,808 |
2023 | 164,845 |
Thereafter | 364,844 |
Future minimum lease receipts | $ 1,505,754 |
Leases Lessee (Details)
Leases Lessee (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 29, 2019 | Jan. 01, 2019 | |
Operating lease liabilities | $ 92,354 | ||
Operating lease costs | 1,404 | ||
Short-term lease costs | 591 | ||
Variable lease costs | 78 | ||
Total lease costs | $ 2,073 | ||
Weighted - average remaining lease term (years) | 51 years | ||
Weighted - average discount rate | 5.00% | ||
Operating cash outflows related to operating leases | $ 1,403 | ||
Rental payments | $ 1,800 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating lease right-of-use assets | $ 90,400 | ||
Operating lease liabilities | $ 95,100 | ||
Ocean City | |||
Operating lease right-of-use assets | $ 2,500 | ||
Operating lease liabilities | $ 2,500 |
Leases Future minimum lease pay
Leases Future minimum lease payments ASC 842 (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
For the remainder of 2019 | $ 4,168 |
2020 | 5,568 |
2021 | 5,613 |
2022 | 5,669 |
2023 | 5,709 |
2024 | 5,765 |
Thereafter | 226,837 |
Total lease payments | 259,329 |
Less imputed interest | 166,975 |
Present value of lease liabilities | $ 92,354 |
Leases Future minimum lease p_2
Leases Future minimum lease payments ASC 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 7,526 |
2020 | 7,311 |
2021 | 7,140 |
2022 | 7,127 |
2023 | 7,167 |
Thereafter | 258,438 |
Total minimum payments | $ 294,709 |