Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS, INC | ||
Entity Central Index Key | 0000899715 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-11986 | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Tax Identification Number | 56-1815473 | ||
Entity Address, Address Line One | 3200 Northline Avenue | ||
Entity Address, Address Line Two | Suite 360 | ||
Entity Address, City or Town | Greensboro | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27408 | ||
City Area Code | 336 | ||
Local Phone Number | 292-3010 | ||
Title of 12(b) Security | Common Shares, $.01 par value | ||
Trading Symbol | SKT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 652,857,378 | ||
Entity Common Stock, Shares Outstanding | 93,569,801 | ||
Tanger Properties Limited Partnership [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | TANGER PROPERTIES LIMITED PARTNERSHIP | ||
Entity Central Index Key | 0001004036 | ||
Entity File Number | 333-3526-01 | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Tax Identification Number | 56-1822494 | ||
No Trading Symbol Flag | true | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt: | ||
Operating lease liabilities | $ 90,105 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Rental property: | ||
Land | 265,968 | $ 266,537 |
Buildings, improvements and fixtures | 2,527,404 | 2,630,357 |
Total rental property, at cost | 2,793,372 | 2,896,894 |
Accumulated depreciation | (1,054,993) | (1,009,951) |
Total rental property, net | 1,738,379 | 1,886,943 |
Cash and cash equivalents | 84,832 | 16,672 |
Investments in unconsolidated joint ventures | 94,579 | 94,691 |
Deferred lease costs and other intangibles, net | 84,960 | 96,712 |
Operating lease right-of-use assets | 81,499 | 86,575 |
Prepaids and other assets | 105,282 | 103,618 |
Total assets | 2,189,531 | 2,285,211 |
Debt: | ||
Senior, unsecured notes, net | 1,140,576 | 1,138,603 |
Unsecured term loans, net | 347,370 | 347,367 |
Mortgages payable, net | 79,940 | 83,803 |
Unsecured lines of credit | 0 | 0 |
Total debt | 1,567,886 | 1,569,773 |
Accounts payable and accrued expenses | 88,253 | 79,562 |
Operating lease liabilities | 90,105 | 91,237 |
Other liabilities | 84,404 | 88,530 |
Total liabilities | 1,830,648 | 1,829,102 |
Commitments and contingencies (Note 21) | ||
Tanger Factory Outlet Centers, Inc.: | ||
Common shares, $0.01 par value, 300,000,000 shares authorized, 93,569,801 and 92,892,260 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 936 | 929 |
Paid in capital | 787,143 | 775,035 |
Accumulated distributions in excess of net income | (420,104) | (317,263) |
Partners' Equity | ||
Accumulated other comprehensive loss | (26,585) | (25,495) |
Equity attributable to Tanger Factory Outlet Centers, Inc. | 341,390 | 433,206 |
Noncontrolling interests in Operating Partnership | 17,493 | 22,903 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 358,883 | 456,109 |
Total liabilities and equity | 2,189,531 | 2,285,211 |
Tanger Properties Limited Partnership [Member] | ||
Rental property: | ||
Land | 265,968 | 266,537 |
Buildings, improvements and fixtures | 2,527,404 | 2,630,357 |
Total rental property, at cost | 2,793,372 | 2,896,894 |
Accumulated depreciation | (1,054,993) | (1,009,951) |
Total rental property, net | 1,738,379 | 1,886,943 |
Cash and cash equivalents | 84,750 | 16,519 |
Investments in unconsolidated joint ventures | 94,579 | 94,691 |
Deferred lease costs and other intangibles, net | 84,960 | 96,712 |
Operating lease right-of-use assets | 81,499 | 86,575 |
Prepaids and other assets | 104,800 | 103,374 |
Total assets | 2,188,967 | 2,284,814 |
Debt: | ||
Senior, unsecured notes, net | 1,140,576 | 1,138,603 |
Unsecured term loans, net | 347,370 | 347,367 |
Mortgages payable, net | 79,940 | 83,803 |
Unsecured lines of credit | 0 | 0 |
Total debt | 1,567,886 | 1,569,773 |
Accounts payable and accrued expenses | 87,689 | 79,165 |
Operating lease liabilities | 90,105 | 91,237 |
Other liabilities | 84,404 | 88,530 |
Total liabilities | 1,830,084 | 1,828,705 |
Commitments and contingencies (Note 21) | ||
Partners' Equity | ||
General partner, 1,000,000 units outstanding at December 31, 2020 and December 31, 2019 | 3,334 | 4,435 |
Limited partners, 4,794,643 and 4,911,173 Class A common units, and 92,569,801 and 91,892,260 Class B common units outstanding at December 31, 2020 and December 31, 2019, respectively | 383,588 | 478,562 |
Accumulated other comprehensive loss | (28,039) | (26,888) |
Total partners' equity | 358,883 | 456,109 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 358,883 | 456,109 |
Total liabilities and equity | $ 2,188,967 | $ 2,284,814 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized | 300,000,000 | 300,000,000 |
Common shares, issued | 93,569,801 | 92,892,260 |
Common shares, outstanding | 93,569,801 | 92,892,260 |
Tanger Properties Limited Partnership [Member] | ||
General partnership units | 1,000,000 | 1,000,000 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | ||
Limited partnership units | 4,794,643 | 4,911,173 |
Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member] | ||
Limited partnership units | 92,569,801 | 91,892,260 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental revenues | $ 377,932 | $ 463,946 | |
Management, leasing and other services | 4,936 | 5,419 | $ 4,995 |
Other income (expense): | |||
Gain on sale of assets | 43,422 | ||
Tanger Factory Outlet Centers, Inc. [Member] | |||
Revenues: | |||
Rental revenues | 377,932 | 463,946 | 480,707 |
Management, leasing and other services | 4,936 | 5,419 | 4,995 |
Other revenues | 7,123 | 8,983 | 8,979 |
Total revenues | 389,991 | 478,348 | 494,681 |
Expenses: | |||
Property operating | 137,135 | 157,734 | 160,457 |
General and administrative | 47,733 | 53,790 | 44,167 |
Impairment charges | 67,226 | 37,610 | 49,739 |
Depreciation and amortization | 117,143 | 123,314 | 131,722 |
Total expenses | 369,237 | 372,448 | 386,085 |
Other income (expense): | |||
Interest expense | (63,142) | (61,672) | (64,821) |
Gain on sale of assets | 2,324 | 43,422 | 0 |
Other income (expense) | 925 | (2,761) | 864 |
Total other income (expense) | (59,893) | (21,011) | (63,957) |
Income (loss) before equity in earnings of unconsolidated joint ventures | (39,139) | 84,889 | 44,639 |
Equity in earnings of unconsolidated joint ventures | 1,126 | 7,839 | 924 |
Net income (loss) | (38,013) | 92,728 | 45,563 |
Noncontrolling interests in Operating Partnership | 1,925 | (4,678) | (2,329) |
Noncontrolling interests in other consolidated partnerships | (190) | (195) | 421 |
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ (36,278) | $ 87,855 | $ 43,655 |
Basic earnings per common share: | |||
Net income (loss) (in dollars per share) | $ (0.40) | $ 0.93 | $ 0.45 |
Diluted earnings per common share: | |||
Net income (loss) (in dollars per share) | $ (0.40) | $ 0.93 | $ 0.45 |
Tanger Properties Limited Partnership [Member] | |||
Revenues: | |||
Rental revenues | $ 377,932 | $ 463,946 | $ 480,707 |
Management, leasing and other services | 4,936 | 5,419 | 4,995 |
Other revenues | 7,123 | 8,983 | 8,979 |
Total revenues | 389,991 | 478,348 | 494,681 |
Expenses: | |||
Property operating | 137,135 | 157,734 | 160,457 |
General and administrative | 47,733 | 53,790 | 44,167 |
Impairment charges | 67,226 | 37,610 | 49,739 |
Depreciation and amortization | 117,143 | 123,314 | 131,722 |
Total expenses | 369,237 | 372,448 | 386,085 |
Other income (expense): | |||
Interest expense | (63,142) | (61,672) | (64,821) |
Gain on sale of assets | 2,324 | 43,422 | 0 |
Other income (expense) | 925 | (2,761) | 864 |
Total other income (expense) | (59,893) | (21,011) | (63,957) |
Income (loss) before equity in earnings of unconsolidated joint ventures | (39,139) | 84,889 | 44,639 |
Equity in earnings of unconsolidated joint ventures | 1,126 | 7,839 | 924 |
Net income (loss) | (38,013) | 92,728 | 45,563 |
Noncontrolling interests in consolidated partnerships | (190) | (195) | 421 |
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | (38,203) | 92,533 | 45,984 |
Net income (loss) available to limited partners | (37,815) | 91,597 | 45,522 |
Net income (loss) available to general partner | $ (388) | $ 936 | $ 462 |
Basic earnings per common share: | |||
Net income (loss) (in dollars per share) | $ (0.40) | $ 0.93 | $ 0.45 |
Diluted earnings per common share: | |||
Net income (loss) (in dollars per share) | $ (0.40) | $ 0.93 | $ 0.45 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Net income (loss) | $ (38,013) | $ 92,728 | $ 45,563 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 1,783 | 7,917 | (8,691) |
Change in fair value of cash flow hedges | (2,934) | (6,174) | 405 |
Other comprehensive income (loss) | (1,151) | 1,743 | (8,286) |
Comprehensive income (loss) | (39,164) | 94,471 | 37,277 |
Comprehensive (income) loss attributable to noncontrolling interests | 1,796 | (4,960) | (1,488) |
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc. | (37,368) | 89,511 | 35,789 |
Tanger Properties Limited Partnership [Member] | |||
Net income (loss) | (38,013) | 92,728 | 45,563 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 1,783 | 7,917 | (8,691) |
Change in fair value of cash flow hedges | (2,934) | (6,174) | 405 |
Other comprehensive income (loss) | (1,151) | 1,743 | (8,286) |
Comprehensive income (loss) | (39,164) | 94,471 | 37,277 |
Comprehensive (income) loss attributable to noncontrolling interests | (190) | (195) | 421 |
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ (39,354) | $ 94,276 | $ 37,698 |
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 shareholders'/partners equity [Member] | Tanger Factory Outlet Centers, Inc. [Member]Noncontrolling interests [Member]Limited partners [Member] | Tanger Factory Outlet Centers, Inc. [Member]Noncontrolling interests [Member]Other Ownership Interest [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member]Accumulated other comprehensive loss [Member] | Tanger Properties Limited Partnership [Member]Total shareholders'/partners 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 | |||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2017 | $ 612,302 | $ (20,345) | $ 612,302 | $ 5,844 | $ 626,803 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 45,563 | 43,655 | 43,655 | 2,329 | $ (421) | 45,563 | 45,984 | $ (421) | 462 | 45,522 | ||||
Other comprehensive income (loss) | (8,286) | (7,866) | (7,866) | (420) | (8,286) | (8,286) | (8,286) | |||||||
Compensation under Incentive Award Plan | 15,800 | 15,800 | 15,800 | 15,800 | 15,800 | 15,800 | ||||||||
Grant of restricted common shares awards, net of forfeitures | 3 | (3) | ||||||||||||
Repurchase of common shares, including transaction costs | (19,998) | (9) | (19,989) | (19,998) | (19,998) | (19,998) | (19,998) | |||||||
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 | 626 | 626 | 626 | 626 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | 322 | 322 | (322) | |||||||||||
Common distributions | (138,199) | (138,199) | (1,392) | (136,807) | ||||||||||
Common dividends | (131,244) | (131,244) | (131,244) | |||||||||||
Distributions to noncontrolling interests | (7,160) | (6,955) | (205) | (205) | (205) | |||||||||
Ending balance at Dec. 31, 2018 | 505,535 | 939 | 778,845 | (272,454) | (27,151) | 480,179 | 25,356 | |||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2018 | 505,535 | (28,631) | 505,535 | 4,914 | 529,252 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | 92,728 | 87,855 | 87,855 | 4,678 | 195 | 92,728 | 92,533 | 195 | 936 | 91,597 | ||||
Other comprehensive income (loss) | 1,743 | 1,656 | 1,656 | 87 | 1,743 | 1,743 | 1,743 | |||||||
Compensation under Incentive Award Plan | 18,504 | 18,504 | 18,504 | 18,504 | 18,504 | 18,504 | ||||||||
Grant of restricted common shares awards, net of forfeitures | 3 | (3) | ||||||||||||
Repurchase of common shares, including transaction costs | (20,000) | (12) | (19,988) | (20,000) | (20,000) | (20,000) | (20,000) | |||||||
Withholding of common shares/units for employee income taxes | (2,524) | (1) | (2,523) | (2,524) | (2,524) | (2,524) | (2,524) | |||||||
Contributions from noncontrolling interests | 47 | 47 | 47 | 47 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | 200 | 200 | (200) | |||||||||||
Common distributions | (139,682) | (139,682) | (1,415) | (138,267) | ||||||||||
Common dividends | (132,664) | (132,664) | (132,664) | |||||||||||
Distributions to noncontrolling interests | (7,260) | (7,018) | (242) | (242) | (242) | |||||||||
Ending balance at Dec. 31, 2019 | 456,109 | 929 | 775,035 | (317,263) | (25,495) | 433,206 | 22,903 | 0 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2019 | 456,109 | (26,888) | 456,109 | 0 | 4,435 | 478,562 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income (loss) | (38,013) | (36,278) | (36,278) | (1,925) | 190 | (38,013) | (38,203) | 190 | (388) | (37,815) | ||||
Other comprehensive income (loss) | (1,151) | (1,090) | (1,090) | (61) | (1,151) | (1,151) | (1,151) | |||||||
Compensation under Incentive Award Plan | 12,926 | 12,926 | 12,926 | 12,926 | 12,926 | 12,926 | ||||||||
Grant of restricted common shares awards, net of forfeitures | 6 | (6) | ||||||||||||
Withholding of common shares/units for employee income taxes | (736) | (736) | (736) | (736) | (736) | (736) | ||||||||
Contributions from noncontrolling interests | 72 | 72 | 72 | 72 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | (75) | (75) | 75 | |||||||||||
Exchange of Operating Partnership units for common shares | 1 | (1) | ||||||||||||
Common distributions | (70,062) | (70,062) | (713) | (69,349) | ||||||||||
Common dividends | (66,563) | (66,563) | (66,563) | |||||||||||
Distributions to noncontrolling interests | (3,761) | (3,499) | (262) | (262) | (262) | |||||||||
Ending balance at Dec. 31, 2020 | $ 358,883 | $ 936 | $ 787,143 | $ (420,104) | $ (26,585) | $ 341,390 | $ 17,493 | $ 0 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2020 | $ 358,883 | $ (28,039) | $ 358,883 | $ 0 | $ 3,334 | $ 383,588 |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Grant of restricted common shares awards, net of forfeitures (in shares) | 611,350 | 242,167 | 355,184 |
Issuance of deferred units (in shares/units) | 6,258 | ||
Repurchase of units (in units) | 0 | (1,209,328) | (919,249) |
Shares paid for tax withholding for share based compensation (in shares) | 56,597 | 131,873 | 89,437 |
Common shares issued in exchange for Operating Partnership units (in shares) | 116,530 | 49,511 | 34,749 |
Exchange of Operating Partnership units for common shares (in units) | 116,530 | 49,511 | 34,749 |
Dividends declared per common share (in dollars per share) | $ 0.7125 | $ 1.4150 | $ 1.3925 |
Tanger Properties Limited Partnership [Member] | |||
Grant of restricted common shares awards, net of forfeitures (in shares) | 611,350 | 242,167 | 355,184 |
Repurchase of units (in units) | (1,209,328) | (919,249) | |
Shares paid for tax withholding for share based compensation (in shares) | 56,597 | 131,873 | 89,437 |
Distributions Per Limited Partnership Unit Outstanding, Basic | $ 0.7125 | $ 1.415 | $ 1.3925 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on sale of assets | $ (43,422) | ||
Investing Activities | |||
Net proceeds on sale of assets | 128,505 | ||
Tanger Factory Outlet Centers, Inc. [Member] | |||
Operating Activities | |||
Net income (loss) | (38,013) | $ 92,728 | $ 45,563 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 117,143 | 123,314 | 131,722 |
Impairment charges | 67,226 | 37,610 | 49,739 |
Amortization of deferred financing costs | 3,583 | 3,004 | 3,058 |
Gain on sale of assets | (2,324) | (43,422) | 0 |
Equity in earnings of unconsolidated joint ventures | (1,126) | (7,839) | (924) |
Equity-based compensation expense | 12,517 | 18,120 | 14,669 |
Amortization of debt (premiums) and discounts, net | 482 | 448 | 416 |
Amortization (accretion) of market rent rate adjustments, net | 2,721 | 1,432 | 2,577 |
Straight-line rent adjustments | 3,372 | (7,721) | (5,844) |
Distributions of cumulative earnings from unconsolidated joint ventures | 3,490 | 7,587 | 7,941 |
Other non-cash | 0 | 3,638 | 0 |
Changes in other asset and liabilities: | |||
Other assets | (5,366) | (4,159) | 2,079 |
Accounts payable and accrued expenses | 1,042 | (4,288) | 7,322 |
Net cash provided by operating activities | 164,747 | 220,452 | 258,318 |
Investing Activities | |||
Additions to rental property | (28,566) | (47,884) | (64,253) |
Additions to investments in unconsolidated joint ventures | (10,601) | (2,316) | (1,916) |
Net proceeds on sale of assets | 7,626 | 128,505 | 0 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 9,071 | 17,819 | 25,232 |
Additions to non-real estate assets | (1,872) | (1,155) | (1,330) |
Additions to deferred lease costs | (3,061) | (5,142) | (6,703) |
Other investing activities | 8,632 | 9,462 | 8,947 |
Net cash provided by (used in) investing activities | (18,771) | 99,289 | (40,023) |
Financing Activities | |||
Cash dividends paid | (66,563) | (132,664) | (131,244) |
Distributions to noncontrolling interests in Operating Partnership | (3,499) | (7,018) | (6,955) |
Proceeds from revolving credit facility | 641,630 | 282,870 | 491,900 |
Repayments of revolving credit facility | (641,630) | (427,970) | (554,900) |
Proceeds from notes, mortgages and loans | 0 | 0 | 25,000 |
Repayments of notes, mortgages and loans | (3,566) | (3,369) | (11,783) |
Repurchase of common shares, including transaction costs | 0 | (20,000) | (19,998) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (736) | (2,524) | (2,068) |
Additions to deferred financing costs | (1,891) | (115) | (4,428) |
Proceeds from other financing activities | 72 | 47 | 626 |
Payment for other financing activities | (1,410) | (1,390) | (1,353) |
Net cash provided (used in) by financing activities | (77,593) | (312,133) | (215,203) |
Effect of foreign currency rate changes on cash and cash equivalents | (223) | (19) | (110) |
Net increase in cash, cash equivalents and restricted cash | 68,160 | 7,589 | 2,982 |
Cash and cash equivalents, beginning of year | 16,672 | 9,083 | 6,101 |
Cash and cash equivalents, end of year | 84,832 | 16,672 | 9,083 |
Tanger Properties Limited Partnership [Member] | |||
Operating Activities | |||
Net income (loss) | (38,013) | 92,728 | 45,563 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 117,143 | 123,314 | 131,722 |
Impairment charges | 67,226 | 37,610 | 49,739 |
Amortization of deferred financing costs | 3,583 | 3,004 | 3,058 |
Gain on sale of assets | (2,324) | (43,422) | 0 |
Equity in earnings of unconsolidated joint ventures | (1,126) | (7,839) | (924) |
Equity-based compensation expense | 12,517 | 18,120 | 14,669 |
Amortization of debt (premiums) and discounts, net | 482 | 448 | 416 |
Amortization (accretion) of market rent rate adjustments, net | 2,721 | 1,432 | 2,577 |
Straight-line rent adjustments | 3,372 | (7,721) | (5,844) |
Distributions of cumulative earnings from unconsolidated joint ventures | 3,490 | 7,587 | 7,941 |
Other non-cash | 0 | 3,638 | 0 |
Changes in other asset and liabilities: | |||
Other assets | (5,128) | (4,185) | 1,729 |
Accounts payable and accrued expenses | 875 | (4,323) | 7,631 |
Net cash provided by operating activities | 164,818 | 220,391 | 258,277 |
Investing Activities | |||
Additions to rental property | (28,566) | (47,884) | (64,253) |
Additions to investments in unconsolidated joint ventures | (10,601) | (2,316) | (1,916) |
Net proceeds on sale of assets | 7,626 | 128,505 | 0 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 9,071 | 17,819 | 25,232 |
Additions to non-real estate assets | (1,872) | (1,155) | (1,330) |
Additions to deferred lease costs | (3,061) | (5,142) | (6,703) |
Other investing activities | 8,632 | 9,462 | 8,947 |
Net cash provided by (used in) investing activities | (18,771) | 99,289 | (40,023) |
Financing Activities | |||
Cash dividends paid | (70,062) | (139,682) | (138,199) |
Proceeds from revolving credit facility | 641,630 | 282,870 | 491,900 |
Repayments of revolving credit facility | (641,630) | (427,970) | (554,900) |
Proceeds from notes, mortgages and loans | 0 | 0 | 25,000 |
Repayments of notes, mortgages and loans | (3,566) | (3,369) | (11,783) |
Repurchase of common shares, including transaction costs | 0 | (20,000) | (19,998) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (736) | (2,524) | (2,068) |
Additions to deferred financing costs | (1,891) | (115) | (4,428) |
Proceeds from other financing activities | 72 | 47 | 626 |
Payment for other financing activities | (1,410) | (1,390) | (1,353) |
Net cash provided (used in) by financing activities | (77,593) | (312,133) | (215,203) |
Effect of foreign currency rate changes on cash and cash equivalents | (223) | (19) | (110) |
Net increase in cash, cash equivalents and restricted cash | 68,231 | 7,528 | 2,941 |
Cash and cash equivalents, beginning of year | 16,519 | 8,991 | 6,050 |
Cash and cash equivalents, end of year | $ 84,750 | $ 16,519 | $ 8,991 |
Organization of the Company
Organization of the Company | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization of the Company | Organization of the Company Tanger Factory Outlet Centers, Inc. and subsidiaries, which we refer to as the Company, is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through our controlling interest in Tanger Properties Limited Partnership and subsidiaries, which we refer to as the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of December 31, 2020, we owned and operated 31 consolidated outlet centers, with a total gross leasable area of approximately 11.9 million square feet. All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the consolidated financial statements are unaudited. These outlet centers were 92% occupied and contained over 2,200 stores, representing approximately 400 store brands. We also had partial ownership interests in 7 unconsolidated outlet centers totaling approximately 2.2 million square feet, including 3 outlet centers in Canada. Our outlet centers and other assets are held by, and all of our operations are conducted by the Operating Partnership. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires. The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of December 31, 2020, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 93,569,801 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,794,643 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's status as a REIT. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation - The consolidated financial statements of the Company include its accounts and its consolidated subsidiaries, as well as the Operating Partnership and its consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include its accounts and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned or properties where we own less than 100% but 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 various factors including the form of our ownership interest, our representation in an entity's governance, the size of our investment, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process to replace us as manager and or liquidate the venture, if applicable. As of December 31, 2020, we did not have a joint venture that was a VIE. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain of these investments, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. In the event a basis difference is created between our underlying interest in the venture’s net assets and our initial investment, we amortize such amount over the estimated life of the venture as a component of equity in earnings of unconsolidated joint ventures. The carrying amount of our investments in the Charlotte, Galveston/Houston and National Harbor joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in, and our share of net income or loss of, the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. Noncontrolling interests - In the Company's consolidated financial statements, the “Noncontrolling interests in Operating Partnership” reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income or losses are allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the calculations of impairment losses, costs capitalized to originate operating leases, costs incurred for the construction and development of properties, and the values of deferred lease costs and other intangibles related to the acquisition of properties. Actual results could differ from those estimates. Operating Segments - We focus exclusively on developing, acquiring, owning, operating, and managing outlet shopping centers. We aggregate the financial information of all outlet centers into one reportable operating segment because the outlet centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers. Rental Property - Rental properties are recorded at cost less accumulated depreciation. Buildings, improvements and fixtures consist primarily of permanent buildings and improvements made to land such as infrastructure and costs incurred in providing rental space to tenants. The pre-construction stage of project development involves certain costs to secure land control and zoning and complete other initial tasks essential to the development of the project. These costs are transferred from other assets to construction in progress when the pre-construction tasks are completed. Costs of unsuccessful pre-construction efforts are expensed when the project is no longer probable and, if significant, are recorded as abandoned pre-development costs in the consolidated statement of operations. We also capitalize other costs incurred for the construction and development of properties, including interest, real estate taxes and payroll and related costs associated with employees directly involved. Capitalization of costs commences at the time the development of the property becomes probable and ceases when the property is substantially completed and ready for its intended use. We consider a construction project as substantially completed and ready for its intended use upon the completion of tenant improvements. We cease capitalization on the portion that is substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portion under construction. The amount of payroll and related costs capitalized for the construction and development of properties is based on our estimate of the amount of costs directly related to the construction or development of these assets. Interest costs are capitalized during periods of active construction for qualified expenditures based upon interest rates in place during the construction period until construction is substantially complete. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures for qualifying development activities until placed in service. Payroll and related costs and interest costs capitalized for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): 2020 2019 2018 Payroll and related costs capitalized $ 1,159 $ 1,581 $ 1,521 Interest costs capitalized $ 107 $ 25 $ 93 Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. We generally use estimated lives of 33 years for buildings and improvements, 15 years for land improvements and 7 years for equipment. Tenant finishing allowances are amortized over the life of the associated lease. Capitalized interest costs are amortized over lives which are consistent with the constructed assets. Expenditures for ordinary maintenance and repairs are charged to operations as incurred while significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. Depreciation expense related to rental property included in net income for each of the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands): 2020 2019 2018 Depreciation expense related to rental property $ 101,665 $ 107,129 $ 114,198 We allocate the purchase price of acquisitions based on the fair value of land, building, tenant improvements, debt and deferred lease costs and other intangibles, such as the value of leases with above or below market rents, origination costs associated with the in-place leases, the value of in-place leases and tenant relationships, if any. We depreciate the amount allocated to building, deferred lease costs and other intangible assets over their estimated useful lives, which range up to 33 years. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. The values of below market leases that are considered to have renewal periods with below market rents are amortized over the remaining term of the associated lease plus the renewal periods when the renewal is deemed probable to occur. The value associated with in-place leases is amortized over the remaining lease term and tenant relationships are amortized over the expected term, which includes an estimated probability of the lease renewal. If a tenant terminates its lease prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangibles is written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. These cash flow projections may be derived from various observable and unobservable inputs and assumptions. Also, we may utilize third-party valuation specialists. As a part of acquisition accounting, the amount by which the fair value of our previously held equity method investment exceeds the carrying book value is recorded as a gain on previously held interest in acquired joint venture. Cash, Cash Equivalents and Restricted Cash - All highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. Cash balances at a limited number of banks may periodically exceed insurable amounts. We believe that we mitigate our risk by investing in or through major financial institutions. Deferred Charges - Deferred charges include deferred lease costs and other intangible assets consisting of fees and costs incurred to originate operating leases and are amortized over the expected lease term. Deferred lease costs capitalized, including amounts paid to third-party brokers and internal leasing costs for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): 2020 2019 2018 Deferred lease costs capitalized- payroll and related costs $ 1,343 $ 679 $ 6,007 Total deferred lease costs capitalized $ 3,061 $ 5,142 $ 6,703 Due to the adoption of Accounting Standards Codification Topic 842 "Leases" ("ASC 842") on January 1, 2019, only direct internal leasing costs are capitalized and indirect internal leasing costs previously capitalized are now expensed. Deferred lease costs and other intangible assets also include the value of leases and origination costs deemed to have been acquired in real estate acquisitions. Deferred financing costs - Deferred financing costs include fees and costs incurred to obtain long-term financing and are amortized over the terms of the respective loans. Unamortized deferred financing costs are charged to expense when debt is retired before the maturity date. Captive Insurance - We have a wholly-owned captive insurance company that is responsible for losses up to certain deductible levels per occurrence for property damage (including wind damage from hurricanes) prior to third-party insurance coverage. Insurance losses are reflected in property operating expenses and include estimates of costs incurred, both reported and unreported. Impairment of Long-Lived Assets - Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, capitalization, and discount rates, and estimated holding periods for the applicable assets. The estimated fair value is based primarily on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. During the first quarter and fourth quarter of 2020, we recorded $45.7 million and $19.2 million in impairment charges, respectively, related to our Foxwoods outlet center in our consolidated statement of operations which equaled the excess of the carrying value over its estimated fair value. During the fourth quarter of 2020, fourth quarter of 2019 and third quarter 2018 , we recorded $2.4 million, $37.6 million and $49.7 million, in impairment charges respectively, related to our Jeffersonville outlet center in our consolidated statement of operations which equaled the excess of the carrying value of over its estimated fair value. See Note 10 for additional information on the fair market value calculations. See Note 5 for discussion of our share of the impairment charges recognized in our unconsolidated joint ventures at the Saint Suveur, Quebec outlet center in 2020 and the Bromont, Quebec and Saint Sauveur, Quebec outlet centers during 2018. If the effects of the COVID-19 pandemic cause economic and market conditions to deteriorate beyond our current expectations or if our expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. For example, the Foxwoods outlet center, which is part of a casino property, and our Atlantic city outlet center both continue to face leasing challenges that could lead to further declines in occupancy, rental revenues and cash flows in the future. Such challenges could result in additional impairments. We can provide no assurance that material impairment charges with respect to our properties will not occur in future periods. Rental Property Held For Sale - Rental properties designated as held for sale are stated at the lower of their carrying value or their fair value less costs to sell. We classify rental property as held for sale when our Board of Directors approves the sale of the assets and it meets the requirements of current accounting guidance. Subsequent to this classification, no further depreciation is recorded on the assets. Impairment of Investments - On a periodic basis or if circumstances exist, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent an other than temporary impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. Our estimates of value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, estimated hold period, demand for space, competition for tenants, discount and capitalization rates, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. Sales of Real Estate - For sales of real estate where we have consideration to which we are entitled in exchange for transferring the real estate, the related assets and liabilities are removed from the balance sheet and the resultant gain or loss is recorded in the period the transaction closes. Any post sale involvement is accounted for as separate performance obligations and when the separate performance obligations are satisfied, the sales price allocated to each is recognized. For transactions that do not meet the criteria for a sale, we evaluate the nature of the continuing involvement, including put and call provisions, if present, and account for the transaction as a financing arrangement, profit-sharing arrangement, leasing arrangement or other alternate method of accounting, rather than as a sale, based on the nature and extent of the continuing involvement. Some transactions may have numerous forms of continuing involvement. In those cases, we determine which method is most appropriate based on the substance of the transaction. Discontinued Operations - Properties that are sold or classified as held for sale are classified as discontinued operations provided that the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). Derivatives - We selectively enter into interest rate protection agreements to mitigate the impact of changes in interest rates on our variable rate borrowings. The notional amounts of such agreements are used to measure the interest to be paid or received and do not represent the amount of exposure to loss. None of these agreements are used for speculative or trading purposes. We recognize all derivatives as either assets or liabilities in the consolidated balance sheets and measure those instruments at their fair value. We formally document our derivative transactions, including identifying the hedge instruments and hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. Income Taxes - We operate in a manner intended to enable the Company to qualify as a REIT under the Internal Revenue Code. A REIT which distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. We intend to continue to qualify as a REIT and to distribute substantially all of the Company's taxable income to its shareholders. Accordingly, no provision has been made in the Company's consolidated financial statements for Federal income taxes. As a partnership, the allocated share of income or loss for the year with respect to the Operating Partnership is included in the income tax returns for the partners; accordingly, no provision has been made for Federal income taxes in the Operating Partnership's consolidated financial statements. In addition, we continue to evaluate uncertain tax positions. The tax years 2017 - 2020 remain open to examination by the major tax jurisdictions to which we are subject. With regard to the Company's unconsolidated Canadian joint ventures, deferred tax assets result principally from depreciation deducted under United States Generally Accepted Accounting Principles ("GAAP") that exceed capital cost allowances claimed under Canadian tax rules. A valuation allowance is provided if we believe all or some portion of the deferred tax asset may not be realized. We have determined that a full valuation allowance is required as we believe it is not probable that the deferred tax assets will be realized. For income tax purposes, distributions paid to the Company's common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends per share for the years ended December 31, 2020, 2019 and 2018 were taxable as follows: Common dividends per share: 2020 2019 2018 Ordinary income $ 0.7125 $ 1.3261 $ 1.3919 Capital gain — — 0.0006 Return of capital — 0.0889 — $ 0.7125 $ 1.4150 $ 1.3925 The following reconciles net income (loss) available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Net income (loss) available to the Company's shareholders $ (36,278) $ 87,855 $ 43,655 Book/tax difference on: Depreciation and amortization 71,896 51,602 58,208 Sale of assets and interests in unconsolidated entities (6,021) (41,138) (3,243) Equity in earnings from unconsolidated joint ventures 9,642 1,447 18,444 Share-based payment compensation 7,859 8,246 6,269 Other differences 13,536 8,948 (630) Taxable income (loss) available to common shareholders $ 60,634 $ 116,960 $ 122,703 Revenue Recognition - 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. Base rentals are recognized on a straight-line basis over the term of the lease. Tenant expense reimbursements are recognized in the period the applicable expenses are incurred. 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. Straight-line rent adjustments are recorded as a receivable in other assets on the consolidated balance sheets. Common area maintenance expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses for the property. As a provision of a tenant lease, if we make a cash payment to the tenant for purposes other than funding the construction of landlord assets, we defer the amount of such payments as a lease incentive. We amortize lease incentives as a reduction of base rental revenue over the term of the lease. The majority of our leases contain provisions which provide additional rents based on tenants' sales volume (“percentage rentals”) and reimbursement of the tenants' share of advertising and promotion, common area maintenance, insurance and real estate tax expenses. Percentage rentals are recognized when specified targets that trigger the contingent rent are met. Payments received from the early termination of leases are recognized as revenue from the time the payment is receivable until the tenant vacates the space. We have elected to apply the Lease Modification Q&A to eligible lease concessions. See Recently Adopted Accounting Standards, below. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. If a tenant terminates its lease prior to the original contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value will be written off. We receive development, leasing, loan guarantee, management and marketing fees from third parties and unconsolidated affiliates for services provided to properties held in joint ventures. Development and leasing fees received from unconsolidated affiliates are recognized as revenue when earned to the extent of the third party partners' ownership interest. Development and leasing fees earned to the extent of our ownership interest are recorded as a reduction to our investment in the unconsolidated affiliate. Loan guarantee fees are recognized over the term of the guarantee. Management fees and marketing fees are recognized as revenue when earned. Fees recognized from these activities are shown as management, leasing and other services in our consolidated statements of operations. Our share of fees received from consolidated joint ventures are eliminated in consolidation. Expense reimbursements from unconsolidated joint ventures are recognized in the period the applicable expenses are incurred. Uncollectible Tenant Revenues - Due to the adoption of ASC 842 effective January 1, 2019, uncollectible tenant revenues are recorded as a contra-revenue adjustment. If it is determined collection is not probable we record revenues on a cash basis. Previously in 2018 these adjustments were recorded in general and administrative expense. Operating Lease Receivable - Historically, our accounts receivable from tenants has not been material; however, given the impacts from the COVID-19 pandemic discussed below, our net accounts receivable balance, which is recorded in other assets on the consolidated balance sheet, has increased from approximately $4.8 million at December 31, 2019 to approximately $18.8 million at December 31, 2020. Straight-line rent adjustments recorded as a receivable in other assets on the consolidated balance sheets were approximately $65.8 million and $61.6 million as of December 31, 2020 and December 31, 2019, respectively. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are written off as an adjustment to rental revenue. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends including discussions with tenants for potential lease amendments. Our estimate of the collectability of accrued rents and accounts receivable is based on the best information available to us at the time of preparing the financial statements. The duration of the COVID-19 pandemic, recent tenant bankruptcies and other significant uncertainties with the economy required significant judgment to be used when estimating the collection of rents through December 31, 2020. See Note 3 for amounts we recorded as a reduction of revenues for uncollectible accounts. Concentration of Credit Risk - We perform ongoing credit evaluations of our tenants. Although the tenants operate principally in the retail industry, the properties are geographically diverse. No single tenant accounted for 10% or more of combined base and percentage rental revenues or gross leasable area during 2020, 2019 or 2018. See Note 3 for disclosures regarding credit risk due to the COVID-19 pandemic. Supplemental Cash Flow Information - We purchase capital equipment and incur costs relating to construction of new facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Costs relating to construction included in accounts payable and accrued expenses $ 22,814 $ 17,619 $ 15,772 Interest paid, net of interest capitalized was as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Interest paid, net of interest capitalized $ 58,021 $ 57,237 $ 60,529 Information related to non-cash assets and liabilities recorded as a result of the adoption of ASC 842 in 2019 was as follows (in thousands): 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. Accounting for Equity-Based Compensation - We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (Amended and Restated as of April 4, 2014) (the "Plan"), which covers our independent directors, officers and our employees. We may issue non-qualified options and other equity-based awards under the Plan. We account for our equity-based compensation plan under the fair value provisions of the relevant accounting guidance and we estimate expected forfeitures in determining compensation cost. Foreign Currency Translation - We have entered into a co-ownership agreement with RioCan Real Estate Investment Trust to develop and acquire outlet centers in Canada for which the functional currency is the local currency. The assets and liabilities related to our investments in Canada are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are translated using the average exchange rate for the period. Our share of unrealized gains and losses resulting from the translation of these financial statements are reflected in equity as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets. Recently issued accounting standards On March 12, 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. We have not adopted any of the optional expedients or exceptions through December 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. Recently adopted accounting standards In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under e |
COVID-19 Pandemic
COVID-19 Pandemic | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
COVID-19 Pandemic | COVID-19 Pandemic The current novel COVID-19 pandemic has had, and will continue to have, repercussions across local, national and global economies and financial markets. COVID-19 has impacted all states where our tenants operate their businesses or where our properties are located and measures taken to prevent or remediate COVID-19, including “shelter-in place” or “stay-at-home” orders or other quarantine mandates issued by local, state or federal authorities, have had an adverse effect on our business and the businesses of our tenants. The full extent of the adverse impact on, among other things, our results of operations, liquidity (including our ability to access capital markets), the possibility of future impairments of long-lived assets or our investments in unconsolidated joint ventures, our compliance with debt covenants, our ability to collect rent under our existing leases, our ability to renew and re - lease our leased space, the outlook for the retail environment, bankruptcies and potential further bankruptcies or other store closings and our ability to develop, acquire, dispose or lease properties for our portfolio, is unknown and will depend on future developments, which are highly uncertain and cannot be predicted. Our results of operations, liquidity and cash flows have been and may continue to be in the future materially affected. Although our outlet centers remained open, retailers began closing their stores in our outlet centers in mid-March and by April 6, 2020, substantially all of the stores in our portfolio were closed as a result of mandates by order of local and state authorities. By June 15, 2020, in store shopping for non-essential retail was allowed in every market in which our centers are located. Our outlet centers may experience additional short-term store closures as retailers implement additional safety protocols at specific locations impacted by increased exposure to COVID-19. While our outlet centers have not closed throughout the pandemic, we have been operating under reduced hours since late April when the first stores began to reopen. Prior to the pandemic, our centers operated an average of 12 hours per day. Currently, our open-air centers are open an average of 10 hours per day, which was expanded from an average of 8 hours per day in early November. A number of our tenants have requested rent deferrals, rent abatements or other types of rent relief during this pandemic. As a response, in late March 2020, we offered all tenants in our consolidated portfolio the option to defer 100% of April and May rents interest free, payable in equal installments due in January and February of 2021. The following table sets forth information regarding the status of rents billed during the fourth, third and second quarters as of December 31, 2020 (In thousands,unaudited): As of December 31, 2020 Fourth Quarter Third Quarter Second Quarter Collection Status: (1) Rents Billed % of Rents Rents Billed % of Rents Rents Billed % of Rents Rents collected $ 83,136 95 % $ 86,495 91 % $ 56,024 57 % Rents expected to be collected (2) 423 — 300 — 5,519 6 Rents deferred (3) 507 1 473 1 9,361 9 Under negotiation 702 1 755 1 1,760 2 One-time rent concessions in exchange for amendments to lease structure 1,205 1 2,829 3 13,687 14 Bankruptcy related, primarily pre-petition rents 821 1 3,015 3 9,290 10 At risk due to tenant financial weakness 1,116 1 934 1 1,867 2 Total rents billed $ 87,910 100 % $ 94,801 100 % $ 97,508 100 % (1) Excludes v ariable revenue which is derived from tenant sales and lease termination fees. (2) In January 2021, we collected an additional $145,000 of the fourth quarter rents, $187,000 of third quarter rents and $5.1 million of second quarter rents. (3) Includes rents deferred with substantially all payments due in 2021, for which the majority is due in January/February of 2021. As a direct result of the pandemic, bankruptcies and restructurings, the Company's earnings were negatively impacted by approximately $47.3 million due to (1) write-offs related to bankruptcies and other uncollectible accounts due to financial weakness, (2) one-time concessions in exchange for landlord-favorable amendments to lease structure, (3) reserves for a portion of deferred and under negotiation billings that we expect to become uncollectible in future periods, (4) and write-offs of straight-line rents associated with the bankruptcies and uncollectible accounts. Included in the negative impact discussed above, for the year ended December 31, 2020, we recorded a $5.3 million reserve for a portion of deferred and under negotiation billings that are expected to become uncollectible in future periods and recognized a write-off of revenue of approximately $7.2 million of straight-line rents associated with the tenant bankruptcies and uncollectible accounts. We are closely monitoring changes in the collectability assessment of our tenant receivables as a result of certain tenants suffering adverse financial consequences due to COVID-19 and should our estimates change, there could be material modifications to our revenues in future periods. Given the economic environment as a result of COVID-19, a select number of our tenants underwent liquidity hardships and filed for Chapter 11 bankruptcy protection in the second, third and fourth quarters of 2020. Although some of these tenants intend to exit the Chapter 11 bankruptcy process and resume operations, the outcomes of such proceedings are unknown and we are currently exploring leasing alternatives for stores we expect to close. Recent Chapter 11 bankruptcy filings include, but not limited to, J. Crew Group, Inc. (filed in May 2020) and Brooks Brothers, Lucky Brand Jeans, New York and Company and Ascena Retail Group, Inc. (all filed in July 2020), Francesca's (filed in December 2020) and Christopher and Banks (filed in January 2021). Also in 2020, G-III Apparel announced a brand-wide restructuring, including its intention to close all of its Wilsons and Bass stores. Approximately 93% of the amounts included in the table above under the caption (“Bankruptcy related, primarily pre-petition rents”) that were written off during the second, third and fourth quarters as uncollectible rents as of December 31, 2020 were related to these tenants. In March 2020, to increase liquidity, preserve financial flexibility and help meet our obligations for a sustained period of time, we drew down substantially all of the available capacity under our $600.0 million unsecured lines of credit. Beginning in June 2020 through August 2020, we repaid the entire $599.8 million outstanding balance bringing the outstanding balance to zero as of December 31, 2020. We also took steps to reduce cash outflows, including the reduction or deferral of certain operating costs, temporary base salary reductions for our named executive officers and other employees, and the reduction of certain other general and administrative expenses. We also deferred our Nashville pre-development-stage project and certain other planned capital expenditures. We paid the dividend that was declared in January 2020 as scheduled on May 15, 2020. Given the uncertainty related to the pandemic’s near and potential long-term impact, in May 2020 the Company’s Board of Directors temporarily suspended dividend distributions to conserve approximately $35.0 million in cash per quarter and preserve our balance sheet strength and flexibility. The dividend was reinstated in January 2021 and the Board declared a dividend of $0.1775 per share paid in February 2021. The Board continues to evaluate the potential for future dividend distributions on a quarterly basis. We were in compliance with REIT taxable income distribution requirements for the 2020 tax year. |
Disposition of Properties
Disposition of Properties | 12 Months Ended |
Dec. 31, 2020 | |
Disposition of Properties [Abstract] | |
Disposition of Properties | Disposition of Properties The following table sets forth the properties sold for the years ended 2020 and 2019 (in thousands). No properties were sold during 2018. Properties Locations Date Sold Square Feet Net Sales Proceeds Gain on Sale 2020 Dispositions: (1) Terrell Terrell, Texas August 2020 178 $ 7,626 $ 2,324 2019 Dispositions: (1) 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 Land outparcels Savannah, GA and Seymour, IN July 2019 — $ 257 $ — 878 $ 128,505 $ 43,422 (1) 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 | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures: As of December 31, 2020 Joint Venture Outlet Center Location Ownership % Square Feet Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: Columbus Columbus, OH 50.0 % 355 $ 2.0 $ 70.8 RioCan Canada Various 50.0 % 765 $ 92.6 $ — $ 94.6 Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 (12.8) 99.6 National Harbor (2) National Harbor, MD 50.0 % 341 (8.4) 94.5 Galveston/Houston (2) Texas City, TX 50.0 % 353 (19.5) 80.0 $ (40.7) As of December 31, 2019 Joint Venture Outlet Center Location Ownership % Square Feet Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 764 $ 94.7 $ 9.2 $ 94.7 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (3.5) $ 85.0 Charlotte (2) Charlotte, NC 50.0 % 399 (13.0) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.9) 94.4 Galveston/Houston (2) Texas City, TX 50.0 % 353 (19.7) 79.9 $ (42.1) (1) Net of debt origination costs and including premiums of $1.1 million and $1.1 million as of December 31, 2020 and 2019, respectively. (2) We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures. Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Year Ended December 31, 2020 2019 2018 Fees: Management and marketing $ 1,859 $ 2,308 $ 2,334 Leasing and other fees 60 126 162 Expense reimbursements from unconsolidated joint ventures 3,017 2,985 2,499 Total Fees $ 4,936 $ 5,419 $ 4,995 Expense reimbursements from unconsolidated joint ventures were previously included in expense reimbursements in our Form 10-K for the year ended December 31, 2018. 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 21 for discussion of adoption of ASC 842. Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $3.6 million and $3.8 million as of December 31, 2020 and 2019, respectively) are amortized over the various useful lives of the related assets. Charlotte In July 2014, we opened an approximately 398,000 square foot outlet center in Charlotte, North Carolina that was developed through, and is owned by, a joint venture formed in May 2013. In June 2018, the Charlotte joint venture closed on a $100.0 million mortgage loan with a fixed interest rate of approximately 4.3% and a maturity date of July 2028. The proceeds from the loan were used to pay off the existing $90.0 million mortgage loan with an interest rate of LIBOR + 1.45%, which had an original maturity date of November 2018. The joint venture distributed the incremental net loan proceeds of $9.3 million equally to the partners. Our partner is providing property management, marketing and leasing services to the joint venture. Columbus In June 2016, we opened an approximately 355,000 square foot outlet center in Columbus, Ohio. The development was initially fully funded with equity contributed to the joint venture by Tanger and its partner. In November 2016, the joint venture closed on an interest-only mortgage loan of $85.0 million at an interest rate of LIBOR + 1.65%. The loan initially matured in November 2019, with two one-year extension options. The joint venture received net loan proceeds of $84.2 million and distributed them equally to the partners. In October 2019, the joint venture exercised its first option to extend the mortgage loan for one year to November 2020 under the same terms. In December 2020, the Columbus joint venture amended the mortgage loan to extend the maturity to November 2022, which required a reduction in principal balance from $85.0 million to $71.0 million. The amendment also changed the interest rate from LIBOR + 1.65% to LIBOR + 1.85%. In addition, the mortgage loan guarantee by us was increased from $6.4 million to $11.9 million. We are providing property management, marketing and leasing services to the joint venture. Galveston/Houston In October 2012, we opened an approximately 353,000 square foot outlet center in Texas City, Texas that was developed through, and is owned by, a joint venture formed in June 2011. In July 2017, the joint venture amended and restated the initial construction loan, which had an outstanding balance of $65.0 million, to increase the amount available to borrow from $70.0 million to $80.0 million and extended the maturity date until July 2020 with two one-year options. The amended and restated loan also changed the interest rate from LIBOR + 1.50% to LIBOR + 1.65%. At the closing of the amendment, the joint venture distributed the net proceeds of approximately $14.5 million equally between the partners. In June 2020, in response to the COVID-19 impact on the property, the Galveston/Houston joint venture amended its mortgage loan. The loan modification amended the first one-year extension option to provide for two six-month options (the “First Extension” and “Second Extension”, respectively). Under the loan modification, the joint venture is prohibited from making partner distributions during the term of the First Extension. If the joint venture exercises all available options, the loan would mature in July 2022. The joint venture exercised its First Extension option to extend the mortgage loan for six months to January 2021. In December 2020, the partnership further extended this maturity to February 15, 2021 while it works with the existing lenders on a modification of this loan. In February 2021, the Galveston/Houston joint venture amended the mortgage loan to extend the maturity to July 2023, which required a reduction in principal balance from $80.0 million to $64.5 million. The amendment also changed the interest rate from LIBOR + 1.65% to LIBOR + 1.85%. We are providing property management, marketing and leasing services to the outlet center. National Harbor In November 2013, we opened an approximately 341,000 square foot outlet center at National Harbor in the Washington, D.C. Metro area that was developed through, and is owned by, a joint venture formed in May 2011. In December 2018, the National Harbor joint venture closed on a $95.0 million mortgage loan with a fixed interest rate of approximately 4.6% and a maturity date of January 2030. The proceeds from the loan were used to pay off the $87.0 million construction loan with an interest rate of LIBOR + 1.65%, which had an original maturity date of November 2019. The joint venture distributed the incremental net loan proceeds of $7.4 million equally to the partners. RioCan Canada We have a 50/50 co-ownership agreement with RioCan Real Estate Investment Trust to operate and manage outlet centers in Canada. We provide leasing and marketing services for the outlet centers and RioCan provides development and property management services. In October 2014, the co-owners opened Tanger Outlets Ottawa, the first ground up development of a Tanger Outlet Center in Canada. In 2016, the co-owners commenced construction on a 39,000 square foot expansion, which opened during the second quarter of 2017 to bring the total square feet of the outlet center to approximately 357,000. In November 2020, the Rio Can joint venture closed on the sale of an outparcel located at Tanger Outlets Ottawa for net proceeds of approximately $5.5 million and a gain of approximately $2.0 million. Our share of the net proceeds was $2.8 million, and our share of the gain was approximately $1.0 million. Other properties owned by the RioCan Canada co-owners include Cookstown Outlet Mall and Les Factoreries Saint-Sauveur. Cookstown Outlet Mall is approximately 308,000 square feet and Les Factoreries Saint-Sauveur is approximately 116,000 square feet. In May 2020, the joint venture’s mortgage loan for the outlet center in Saint-Sauveur matured and the joint venture repaid the approximately $8.3 million owed in full. In May 2019, the RioCan joint venture closed on the sale of its 161,000 square foot outlet center in Bromont, for net proceeds of approximately $6.4 million. Our share of the proceeds was approximately $3.2 million. As a result of this transaction, we recorded a foreign currency loss of approximately $3.6 million in other income (expense), which had been previously recorded in other comprehensive income. During 2020 and 2018, the RioCan joint venture recognized impairment charges related to its Bromont and Saint-Sauveur properties. The impairment charges were primarily driven by, among other things, new competition in the market and changes in market capitalization rates and the COVID-19 pandemic in 2020. The table below summarizes the impairment charges taken during 2020 and 2018 (in thousands): Impairment Charge (1) Outlet Center Total Our Share 2020 Saint-Sauveur $ 6,181 $ 3,091 2018 Bromont and Saint-Sauveur $ 14,359 $ 7,180 (1) The fair value was determined using an income approach considering the prevailing market income capitalization rates for similar assets. Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures 2020 2019 Assets Land $ 86,861 $ 90,859 Buildings, improvements and fixtures 471,798 477,061 Construction in progress 2,976 4,779 561,635 572,699 Accumulated depreciation (145,810) (132,860) Total rental property, net 415,825 439,839 Cash and cash equivalents 21,471 19,750 Deferred lease costs, net 4,849 6,772 Prepaids and other assets 20,478 17,789 Total assets $ 462,623 $ 484,150 Liabilities and Owners' Equity Mortgages payable, net $ 344,856 $ 368,032 Accounts payable and other liabilities 17,427 17,173 Total liabilities 362,283 385,205 Owners' equity 100,340 98,945 Total liabilities and owners' equity $ 462,623 $ 484,150 Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: Year Ended December 31, 2020 2019 2018 Revenues $ 76,866 $ 93,508 $ 94,509 Expenses: Property operating 33,053 36,812 37,121 General and administrative 395 271 266 Impairment charges 6,181 — 14,359 Depreciation and amortization 23,544 24,454 26,262 Total expenses 63,173 61,537 78,008 Other income (expense): Interest expense (13,091) (16,234) (14,518) Other non-operating income 2,153 507 234 Total other income (expense) $ (10,938) $ (15,727) $ (14,284) Net income $ 2,755 $ 16,244 $ 2,217 The Company and Operating Partnership's share of: Net income $ 1,126 $ 7,839 $ 924 Depreciation, amortization and asset impairments (real estate related) $ 15,115 $ 12,512 $ 20,494 |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs [Abstract] | |
Deferred Charges | Deferred Charges Deferred lease costs and other intangibles, net as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Deferred lease costs $ 88,867 $ 85,444 Intangible assets: Above market leases 39,628 46,252 Lease in place value 55,074 58,195 Tenant relationships 34,694 37,221 Other intangibles 41,117 41,531 259,380 268,643 Accumulated amortization (174,420) (171,931) Deferred lease costs and other intangibles, net $ 84,960 $ 96,712 Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2020 and 2019 were $16.9 million and $19.5 million, respectively. Amortization of deferred lease costs and other intangibles, excluding above and below market leases, included in depreciation and amortization for the years ended December 31, 2020, 2019 and 2018 was $12.4 million, $13.7 million and $15.1 million, respectively. Amortization of above and below market lease intangibles recorded as an increase or (decrease) in base rentals for the years ended December 31, 2020, 2019 and 2018 was $(2.4) million, $(1.0) million and $(2.1) million, respectively. Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands): Year Above/(Below) Market Leases, Net (1) Deferred Lease Costs and Other Intangibles (2) 2021 $ 190 $ 4,403 2022 176 4,117 2023 239 3,486 2024 170 3,260 2025 (296) 2,627 Total $ 479 $ 17,893 (1) These net amounts are recorded as a reduction (increase) of base rentals. |
Debt of the Company
Debt of the Company | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Debt of the Company | Debt of the Company All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries. The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $600.0 million. The Company also guarantees the Operating Partnership's unsecured term loan. The Operating Partnership had the following amounts outstanding on the debt guaranteed by the Company as of December 31, 2020 and 2019 (in thousands): 2020 2019 Unsecured lines of credit $ — $ — Unsecured term loan $ 350,000 $ 350,000 |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Debt of the Operating Partnership | Debt of the Operating Partnership The debt of the Operating Partnership as of December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.875 % December 2023 250,000 247,967 250,000 247,308 Senior notes 3.750 % December 2024 250,000 248,493 250,000 248,127 Senior notes 3.125 % September 2026 350,000 346,770 350,000 346,215 Senior notes 3.875 % July 2027 300,000 297,346 300,000 296,953 Mortgages payable: Atlantic City (2) (3) 5.14 % - 7.65% November 2021- December 2026 27,343 28,569 30,909 32,531 Southaven LIBOR + 1.80% April 2021 51,400 51,371 51,400 51,272 Unsecured term loan LIBOR (4) + 1.00% April 2024 350,000 347,370 350,000 347,367 Unsecured lines of credit LIBOR (4) + 1.000% October 2021 (5) — — — — $ 1,578,743 $ 1,567,886 $ 1,582,309 $ 1,569,773 (1) Includes premiums and net of debt discount and unamortized debt origination costs. Excludes $1.5 million and $2.0 million of unamortized debt origination costs related to unsecured lines of credit as of December 31, 2020 and 2019, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet. Unamortized debt origination costs were $9.5 million and $11.2 million as of December 31, 2020 and 2019, respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2020, 2019 and 2018 was $3.6 million, $3.0 million and $3.1 million, respectively. (2) The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05%. (3) Principal and interest due monthly with remaining principal due at maturity. (4) Beginning in June 2020, if LIBOR is less than 0.25% per annum, the rate will be deemed to be 0.25% for the portions of the lines of credit and bank term loan that are not fixed with an interest rate swap. (5) Unsecured lines of credit have a one-year extension option to extend the maturity to October 2022. Certain of our properties, which had a net book value of approximately $166.0 million at December 31, 2020, serve as collateral for mortgages payable. We maintain unsecured lines of credit that, as of December 31, 2020, provided for borrowings of up to $600.0 million, including a separate $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. The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of December 31, 2020, we believe we were in compliance with all of our debt covenants. 2020 Transactions Unsecured lines of credit and Term Loan Covenant Modifications In June 2020, we amended the debt agreements for our lines of credit and bank term loan, primarily to improve future covenant flexibility. The amendments, among other things, allow us to access the existing surge leverage provision, which provides for an increase to the maximum thresholds to 65% from 60% for total leverage and unsecured leverage, for twelve months starting July 1, 2020, during which time share repurchases are prohibited. Additionally, the leverage covenants are determined based on the calculation period which is modified to be based on the immediately preceding three calendar month period annualized for the calculation date occurring on December 31, 2020; the immediately preceding six calendar month period annualized for the calculation date occurring on March 31, 2021; the immediately preceding nine calendar month period annualized for the calculation date occurring on June 30, 2021; and for all other calculation dates occurring during the term on the agreement, the immediately preceding twelve calendar month period. Some definitional modifications related to the calculation of certain covenants are permanent, including the netting of cash balances in excess of $30.0 million (or debt maturing in the next 24 months, if less) as well as using adjusted EBITDA, which adds back general and administrative expenses not attributable to the subsidiaries or properties and deducts a management fee of 3% of rental revenues in liability and asset calculations for certain covenants. The amendments revised the interest rate to provide a LIBOR floor of 0.25% for the portions of the lines of credit and bank term loan that are not fixed with an interest rate swap. Although the amended covenants provide additional flexibility and we expect to remain in compliance with such covenants, the potential impacts from COVID-19 are highly uncertain and therefore could impact covenant compliance in the future. Unsecured Lines of Credit In March 2020, in response to the COVID-19 pandemic, we drew down approximately $599.8 million under our unsecured lines of credit to increase liquidity and preserve financial flexibility to help ensure that we are able to meet our obligations for a sustained period. Beginning in June 2020 through August 2020, we repaid the entire $599.8 million outstanding balance bringing the outstanding balance to zero as of December 31, 2020. Interest Rate Spread over LIBOR In February 2020, due to a change in our credit rating, our interest rate spread over LIBOR on our $600.0 million unsecured line of credit facility increased from 0.875% to 1.0% and our annual facility fee increased from 0.15% to 0.20%. In addition, our interest rate spread over LIBOR on our $350.0 million unsecured term loan increased from 0.90% to 1.0%. 2018 Transactions Increased Borrowing Capacity and Extension of Unsecured Lines of Credit In January 2018, we closed on amendments to our unsecured lines of credit, which increased the borrowing capacity from $520.0 million to $600.0 million and extended the maturity date from October 2019 to October 2021, with a one-year extension option. We also reduced the interest rate spread over LIBOR from 0.90% to 0.875%, and increased the incremental borrowing availability through an accordion feature on the syndicated line from $1.0 billion to $1.2 billion. Loan origination costs associated with the amendments totaled approximately $2.3 million. Southaven, MS Mortgage In February 2018, the consolidated joint venture that owns the Tanger outlet center in Southaven, Mississippi amended and restated the $60.0 million mortgage loan secured by the property that was scheduled to mature in April 2018. The amended and restated loan reduced the principal balance to $51.4 million, increased the interest rate from LIBOR + 1.75% to LIBOR + 1.80% and extended the maturity to April 2021, with a two-year extension option. In March 2018, the consolidated joint venture entered into an interest rate swap, effective March 1, 2018, that fixed the base LIBOR rate at 2.47% on a notional amount of $40.0 million through January 31, 2021. Unsecured Term Loan In October 2018, we amended and restated our unsecured term loan, increasing the size of the loan from $325.0 million to $350.0 million, extending the maturity from April 2021 to April 2024, and reducing the interest rate spread over LIBOR from 0.95% to 0.90%. The $25.0 million of proceeds were used to pay down the balances outstanding under our unsecured lines of credit. Debt Maturities Maturities of the existing long-term debt as of December 31, 2020 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2021 $ 57,193 2022 4,436 2023 254,768 2024 605,140 2025 1,501 Thereafter 655,705 Subtotal 1,578,743 Net discount and debt origination costs (10,857) Total $ 1,567,886 Given the financial implications of COVID-19, we have considered our short-term (one year or less from the date of filing these financial statements) liquidity needs and the adequacy of our estimated cash flows from operating activities and other financing sources to meet these needs. These other sources include but are not limited to: existing cash, ongoing relationships with certain financial institutions, our ability to sell debt or issue equity subject to market conditions and proceeds from the potential sale of non-core assets. We believe that we have access to the necessary financing to fund our short-term liquidity needs. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets as of December 31, 2020 and 2019 (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Average Fixed Pay Rate 2020 2019 Assets (Liabilities) (1) : April 13, 2016 January 1, 2021 $ 175,000 1 month LIBOR 1.03 % $ (17) $ 1,018 March 1, 2018 January 31, 2021 40,000 1 month LIBOR 2.47 % (75) (376) August 14, 2018 January 1, 2021 150,000 1 month LIBOR 2.20 % (34) (896) July 1, 2019 February 1, 2024 25,000 1 month LIBOR 1.75 % (1,192) (170) January 1, 2021 February 1, 2024 150,000 1 month LIBOR 0.60 % (1,901) — January 1, 2021 February 1, 2024 100,000 1 month LIBOR 0.22 % $ (139) — Total $ 640,000 $ (3,358) $ (424) (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 for the years ended December 31, 2020, 2019 and 2018, respectively (in thousands): 2020 2019 2018 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in OCI $ (2,934) $ (6,174) $ 405 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020: Asset: Short-term government securities (cash and cash equivalents) $ 87,081 $ 87,081 $ — $ — Total assets $ 87,081 $ 87,081 $ — $ — Liabilities: Interest rate swaps (other liabilities) $ 3,358 $ — $ 3,358 $ — Total liabilities $ 3,358 $ — $ 3,358 $ — 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, 2019: Assets: Interest rate swaps (prepaids and other assets) $ 1,018 $ — $ 1,018 $ — Total assets $ 1,018 $ — $ 1,018 $ — Liabilities: Interest rate swaps (other liabilities) $ 1,442 $ — $ 1,442 $ — Total liabilities $ 1,442 $ — $ 1,442 $ — 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. Fair Value Measurements on a Nonrecurring Basis The following table sets forth our assets that are measured at fair value on a nonrecurring basis within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of December 31, 2020: Asset: Long-lived assets $ 46,950 $ — $ — $ 46,950 Fair value as of March 31, 2020: Asset: Long-lived assets $ 60,000 $ — $ — $ 60,000 Fair value as of December 31, 2019: Asset: Long-lived assets $ 10,000 $ — $ — $ 10,000 Fair value as of September 30, 2018: Asset: Long-lived assets $ 50,000 $ — $ — $ 50,000 Foxwoods Impairments During the first quarter 2020, we recorded a $45.7 million impairment charge in our consolidated statement of operations which equaled the excess of the carrying value of our Foxwoods outlet center over its estimated fair value. The estimated fair value was based on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. During the fourth quarter of 2020, in anticipation of further store closings and declining operating results, we recorded an additional impairment charge of $19.2 million in our consolidated statement of operations which equaled the excess of the carrying value of our Foxwoods outlet center over its estimated fair value. The estimated fair value was based on the income approach. Discount rates and terminal capitalization rates utilized in the approach above were derived from property-specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant unobservable inputs in determining the fair value. These inputs are classified under Level 3 in the fair value hierarchy above. Should the significant assumptions utilized above to determine fair value continue to deteriorate, additional impairments in the future could be possible. The table below summarizes the terminal capitalization rate and discount rate used: December 31, 2020 March 31, 2020 Terminal capitalization rate 7.8 % 7.8 % Discount rate 8.5 % 8.5 % Jeffersonville Impairments During the fourth quarter of 2020, due to the pending sale in January 2021 of the outlet center we recorded an additional impairment charge of $2.4 million in our consolidated statement of operations which equaled the excess of the carrying value of our Jeffersonville outlet center over its estimated fair value. The estimated fair value was based on the market approach. During the fourth quarter of 2019, in anticipation of further store closings and declining operating results, we recorded an additional impairment charge of $37.6 million in our consolidated statement of operations which equaled the excess of the carrying value of our Jeffersonville outlet center over its estimated fair value. The estimated fair value was based on the income approach. During the third quarter 2018, we determined that the estimated future undiscounted cash flows of our Jeffersonville outlet center did not exceed the property's carrying value. This shortfall was due to an expected decline in operating results caused by anticipated store closures from bankruptcy filings and brand-wide restructurings and a shift in the local competitive environment. Accordingly we recorded a $49.7 million impairment charge in our consolidated statement of operations which equaled the excess of the carrying value of our Jeffersonville outlet center over its estimated fair value. The estimated fair value was based on the income approach. Discount rates and terminal capitalization rates utilized in the approach above were derived from property-specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant unobservable inputs in determining the fair value. These inputs are classified under Level 3 in the fair value hierarchy above. The table below summarizes the terminal capitalization rate and discount rate used: December 31, 2019 September 30, 2018 Terminal capitalization rate 12.0 % 10.0 % Discount rate 13.0 % 10.0 % Other Fair Value Disclosures The estimated fair value and recorded value of our debt as of December 31, 2020 and 2019 were as follows (in thousands): 2020 2019 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,207,531 1,169,481 Level 3 Significant Unobservable Inputs 432,272 434,333 Total fair value of debt $ 1,639,803 $ 1,603,814 Recorded value of debt $ 1,567,886 $ 1,569,773 Our senior unsecured notes are publicly-traded which provides quoted market rates. However, due to the limited trading volume of these notes, we have classified these instruments as Level 2 in the hierarchy. Our other debt is classified as Level 3 given the unobservable inputs utilized in the valuation. Our unsecured term loan, unsecured lines of credit and variable interest rate mortgages are all LIBOR based instruments. When selecting the discount rates for purposes of estimating the fair value of these instruments, we evaluated the original credit spreads and do not believe that the use of them differs materially from current credit spreads for similar instruments and therefore the recorded values of these debt instruments is considered their fair value. The carrying values of cash and cash equivalents, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments. |
Shareholders' Equity of the Com
Shareholders' Equity of the Company | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Shareholders' Equity of the Company [Line Items] | |
Shareholders' Equity of the Company | Shareholders' Equity of the Company As discussed in Note 12, each Class A common limited partnership unit is exchangeable for one common share of the Company. The following table sets forth the number of Class A common limited partnership units exchanged for an equal number of common shares for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Exchange of Class A limited partnership units 116,530 49,511 34,749 Share Repurchase Program In May 2017, the Company announced that our Board of Directors authorized the repurchase of up to $125.0 million of its outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019. In February 2019, the Company’s Board of Directors authorized the repurchase of an additional $44.3 million of our outstanding common shares for an aggregate authorization of $169.3 million until 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. The Company has temporarily suspended share repurchases for at least the twelve months starting July 1, 2020 as the June 2020 amendments to our debt agreements for our lines of credit and bank term loan prohibit share repurchases during such time and in order to preserve our liquidity position. Shares repurchased during the years ended December 31, 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 Total number of shares purchased — 1,209,328 919,249 Average price paid per share $ — $ 16.52 $ 21.74 Total price paid exclusive of commissions and related fees (in thousands) $ — $ 19,976 $ 19,980 |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |
Partners' Equity of the Operating Partnership | Partners' Equity of the Operating Partnership All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the issuance of restricted share awards or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP Trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases corresponding Class B common limited partnership units held by Tanger LP Trust. The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2020, 2019 and 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 Units withheld for employee income taxes — — (89,437) (89,437) Exchange of Class A limited partnership units — (34,749) 34,749 — Grant of restricted common share awards by the Company, net of forfeitures — — 355,184 355,184 Repurchase of units — — (919,249) (919,249) Balance December 31, 2018 1,000,000 4,960,684 92,941,783 97,902,467 Units withheld for employee income taxes — — (131,873) (131,873) Exchange of Class A limited partnership units — (49,511) 49,511 — Grant of restricted common share awards by the Company — — 242,167 242,167 Repurchase of units — — (1,209,328) (1,209,328) Balance December 31, 2019 1,000,000 4,911,173 91,892,260 96,803,433 Units withheld for employee income taxes — — (56,597) (56,597) Exchange of Class A limited partnership units — (116,530) 116,530 — Grant of restricted common share awards by the Company — — 611,350 611,350 Issuance of deferred units — — 6,258 6,258 Balance December 31, 2020 1,000,000 4,794,643 92,569,801 97,364,444 |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests in the Operating Partnership relate to the interests in the Operating Partnership owned by Non-Company LPs as discussed in Note 2. The noncontrolling interests in other consolidated partnerships consist of outside equity interests in partnerships not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. In 2020 and 2019, adjustments of the noncontrolling interest in the Operating Partnership were made as a result of the changes in the Company's ownership of the Operating Partnership from additional units received in connection with the Company's issuance of common shares upon the exercise of options and grants of share-based compensation awards, additional units received upon the exchange of Class A common limited partnership units of the Operating Partnership into an equal number of common shares of the Company, and units repurchased by the Operating Partnership as a result of the Company's repurchase of its outstanding common shares. As discussed in Note 12, for the years ended December 31, 2020 and 2019, Non-Company LPs exchanged 116,530 and 49,511 Class A common limited partnership units of the Operating Partnership, respectively, for an equal number of common shares of the Company. In addition, for the years ended December 31, 2019 and 2018, the Company repurchased approximately 1,209,328 and 919,249 common shares, respectively, on the open market and the Operating Partnership repurchased an equal number of units held by the Company. The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows (in thousands): 2020 2019 Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. $ (36,278) $ 87,855 Increase (decrease) in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests (74) 200 Changes from net income (loss) attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest $ (36,352) $ 88,055 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Earnings Per Share of the Company | Earnings Per Share of the Company The following table sets forth a reconciliation of the numerators and denominators in computing earnings per share for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share amounts): 2020 2019 2018 Numerator Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. $ (36,278) $ 87,855 $ 43,655 Less allocation of earnings to participating securities (692) (1,336) (1,211) Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ (36,970) $ 86,519 $ 42,444 Denominator Basic weighted average common shares 92,618 92,808 93,309 Effect of outstanding options and certain restricted common shares — — 1 Diluted weighted average common shares 92,618 92,808 93,310 Basic earnings per common share: Net income (loss) $ (0.40) $ 0.93 $ 0.45 Diluted earnings per common share: Net income (loss) $ (0.40) $ 0.93 $ 0.45 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 material securities which had a dilutive effect on earnings per common share for the years ended December 31, 2020, 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 years ended December 31, 2020, 2019, and 2018, approximately 1.7 million, 1.1 million and 1.0 million units were excluded from the computation, respectively, because these units would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. 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 years ended December 31, 2020, 2019 and 2018, approximately 1.8 million, 523,000 and 535,000 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 | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Earnings Per Unit of the Operating Partnership | Earnings Per Unit of the Operating Partnership The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per unit amounts): 2020 2019 2018 Numerator Net income (loss) attributable to partners of the Operating Partnership $ (38,203) $ 92,533 $ 45,984 Allocation of earnings to participating securities (692) (1,336) (1,211) Net income (loss) available to common unitholders of the Operating Partnership $ (38,895) $ 91,197 $ 44,773 Denominator Basic weighted average common units 97,521 97,766 98,302 Effect of outstanding options and certain restricted common units — — 1 Diluted weighted average common units 97,521 97,766 98,303 Basic earnings per common unit: Net income (loss) $ (0.40) $ 0.93 $ 0.45 Diluted earnings per common unit: Net income (loss) $ (0.40) $ 0.93 $ 0.45 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 material securities which had a dilutive effect on earnings per common share for the years ended December 31, 2020, 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 years ended December 31, 2020, 2019, and 2018, approximately 1.7 million, 1.1 million and 1.0 million units were excluded from the computation, respectively, because these units would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method. 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 years ended December 31, 2020, 2019 and 2018, approximately 1.8 million, 523,000 and 535,000 options were excluded from the computation, respectively. Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Equity-Based Compensation | Equity-Based Compensation When a common share is issued by the Company, the Operating Partnership issues one corresponding unit of partnership interest to the Company's wholly-owned subsidiaries. Therefore, when the Company grants an equity based award, the Operating Partnership treats each award as having been granted by the Operating Partnership. In the discussion below, the term "we" refers to the Company and the Operating Partnership together and the term "shares" is meant to also include corresponding units of the Operating Partnership. As of December 31, 2020, we may issue up to 18.7 million common shares under the Plan. Shares remaining available for future issuance totaled approximately 2,608,000 common shares. The amount and terms of the awards granted under the Plan were determined by the Board of Directors (or the Compensation Committee of the Board of Directors). We recorded equity-based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018, respectively, as follows (in thousands): 2020 2019 2018 Restricted common shares $ 7,614 $ 12,036 $ 9,870 Notional unit performance awards 4,574 5,918 4,356 Options 329 166 443 Total equity-based compensation $ 12,517 $ 18,120 $ 14,669 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): 2020 2019 2018 Equity-based compensation expense capitalized $ 409 $ 384 $ 1,131 As of December 31, 2020, there was $16.7 million of total unrecognized compensation cost related to unvested common equity-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.9 years. Restricted Common Share and Restricted Share Unit Awards During 2020, 2019 and 2018, the Company gra nted approximately 788,000, 309,000 and 407,000 restricted common shares and restricted share units, respectively, to the Company's non-employee directors and the Company's senior executive officers. The 2020 grants include approximately 389,000 restricted common shares that were issued to our Chief Executive Officer, Stephen J. Yalof, as an inducement to his entering into employment with the Company and were granted outside of the Company’s shareholder approved equity plan pursuant to New York Stock Exchange rules. The non-employee directors' restricted common shares generally vest ratably over a three year period and the senior executive officers' restricted common shares (other than our Chief Executive Officer's) generally vest ratably over periods ranging from three to five years. For the restricted common shares and restricted share units issued to our chief executive officer during 2020, 2019 and 2018, the award agreements generally require him to hold the shares or units issued to him for a minimum of three years following each applicable vesting date 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 common shares and restricted share units. For all of the restricted common share and restricted share unit awards described above, the grant date fair value of the awards were determined based upon the closing market price of the Company's common shares on the day prior to the grant date. The following table summarizes information related to unvested restricted common shares and restricted share units outstanding for the years ended December 31, 2020, 2019, and 2018: Unvested Restricted Common Shares and Restricted Share Units Number of shares and units Weighted average grant date fair value Outstanding at December 31, 2017 749,906 $ 32.30 Granted (1) 407,156 21.13 Vested (314,982) 31.43 Forfeited — — Outstanding at December 31, 2018 842,080 $ 27.56 Granted (2) 308,623 21.05 Vested (469,178) 27.73 Forfeited — — Outstanding at December 31, 2019 681,525 $ 23.92 Granted (3) 787,873 23.92 Vested (330,014) 25.43 Forfeited (18,996) 19.79 Outstanding at December 31, 2020 1,120,388 $ 13.91 (1) Includes 44,452 restricted share units. (2) Includes 51,217 restricted share units. (3) Includes 121,527 restricted share units. The table above excludes restricted common shares earned under the 2014 Outperformance Plan. In connection with the 2014 Outperformance Plan, we issued approximately 184,000 restricted common shares in January 2017, with approximately 94,000 vesting immediately and the remaining 90,000 vesting in January 2018, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). The total value of restricted common shares vested during the years ended 2020, 2019 and 2018 was $4.2 million, $9.2 million and $9.2 million, respectively. During 2020, 2019 and 2018, we withheld shares with value equivalent to the employees' obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total number of shares withheld were approximately 57,000, 132,000 and 89,000 for 2020, 2019 and 2018, respectively, and were based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date. Total amounts paid for the employees' tax obligation to taxing authorities were $736,000, $2.5 million and $2.1 million for 2020, 2019 and 2018, respectively, which are reflected as a financing activity within the consolidated statements of cash flows. Notional Unit Performance Awards Outperformance Plan Each year, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approves the terms and the number of awards to be granted under the Tanger Factory Outlet Centers, Inc. Outperformance Plan (the “OPP"). The OPP is a long-term incentive compensation plan. Recipients may earn units which may convert, subject to the achievement of the goals described below, into restricted common shares of the Company based on the Company’s absolute share price appreciation (or absolute total shareholder return) and its share price appreciation relative to its peer group (or relative total shareholder return) over a three-year measurement period. For all recipients (other than our chief executive officer), any shares earned at the end of the three-year measurement period are subject to a time-based vesting schedule, with 50% of the shares vesting immediately following the measurement period, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability. For our chief executive officer, any shares earned at the end of the three-year measurement period remain subject to a time-based vesting schedule and are issued following vesting, with 50% of the shares vesting immediately following issuance, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting dates (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or due to retirement or (c) due to death or disability). The following table sets forth OPP performance targets and other relevant information about each plan: 2020 OPP (1) 2019 OPP (1) 2018 OPP (1) 2017 OPP (2) 2016 OPP (3) Performance targets Absolute portion of award: Percent of total award 33% 33% 33% 50% 50% Absolute total shareholder return range 37 % - 52% 19 % - 30% 19 % - 30% 18 % - 35% 18 % - 35% Percentage of units to be earned 20 % - 100% 20 % - 100% 20 % - 100% 20 % - 100% 20 % - 100% Relative portion of award: Percent of total award 67% 67% 67% 50% 50% Percentile rank of peer group range 30 th - 80th 30 th - 80th 30 th - 80th 40 th - 70th 40 th - 70th Percentage of units to be earned 20 % - 100% 20 % - 100% 20 % - 100% 20 % - 100% 20 % - 100% Maximum number of restricted common shares that may be earned 902,167 531,827 409,972 296,400 321,900 February grant date fair value per share $ 7.30 $ 12.09 $ 12.42 $ 16.60 $ 15.10 April 2020 grant date fair value per share (4) $ 3.11 N/A N/A N/A N/A (1) The number of restricted common shares received under the 2020, 2019 and 2018 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. The peer group is based on companies included in the FTSE NAREIT Retail Index. (2) On February 13, 2020, the measurement period for the 2017 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2017 OPP performance awards were automatically forfeited. (3) On February 15, 2019, the measurement period for the 2016 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2016 OPP performance awards were automatically forfeited. (4) In April 2020, Mr. Yalof was awarded 205,480 notional units under the 2020 OPP. These awards have the same terms as the awards our executive officers received in February 2020. The fair values of the OPP awards granted during the years ended December 31, 2020, 2019, and 2018 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: 2020 2019 2018 Risk free interest rate (1) 1.40 % 2.55 % 2.40 % Expected dividend yield (2) 8.4 % 5.3 % 4.8 % Expected volatility (3) 29 % 24 % 27 % (1) Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period. (3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period. The following table sets forth OPP activity for the years ended December 31, 2020, 2019, and 2018: Unvested OPP Awards Number of units Weighted average grant date fair value Outstanding as of December 31, 2017 603,411 $ 15.83 Awarded 409,972 12.42 Earned — — Forfeited — — Outstanding as of December 31, 2018 1,013,383 $ 14.44 Awarded 531,827 12.09 Earned — — Forfeited (421,306) 14.36 Outstanding as of December 31, 2019 1,123,904 $ 13.36 Awarded 902,167 6.35 Earned — — Forfeited (316,297) 16.01 Outstanding as of December 31, 2020 1,709,774 $ 9.17 Option Awards Options outstanding at December 31, 2020 had the following weighted average exercise prices and weighted average remaining contractual lives: Options Outstanding Options Exercisable Exercise prices Options Weighted average exercise price Weighted remaining contractual life in years Options Weighted average exercise price $ 5.73 334,000 $ 5.73 9.69 — $ 5.73 $ 7.15 1,000,000 $ 7.15 9.37 250,000 $ 7.15 $ 21.94 269,000 $ 21.94 7.21 107,600 $ 21.94 $ 26.06 57,200 26.06 0.15 57,200 26.06 $ 32.02 145,500 32.02 3.00 145,500 32.02 1,805,700 $ 17.76 6.06 310,300 $ 28.61 A summary of option activity under the Plan for the years ended December 31, 2020, 2019, and 2018 (aggregate intrinsic value amount in thousands): Options Shares Weighted-average exercise price Weighted-average remaining contractual life in years Aggregate intrinsic value Outstanding as of December 31, 2017 231,200 $ 30.42 Granted 331,000 21.94 Exercised — — Forfeited (27,700) 22.62 Outstanding as of December 31, 2018 534,500 $ 25.56 7.08 $ — Granted — — Exercised — — Forfeited (11,200) 25.27 Outstanding as of December 31, 2019 523,300 $ 25.57 6.06 $ — Granted 1,334,500 — Exercised — — Forfeited (52,100) — Outstanding as of December 31, 2020 1,805,700 $ 11.69 8.30 $ — Vested and Expected to Vest as of December 31, 2020 1,734,077 $ 11.83 8.26 $ — Exercisable as of December 31, 2020 560,300 $ 18.38 6.36 $ — In September 2020, the Company granted 334,500 options to non-executive employees of the Company. The exercise price of the options granted during the third quarter was $5.73 per share which equaled the closing market price of the Company's common shares on the day prior to the grant date. The options expire 10 years from the date of grant and 20% of the options become exercisable in each of the first 5 years commencing one year from the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted average grant date fair value per share of $1.03 and included the following weighted-average assumptions: expected dividend yield 4.93%; expected life of 6.5 years; expected volatility of 34.39%; a risk-free rate of 0.48%; and forfeiture rate of 7.2% dependent upon the employee's position within the Company. In April 2020, Stephen Yalof became the President and Chief Operating Officer of the Company. Mr. Yalof was granted 1.0 million options that have an exercise price of $7.15 per share, which equaled the closing market price of a common share of the Company on the day prior to the grant date. As an inducement to his entering into employment with the Company, the options were granted outside of the Company’s shareholder approved equity plan pursuant to New York Stock Exchange rule s. The options expire 10 years from the date of grant and 25% of the options become exercisable on December 31, 2020 with the remaining options vesting ratably on each December 31st through 2023, in each case, contingent upon continued employment with the Company through the applicable vesting date (subject to acceleration upon certain terminations of employment). The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted average grant date fair value per share of $0.42 and included the following weighted-average assumptions: expected dividend yield 9.86%; expected life of 7.9 years; expected volatility of 30%; a risk-free rate of 0.60%; and forfeiture rate 0.0%. During February 2018, the Company granted 331,000 options to non-executive employees of the Company. The exercise price of the options granted during the first quarter of 2018 was $21.94 per share which equaled the closing market price of the Company's common shares on the day prior to the grant date. The options expire 10 years from the date of grant and 20% of the options become exercisable in each of the first five years commencing one year from the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted average grant date fair value per share of $3.62 and included the following weighted-average assumptions: expected dividend yield 6.24%; expected life of 7.1 years; expected volatility of 32.47%; a risk-free rate of 2.8%; and forfeiture rates of 3.0% to 10.0% dependent upon the employee's position within the Company. The total intrinsic value of options exercised during the year ended December 31, 2018 was $8,000. For the years ended December 31, 2020 2019 and 2018, no options were exercised. 401(k) Retirement Savings Plan |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss of the Company | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Accumulated Other Comprehensive Loss of the Company | Accumulated Other Comprehensive Loss of the Company The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the years ended December 31, 2020, 2019, and 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 (8,250) 2,335 (5,915) (441) 126 (315) Reclassification out of accumulated other comprehensive income into interest expense — (1,951) (1,951) — (105) (105) Balance December 31, 2018 (32,610) 5,459 (27,151) (1,770) 290 (1,480) Other comprehensive income (loss) before reclassifications 4,062 (3,755) 307 217 (202) 15 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges 3,454 (2,105) 1,349 184 (112) 72 Balance December 31, 2019 (25,094) (401) (25,495) (1,369) (24) (1,393) Other comprehensive income (loss) before reclassifications 1,695 (6,749) (5,054) 88 (359) (271) Reclassification out of accumulated other comprehensive income into interest expense — 3,964 3,964 — 210 210 Balance December 31, 2020 $ (23,399) $ (3,186) $ (26,585) $ (1,281) $ (173) $ (1,454) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $1.1 million of the amounts recorded within accumulated other comprehensive income (loss) related to the interest rate swap agreements in effect and as of December 31, 2020. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss of the Operating Partnership | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Loss of the Operating Partnership | Accumulated Other Comprehensive Loss of the Operating Partnership The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the years ended December 31, 2020, 2019, and 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 (8,691) 2,461 (6,230) Reclassification out of accumulated other comprehensive income into interest expense — (2,056) (2,056) Balance December 31, 2018 (34,380) 5,749 (28,631) Other comprehensive income (loss) before reclassifications 4,279 (3,957) 322 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges 3,638 (2,217) 1,421 Balance December 31, 2019 (26,463) (425) (26,888) Other comprehensive income (loss) before reclassifications 1,783 (7,108) (5,325) Reclassification out of accumulated other comprehensive income into interest expense — 4,174 4,174 Balance December 31, 2020 $ (24,680) $ (3,359) $ (28,039) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $1.1 million of the amounts recorded within accumulated other comprehensive income (loss) related to the interest rate swap agreements in effect and as of December 31, 2020. |
Supplementary Income Statement
Supplementary Income Statement Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplementary Income Statement Information [Abstract] | |
Supplementary Income Statement Information | Supplementary Income Statement Information The following amounts are included in property operating expenses for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Advertising and promotion $ 20,435 $ 26,022 $ 27,066 Common area maintenance 56,226 70,472 73,367 Real estate taxes 32,762 33,430 32,836 Other operating expenses 27,712 27,810 27,188 $ 137,135 $ 157,734 $ 160,457 |
Leasing Agreements
Leasing Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements 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 to retained earnings on adoption and prior periods were not restated. Accordingly, our leases and lease related costs, as both lessee and lessor, and lease related receivables, as lessor, are presented under ASC 842 for the year ended December 31, 2020 and 2019 and under ASC 840 the year ended December 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 Annual Report on Form 10-K for the year ended December 31, 2018 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 Annual Report on Form10-K for the year ended December 31, 2018, which are not related to leases have been reclassified to management, leasing and other services and other revenues on the consolidated statements of operations to conform to the current year presentation. See Note 6 for additional details on the amounts reclassified to management, leasing and other services. 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. See Note 2 for addition information on uncollectible tenant revenues. 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 years ended December 31, 2020 and 2019, we recorded a straight-line rent adjustment of $4.4 million and $6.4 million, respectively 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 years ended December 31, 2020 and 2019, lease costs of approximately$4.7 million and $4.9 million, respectively 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 December 31, 2020, we were the lessor to over 2,200 stores in our 31 consolidated outlet centers, under operating leases with initial terms that expire from 2021 to 2035, 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 years ended December 31, 2020 and 2019, the components of rental revenues are as follows (in thousands): 2020 2019 Rental revenues - fixed $ 289,676 $ 360,513 Rental revenues - variable (1) 88,256 103,433 Rental revenues $ 377,932 $ 463,946 (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 December 31, 2020, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands) (1) : 2021 $ 271,907 2022 237,806 2023 205,403 2024 170,920 2025 129,626 Thereafter 227,295 $ 1,242,957 (1) Does not include rents deferred related to the COVID-19 pandemic and or lease modifications that were in process as of December 31, 2020. 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. In 2020, we recorded impairment charge of $64.8 million in our consolidated statement of operations which equaled the excess of the carrying value of our Foxwoods outlet center over its estimated fair value of which $4.0 million of the impairment charge was allocated to the right-of-use asset. 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 year ended December 31, 2020, the components of lease costs are as follows (in thousands): 2020 2019 Operating lease costs $ 5,531 $ 5,519 Short-term lease costs 2,511 2,297 Variable lease costs (1) 295 231 Total lease costs $ 8,337 $ 8,047 (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: 2020 Weighted - average remaining lease term (years) 49.25 Weighted - average discount rate 5.0 % Cash flow information related to leases for the year ended December 31, 2020 was as follows (in thousands): December 31, 2020 December 31, 2019 Operating cash outflows related to operating leases $ 5,568 $ 5,569 Maturities of lease liabilities as of December 31, 2020 for the next five years and thereafter are as follows (in thousands): 2021 $ 5,613 2022 5,669 2023 5,709 2024 5,765 2025 5,816 Thereafter 221,059 Total lease payments $ 249,631 Less imputed interest 159,526 Present value of lease liabilities $ 90,105 Information as Lessee Under ASC 840 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation We are also subject to legal proceedings and claims, which arise from time to time in the ordinary course of our business and have not been finally adjudicated. In our opinion, the ultimate resolution of these matters is not expected to have a material effect on our consolidated financial statements. We record a liability in our consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. We review these estimates each accounting period as additional information is known and adjust the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, we estimate and disclose the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in our consolidated financial statements. Lease Agreements In addition, certain of our lease agreements include co-tenancy and/or sales-based provisions that may allow a tenant to pay reduced rent and/or terminate a lease prior to its natural expiration if we fail to maintain certain occupancy levels or retain specified named tenants, or if the tenant does not achieve certain specified sales targets. Our occupancy at our consolidated centers has declined from 97% at the end of 2019 to 92% at then end of 2020. If our occupancy continues to decline, certain outlet centers may fall below the minimum co-tenancy thresholds and could trigger many tenants ability to pay reduced rents, which in turn may negatively impact our results of operations. Employment Agreements We are party to employment agreements with certain executives that provide for compensation and certain other benefits. The agreements also provide for severance payments under certain circumstances. Debt We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and mortgage loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal. The principal guarantees include terms for release based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. Our joint ventures may contain make whole provisions in the event that demands are made on any existing guarantees. As of December 31, 2020, the maximum amount of joint venture debt guaranteed by the Company is $21.9 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividends In January 2021, the Company's Board of Directors declared a $0.1775 cash dividend per common share payable on February 12, 2021 to each shareholder of record on January 29, 2021, and the Trustees of Tanger GP Trust declared a $0.1775 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. Jeffersonville In January 2021, we sold a non-core outlet center in Jeffersonville, OH for net proceeds of $8.1 million, which resulted in no gain or loss on sale of assets. Equity Grants During February 2021, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2021 Outperformance Plan (the “2021 OPP”) covering the Company's senior executive officers whereby the value of approximately $6.2 million restricted common shares may be earned if certain share price appreciation goals are achieved over a three year measurement period. Also during February 2021, the Company granted a value of approximately $5.8 million restricted common shares and restricted share units to the Company's non-employee directors and the Company's senior executive officers. |
Quarterly Financial Data of the
Quarterly Financial Data of the Company (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data of the Company (Unaudited) | Quarterly Financial Data of the Company (Unaudited) The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2020 and 2019 (unaudited and in thousands, except per common share data). This information is not required for the Operating Partnership: Year Ended December 31, 2020 (1) First Quarter (2) Second Quarter (3),(5) Third Quarter (4),(5) Fourth Quarter (6) Total revenues $ 111,633 $ 63,990 $ 103,213 $ 111,155 Net income (loss) (28,119) (23,890) 13,719 277 Income (loss) attributable to Tanger Factory Outlet Centers, Inc. (26,882) (22,688) 13,029 263 Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ (27,398) $ (22,864) $ 12,883 $ 260 Basic earnings per common share: Net income (loss) $ (0.30) $ (0.25) $ 0.14 $ — Diluted earnings per common share: Net income (loss) $ (0.30) $ (0.25) $ 0.14 $ — (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In first quarter of 2020, net loss includes an impairment charge of $45.7 million related to our Foxwoods outlet center. (3) The second quarter net loss includes our share of an impairment charge totaling $3.1 million in the 2020 period related to the Saint-Sauveur, Quebec outlet center in our Canadian joint venture. (4) In the third quarter of 2020, net income includes a $2.3 million gain recorded on the sale of Terrell outlet center. (5) We had significant revenue reductions caused by the COVID-19 pandemic. (6) In fourth quarter of 2020, net income includes an impairment charges of $21.6 million related to our Foxwoods and Jeffersonville outlet centers. Year Ended December 31, 2019 (1) First Quarter (2) Second Quarter Third Quarter Fourth Quarter (3) Total revenues $ 123,155 $ 115,707 $ 118,994 $ 120,492 Net income (loss) 65,841 14,457 24,809 (12,379) Income (loss) attributable to Tanger Factory Outlet Centers, Inc. 62,331 13,727 23,546 (11,749) Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 61,720 $ 13,613 $ 23,241 $ (12,055) Basic earnings per common share : Net income (loss) $ 0.66 $ 0.15 $ 0.25 $ (0.13) Diluted earnings per common share: Net income (loss) $ 0.66 $ 0.15 $ 0.25 $ (0.13) (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the first quarter of 2019, net income includes a $43.4 million gain recorded on the sale of our Nags Head, Ocean City, Park City, and Williamsburg outlet centers. (3) In the fourth quarter of 2019, net loss includes a $37.6 impairment charge related to our Jeffersonville, Ohio outlet center. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION For the Year Ended December 31, 2020 (in thousands) Description Initial cost to Company Costs Capitalized Subsequent to Acquisition (Improvements) (1) Gross Amount Carried at Close of Period December 31, 2020 (2) Outlet Center Name Location Encum-brances (3) Land Buildings, Land Buildings, Land Buildings, Total Accumulated Depreciation (1) Date of Life Used to Atlantic City Atlantic City, NJ $ 28,569 $ — $ 125,988 $ — $ 13,217 $ — $ 139,205 $ 139,205 $ 41,233 2011 (5) (4) Blowing Rock Blowing Rock, NC — 1,963 9,424 — 10,744 1,963 20,168 22,131 11,966 1997 (5) (4) Branson Branson, MO — 4,407 25,040 396 25,794 4,803 50,834 55,637 34,646 1994 (4) Charleston Charleston, SC — 10,353 48,877 — 18,801 10,353 67,678 78,031 35,640 2006 (4) Commerce Commerce, GA — 1,262 14,046 707 37,204 1,969 51,250 53,219 36,367 1995 (4) Daytona Beach Daytona Beach, FL — 9,913 80,410 — 1,119 9,913 81,529 91,442 19,671 2016 (4) Deer Park Deer Park, NY — 82,413 173,044 — 17,797 82,413 190,841 273,254 53,667 2013 (5) (4) Foley Foley, AL — 4,400 82,410 693 36,782 5,093 119,192 124,285 63,527 2003 (5) (4) Fort Worth Fort Worth, TX — 11,157 87,025 — (470) 11,157 86,555 97,712 15,133 2017 (4) Foxwoods (6) Mashantucket, CT — — 130,941 — (88,449) — 42,492 42,492 223 2015 (4) Gonzales Gonzales, LA — 679 15,895 — 35,008 679 50,903 51,582 36,714 1992 (4) Grand Rapids Grand Rapids, MI — 8,180 75,420 — 3,250 8,180 78,670 86,850 22,466 2015 (4) Hershey Hershey, PA — 3,673 48,186 — 7,258 3,673 55,444 59,117 18,873 2011 (5) (4) Hilton Head I Bluffton, SC — 4,753 — — 33,740 4,753 33,740 38,493 17,208 2011 (4) Hilton Head II Bluffton, SC — 5,128 20,668 — 16,773 5,128 37,441 42,569 19,414 2003 (5) (4) Howell Howell, MI — 2,250 35,250 — 16,131 2,250 51,381 53,631 28,716 2002 (5) (4) Jeffersonville (7) Jeffersonville, OH — 2,752 111,276 (2,498) (103,079) 254 8,197 8,451 19 2011 (5) (4) Lancaster Lancaster, PA — 3,691 19,907 6,656 65,339 10,347 85,246 95,593 34,120 1994 (5) (4) Locust Grove Locust Grove, GA — 2,558 11,801 57 32,856 2,615 44,657 47,272 29,515 1994 (4) Mebane Mebane, NC — 8,821 53,362 — 6,039 8,821 59,401 68,222 31,261 2010 (4) Myrtle Beach Hwy 17 Myrtle Beach, SC — — 80,733 — 29,030 — 109,763 109,763 41,650 2009 (5) (4) Myrtle Beach Hwy 501 Myrtle Beach, SC — 8,781 56,798 — 42,505 8,781 99,303 108,084 51,238 2003 (5) (4) TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION For the Year Ended December 31, 2020 (in thousands) Description Initial cost to Company Costs Capitalized Subsequent to Acquisition (Improvements) (1) Gross Amount Carried at Close of Period December 31, 2020 (2) Outlet Center Name Location Encum-brances (3) Land Buildings, Land Buildings, Land Buildings, Total Accumulated Depreciation (1) Date of Life Used to Pittsburgh Pittsburgh, PA — 5,528 91,288 3 14,773 5,531 106,061 111,592 63,335 2008 (4) Rehoboth Beach Rehoboth Beach, DE — 20,600 74,209 1,875 57,639 22,475 131,848 154,323 60,446 2003 (5) (4) Riverhead Riverhead, NY — — 36,374 6,152 134,695 6,152 171,069 177,221 106,460 1993 (4) San Marcos San Marcos, TX — 1,801 9,440 2,301 59,480 4,102 68,920 73,022 47,227 1993 (4) Savannah Pooler, GA — 8,432 167,780 — 4,313 8,432 172,093 180,525 28,077 2016 (5) (4) Sevierville Sevierville, TN — — 18,495 — 52,047 — 70,542 70,542 43,846 1997 (5) (4) Southaven Southaven, MS 51,371 14,959 60,263 — (3,500) 14,959 56,763 71,722 19,552 2015 (4) Tilton Tilton, NH — 1,800 24,838 29 14,307 1,829 39,145 40,974 20,696 2003 (5) (4) Westgate Glendale, AZ — 19,037 140,337 — 5,241 19,037 145,578 164,615 21,730 2016 (5) (4) Other Various — 306 1,495 — — 306 1,495 1,801 357 Various (4) $ 79,940 $ 249,597 $ 1,931,020 $ 16,371 $ 596,384 $ 265,968 $ 2,527,404 $ 2,793,372 $ 1,054,993 (1) Includes impairment charges that reduce the asset value. (2) Aggregate cost for federal income tax purposes is approximately $3.0 billion. (3) Including premiums and net of debt origination costs. (4) We generally use estimated lives of 33 years for buildings and 15 years for land improvements. Tenant finishing allowances are depreciated over the initial lease term. Building, improvements & fixtures includes amounts included in construction in progress on the consolidated balance sheet. (5) Represents year acquired. (6) Amounts net of $60.1 million impairment charges taken during 2020 consisting of a write-off of approximately $89.8 million of building and improvement cost and $29.7 million of accumulated depreciation. (7) Amounts net of $86.8 million impairment charges taken during 2020, 2019 and 2018 consisting of a write-off of approximately $2.5 million of land, $117.9 million of building and improvement cost and $33.6 million of accumulated depreciation. TANGER FACTORY OUTLET CENTERS, INC. and SUBSIDIARIES TANGER PROPERTIES LIMITED PARTNERSHIP and SUBSIDIARIES SCHEDULE III - (Continued) REAL ESTATE AND ACCUMULATED DEPRECIATION For the Year Ended December 31, 2020 (in thousands) The changes in total real estate for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Balance, beginning of year $ 2,896,894 $ 3,046,179 $ 3,088,470 Improvements 29,516 50,117 48,357 Impairment charges (91,603) (40,539) (77,958) Dispositions and other (41,435) (158,863) (12,690) Balance, end of year $ 2,793,372 $ 2,896,894 $ 3,046,179 The changes in accumulated depreciation for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Balance, beginning of year $ 1,009,951 $ 981,305 $ 901,967 Depreciation for the period 101,665 107,129 114,198 Impairment charges (30,208) (3,028) (30,050) Dispositions and other (26,415) (75,455) (4,810) Balance, end of year $ 1,054,993 $ 1,009,951 $ 981,305 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation - The consolidated financial statements of the Company include its accounts and its consolidated subsidiaries, as well as the Operating Partnership and its consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include its accounts and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned or properties where we own less than 100% but 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 various factors including the form of our ownership interest, our representation in an entity's governance, the size of our investment, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process to replace us as manager and or liquidate the venture, if applicable. As of December 31, 2020, we did not have a joint venture that was a VIE. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain of these investments, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. In the event a basis difference is created between our underlying interest in the venture’s net assets and our initial investment, we amortize such amount over the estimated life of the venture as a component of equity in earnings of unconsolidated joint ventures. |
Noncontrolling interests | Noncontrolling interests - In the Company's consolidated financial statements, the “Noncontrolling interests in Operating Partnership” reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income or losses are allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. |
Use of Estimates | Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the calculations of impairment losses, costs capitalized to originate operating leases, costs incurred for the construction and development of properties, and the values of deferred lease costs and other intangibles related to the acquisition of properties. Actual results could differ from those estimates. |
Operating Segments | Operating Segments - We focus exclusively on developing, acquiring, owning, operating, and managing outlet shopping centers. We aggregate the financial information of all outlet centers into one reportable operating segment because the outlet centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers. |
Rental Property | Rental Property - Rental properties are recorded at cost less accumulated depreciation. Buildings, improvements and fixtures consist primarily of permanent buildings and improvements made to land such as infrastructure and costs incurred in providing rental space to tenants. The pre-construction stage of project development involves certain costs to secure land control and zoning and complete other initial tasks essential to the development of the project. These costs are transferred from other assets to construction in progress when the pre-construction tasks are completed. Costs of unsuccessful pre-construction efforts are expensed when the project is no longer probable and, if significant, are recorded as abandoned pre-development costs in the consolidated statement of operations. We also capitalize other costs incurred for the construction and development of properties, including interest, real estate taxes and payroll and related costs associated with employees directly involved. Capitalization of costs commences at the time the development of the property becomes probable and ceases when the property is substantially completed and ready for its intended use. We consider a construction project as substantially completed and ready for its intended use upon the completion of tenant improvements. We cease capitalization on the portion that is substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portion under construction. The amount of payroll and related costs capitalized for the construction and development of properties is based on our estimate of the amount of costs directly related to the construction or development of these assets. Interest costs are capitalized during periods of active construction for qualified expenditures based upon interest rates in place during the construction period until construction is substantially complete. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures for qualifying development activities until placed in service. Payroll and related costs and interest costs capitalized for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): 2020 2019 2018 Payroll and related costs capitalized $ 1,159 $ 1,581 $ 1,521 Interest costs capitalized $ 107 $ 25 $ 93 Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. We generally use estimated lives of 33 years for buildings and improvements, 15 years for land improvements and 7 years for equipment. Tenant finishing allowances are amortized over the life of the associated lease. Capitalized interest costs are amortized over lives which are consistent with the constructed assets. Expenditures for ordinary maintenance and repairs are charged to operations as incurred while significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. Depreciation expense related to rental property included in net income for each of the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands): 2020 2019 2018 Depreciation expense related to rental property $ 101,665 $ 107,129 $ 114,198 |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash - All highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. Cash balances at a limited number of banks may periodically exceed insurable amounts. We believe that we mitigate our risk by investing in or through major financial institutions. |
Deferred Charges | Deferred Charges - Deferred charges include deferred lease costs and other intangible assets consisting of fees and costs incurred to originate operating leases and are amortized over the expected lease term. Deferred lease costs capitalized, including amounts paid to third-party brokers and internal leasing costs for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): 2020 2019 2018 Deferred lease costs capitalized- payroll and related costs $ 1,343 $ 679 $ 6,007 Total deferred lease costs capitalized $ 3,061 $ 5,142 $ 6,703 Due to the adoption of Accounting Standards Codification Topic 842 "Leases" ("ASC 842") on January 1, 2019, only direct internal leasing costs are capitalized and indirect internal leasing costs previously capitalized are now expensed. Deferred lease costs and other intangible assets also include the value of leases and origination costs deemed to have been acquired in real estate acquisitions. |
Captive Insurance | Captive Insurance - We have a wholly-owned captive insurance company that is responsible for losses up to certain deductible levels per occurrence for property damage (including wind damage from hurricanes) prior to third-party insurance coverage. Insurance losses are reflected in property operating expenses and include estimates of costs incurred, both reported and unreported. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, capitalization, and discount rates, and estimated holding periods for the applicable assets. The estimated fair value is based primarily on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. During the first quarter and fourth quarter of 2020, we recorded $45.7 million and $19.2 million in impairment charges, respectively, related to our Foxwoods outlet center in our consolidated statement of operations which equaled the excess of the carrying value over its estimated fair value. During the fourth quarter of 2020, fourth quarter of 2019 and third quarter 2018 , we recorded $2.4 million, $37.6 million and $49.7 million, in impairment charges respectively, related to our Jeffersonville outlet center in our consolidated statement of operations which equaled the excess of the carrying value of over its estimated fair value. See Note 10 for additional information on the fair market value calculations. See Note 5 for discussion of our share of the impairment charges recognized in our unconsolidated joint ventures at the Saint Suveur, Quebec outlet center in 2020 and the Bromont, Quebec and Saint Sauveur, Quebec outlet centers during 2018. If the effects of the COVID-19 pandemic cause economic and market conditions to deteriorate beyond our current expectations or if our expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. For example, the Foxwoods outlet center, which is part of a casino property, and our Atlantic city outlet center both continue to face leasing challenges that could lead to further declines in occupancy, rental revenues and cash flows in the future. Such challenges could result in additional impairments. We can provide no assurance that material impairment charges with respect to our properties will not occur in future periods. |
Rental Property Held For Sale | Rental Property Held For Sale - Rental properties designated as held for sale are stated at the lower of their carrying value or their fair value less costs to sell. We classify rental property as held for sale when our Board of Directors approves the sale of the assets and it meets the requirements of current accounting guidance. Subsequent to this classification, no further depreciation is recorded on the assets. |
Impairment of Investments | Impairment of Investments - On a periodic basis or if circumstances exist, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent an other than temporary impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. Our estimates of value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, estimated hold period, demand for space, competition for tenants, discount and capitalization rates, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. |
Sales of Real Estate | Sales of Real Estate - For sales of real estate where we have consideration to which we are entitled in exchange for transferring the real estate, the related assets and liabilities are removed from the balance sheet and the resultant gain or loss is recorded in the period the transaction closes. Any post sale involvement is accounted for as separate performance obligations and when the separate performance obligations are satisfied, the sales price allocated to each is recognized. |
Discontinued Operations | Discontinued Operations - |
Derivatives | Derivatives - We selectively enter into interest rate protection agreements to mitigate the impact of changes in interest rates on our variable rate borrowings. The notional amounts of such agreements are used to measure the interest to be paid or received and do not represent the amount of exposure to loss. None of these agreements are used for speculative or trading purposes. |
Income Taxes | Income Taxes - We operate in a manner intended to enable the Company to qualify as a REIT under the Internal Revenue Code. A REIT which distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. We intend to continue to qualify as a REIT and to distribute substantially all of the Company's taxable income to its shareholders. Accordingly, no provision has been made in the Company's consolidated financial statements for Federal income taxes. As a partnership, the allocated share of income or loss for the year with respect to the Operating Partnership is included in the income tax returns for the partners; accordingly, no provision has been made for Federal income taxes in the Operating Partnership's consolidated financial statements. In addition, we continue to evaluate uncertain tax positions. The tax years 2017 - 2020 remain open to examination by the major tax jurisdictions to which we are subject. With regard to the Company's unconsolidated Canadian joint ventures, deferred tax assets result principally from depreciation deducted under United States Generally Accepted Accounting Principles ("GAAP") that exceed capital cost allowances claimed under Canadian tax rules. A valuation allowance is provided if we believe all or some portion of the deferred tax asset may not be realized. We have determined that a full valuation allowance is required as we believe it is not probable that the deferred tax assets will be realized. |
Revenue Recognition | Revenue Recognition - 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. Base rentals are recognized on a straight-line basis over the term of the lease. Tenant expense reimbursements are recognized in the period the applicable expenses are incurred. 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. Straight-line rent adjustments are recorded as a receivable in other assets on the consolidated balance sheets. Common area maintenance expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses for the property. As a provision of a tenant lease, if we make a cash payment to the tenant for purposes other than funding the construction of landlord assets, we defer the amount of such payments as a lease incentive. We amortize lease incentives as a reduction of base rental revenue over the term of the lease. The majority of our leases contain provisions which provide additional rents based on tenants' sales volume (“percentage rentals”) and reimbursement of the tenants' share of advertising and promotion, common area maintenance, insurance and real estate tax expenses. Percentage rentals are recognized when specified targets that trigger the contingent rent are met. Payments received from the early termination of leases are recognized as revenue from the time the payment is receivable until the tenant vacates the space. We have elected to apply the Lease Modification Q&A to eligible lease concessions. See Recently Adopted Accounting Standards, below. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. If a tenant terminates its lease prior to the original contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value will be written off. |
Accounts Receivable | Operating Lease Receivable - Historically, our accounts receivable from tenants has not been material; however, given the impacts from the COVID-19 pandemic discussed below, our net accounts receivable balance, which is recorded in other assets on the consolidated balance sheet, has increased from approximately $4.8 million at December 31, 2019 to approximately $18.8 million at December 31, 2020. Straight-line rent adjustments recorded as a receivable in other assets on the consolidated balance sheets were approximately $65.8 million and $61.6 million as of December 31, 2020 and December 31, 2019, respectively. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are written off as an adjustment to rental revenue. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends including discussions with tenants for potential lease amendments. Our estimate of the collectability of accrued rents and accounts receivable is based on the best information available to us at the time of preparing the financial statements. The duration of the COVID-19 pandemic, recent tenant bankruptcies and other significant uncertainties with the economy required significant judgment to be used when estimating the collection of rents through December 31, 2020. See Note 3 for amounts we recorded as a reduction of revenues for uncollectible accounts. |
Concentration of Credit Risk | Concentration of Credit Risk - We perform ongoing credit evaluations of our tenants. Although the tenants operate principally in the retail industry, the properties are geographically diverse. No single tenant accounted for 10% or more of combined base and percentage rental revenues or gross leasable area during 2020, 2019 or 2018. See Note 3 for disclosures regarding credit risk due to the COVID-19 pandemic. |
Accounting for Equity-Based Compensation | Accounting for Equity-Based Compensation - We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (Amended and Restated as of April 4, 2014) (the "Plan"), which covers our independent directors, officers and our employees. We may issue non-qualified options and other equity-based awards under the Plan. We account for our equity-based compensation plan under the fair value provisions of the relevant accounting guidance and we estimate expected forfeitures in determining compensation cost. |
Foreign Currency Translation | Foreign Currency Translation - We have entered into a co-ownership agreement with RioCan Real Estate Investment Trust to develop and acquire outlet centers in Canada for which the functional currency is the local currency. The assets and liabilities related to our investments in Canada are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are translated using the average exchange rate for the period. Our share of unrealized gains and losses resulting from the translation of these financial statements are reflected in equity as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets. |
Recently Issued and Adopted Accounting Standards | Recently issued accounting standards On March 12, 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. We have not adopted any of the optional expedients or exceptions through December 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. Recently adopted accounting standards In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing accounting lease guidance under ASC 842, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead make an accounting policy election to account for COVID-19 related lease concessions as either a lease modification or a negative variable adjustment to rental revenue. The Lease Modification Q&A allows the Company to determine accounting policy elections at a disaggregated level, and the elections should be applied consistently by either the type of concession or another reasonable disaggregated level. We have evaluated and elected to apply the Lease Modification Q&A to eligible lease concessions. We applied modification accounting to individual leases that are in bankruptcy and those that did not qualify for the concession. As a result, for lease concessions not treated as a lease modification we have made the following policy elections by the type of concession agreed to with the respective tenant. Rent Deferrals We account for rental deferrals using the receivables model as described within the Lease Modification Q&A. Under the receivables model, we will continue to recognize lease revenue in a manner that is unchanged from the original lease agreement and continue to recognize lease receivables and rental revenue until such deferral is paid. Rent Abatements We account for rental abatements as negative variable adjustments to rental revenue as described within the Lease Modification Q&A. See Note 3, for additional details on the impact of the Lease Modification Q&A on the Company’s consolidated financial statements. 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 did 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. The adoption of this new guidance did not have a material impact on our consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of cost capitalized | Payroll and related costs and interest costs capitalized for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): 2020 2019 2018 Payroll and related costs capitalized $ 1,159 $ 1,581 $ 1,521 Interest costs capitalized $ 107 $ 25 $ 93 |
Schedule of depreciation expense | Depreciation expense related to rental property included in net income for each of the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands): 2020 2019 2018 Depreciation expense related to rental property $ 101,665 $ 107,129 $ 114,198 |
Schedule of Deferred Charges | Deferred lease costs capitalized, including amounts paid to third-party brokers and internal leasing costs for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): 2020 2019 2018 Deferred lease costs capitalized- payroll and related costs $ 1,343 $ 679 $ 6,007 Total deferred lease costs capitalized $ 3,061 $ 5,142 $ 6,703 |
Tax Treatment of Common Dividends Per Share for Federal Tax Purposes | Dividends per share for the years ended December 31, 2020, 2019 and 2018 were taxable as follows: Common dividends per share: 2020 2019 2018 Ordinary income $ 0.7125 $ 1.3261 $ 1.3919 Capital gain — — 0.0006 Return of capital — 0.0889 — $ 0.7125 $ 1.4150 $ 1.3925 |
GAAP Reconciliation of Net Income to Taxable Income | The following reconciles net income (loss) available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Net income (loss) available to the Company's shareholders $ (36,278) $ 87,855 $ 43,655 Book/tax difference on: Depreciation and amortization 71,896 51,602 58,208 Sale of assets and interests in unconsolidated entities (6,021) (41,138) (3,243) Equity in earnings from unconsolidated joint ventures 9,642 1,447 18,444 Share-based payment compensation 7,859 8,246 6,269 Other differences 13,536 8,948 (630) Taxable income (loss) available to common shareholders $ 60,634 $ 116,960 $ 122,703 |
Schedule of Supplemental Cash Flow Disclosures | Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Costs relating to construction included in accounts payable and accrued expenses $ 22,814 $ 17,619 $ 15,772 Interest paid, net of interest capitalized was as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Interest paid, net of interest capitalized $ 58,021 $ 57,237 $ 60,529 Information related to non-cash assets and liabilities recorded as a result of the adoption of ASC 842 in 2019 was as follows (in thousands): 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 |
COVID-19 Pandemic (Tables)
COVID-19 Pandemic (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The following table sets forth information regarding the status of rents billed during the fourth, third and second quarters as of December 31, 2020 (In thousands,unaudited): As of December 31, 2020 Fourth Quarter Third Quarter Second Quarter Collection Status: (1) Rents Billed % of Rents Rents Billed % of Rents Rents Billed % of Rents Rents collected $ 83,136 95 % $ 86,495 91 % $ 56,024 57 % Rents expected to be collected (2) 423 — 300 — 5,519 6 Rents deferred (3) 507 1 473 1 9,361 9 Under negotiation 702 1 755 1 1,760 2 One-time rent concessions in exchange for amendments to lease structure 1,205 1 2,829 3 13,687 14 Bankruptcy related, primarily pre-petition rents 821 1 3,015 3 9,290 10 At risk due to tenant financial weakness 1,116 1 934 1 1,867 2 Total rents billed $ 87,910 100 % $ 94,801 100 % $ 97,508 100 % (1) Excludes v ariable revenue which is derived from tenant sales and lease termination fees. (2) In January 2021, we collected an additional $145,000 of the fourth quarter rents, $187,000 of third quarter rents and $5.1 million of second quarter rents. (3) Includes rents deferred with substantially all payments due in 2021, for which the majority is due in January/February of 2021. |
Disposition of Property (Tables
Disposition of Property (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disposition of Properties [Abstract] | |
Disposition of Property | The following table sets forth the properties sold for the years ended 2020 and 2019 (in thousands). No properties were sold during 2018. Properties Locations Date Sold Square Feet Net Sales Proceeds Gain on Sale 2020 Dispositions: (1) Terrell Terrell, Texas August 2020 178 $ 7,626 $ 2,324 2019 Dispositions: (1) 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 Land outparcels Savannah, GA and Seymour, IN July 2019 — $ 257 $ — 878 $ 128,505 $ 43,422 (1) The rental properties sold did not meet the criteria to be reported as discontinued operations. |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures: As of December 31, 2020 Joint Venture Outlet Center Location Ownership % Square Feet Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: Columbus Columbus, OH 50.0 % 355 $ 2.0 $ 70.8 RioCan Canada Various 50.0 % 765 $ 92.6 $ — $ 94.6 Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 (12.8) 99.6 National Harbor (2) National Harbor, MD 50.0 % 341 (8.4) 94.5 Galveston/Houston (2) Texas City, TX 50.0 % 353 (19.5) 80.0 $ (40.7) As of December 31, 2019 Joint Venture Outlet Center Location Ownership % Square Feet Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 764 $ 94.7 $ 9.2 $ 94.7 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (3.5) $ 85.0 Charlotte (2) Charlotte, NC 50.0 % 399 (13.0) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.9) 94.4 Galveston/Houston (2) Texas City, TX 50.0 % 353 (19.7) 79.9 $ (42.1) (1) Net of debt origination costs and including premiums of $1.1 million and $1.1 million as of December 31, 2020 and 2019, respectively. |
Schedule of fees we received for various services provided to our unconsolidated joint ventures | Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Year Ended December 31, 2020 2019 2018 Fees: Management and marketing $ 1,859 $ 2,308 $ 2,334 Leasing and other fees 60 126 162 Expense reimbursements from unconsolidated joint ventures 3,017 2,985 2,499 Total Fees $ 4,936 $ 5,419 $ 4,995 |
Schedule of impairment charges | The table below summarizes the impairment charges taken during 2020 and 2018 (in thousands): Impairment Charge (1) Outlet Center Total Our Share 2020 Saint-Sauveur $ 6,181 $ 3,091 2018 Bromont and Saint-Sauveur $ 14,359 $ 7,180 (1) The fair value was determined using an income approach considering the prevailing market income capitalization rates for similar assets. |
Summary Financial Information of Unconsolidated JVs Balance Sheet | Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures 2020 2019 Assets Land $ 86,861 $ 90,859 Buildings, improvements and fixtures 471,798 477,061 Construction in progress 2,976 4,779 561,635 572,699 Accumulated depreciation (145,810) (132,860) Total rental property, net 415,825 439,839 Cash and cash equivalents 21,471 19,750 Deferred lease costs, net 4,849 6,772 Prepaids and other assets 20,478 17,789 Total assets $ 462,623 $ 484,150 Liabilities and Owners' Equity Mortgages payable, net $ 344,856 $ 368,032 Accounts payable and other liabilities 17,427 17,173 Total liabilities 362,283 385,205 Owners' equity 100,340 98,945 Total liabilities and owners' equity $ 462,623 $ 484,150 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: Year Ended December 31, 2020 2019 2018 Revenues $ 76,866 $ 93,508 $ 94,509 Expenses: Property operating 33,053 36,812 37,121 General and administrative 395 271 266 Impairment charges 6,181 — 14,359 Depreciation and amortization 23,544 24,454 26,262 Total expenses 63,173 61,537 78,008 Other income (expense): Interest expense (13,091) (16,234) (14,518) Other non-operating income 2,153 507 234 Total other income (expense) $ (10,938) $ (15,727) $ (14,284) Net income $ 2,755 $ 16,244 $ 2,217 The Company and Operating Partnership's share of: Net income $ 1,126 $ 7,839 $ 924 Depreciation, amortization and asset impairments (real estate related) $ 15,115 $ 12,512 $ 20,494 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs [Abstract] | |
Schedule of Deferred Charges | Deferred lease costs and other intangibles, net as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Deferred lease costs $ 88,867 $ 85,444 Intangible assets: Above market leases 39,628 46,252 Lease in place value 55,074 58,195 Tenant relationships 34,694 37,221 Other intangibles 41,117 41,531 259,380 268,643 Accumulated amortization (174,420) (171,931) Deferred lease costs and other intangibles, net $ 84,960 $ 96,712 |
Schedule of Expected Amortization Expense | Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands): Year Above/(Below) Market Leases, Net (1) Deferred Lease Costs and Other Intangibles (2) 2021 $ 190 $ 4,403 2022 176 4,117 2023 239 3,486 2024 170 3,260 2025 (296) 2,627 Total $ 479 $ 17,893 (1) These net amounts are recorded as a reduction (increase) of base rentals. |
Debt of the Company (Tables)
Debt of the Company (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Debt | The Operating Partnership had the following amounts outstanding on the debt guaranteed by the Company as of December 31, 2020 and 2019 (in thousands): 2020 2019 Unsecured lines of credit $ — $ — Unsecured term loan $ 350,000 $ 350,000 |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Debt | The debt of the Operating Partnership as of December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.875 % December 2023 250,000 247,967 250,000 247,308 Senior notes 3.750 % December 2024 250,000 248,493 250,000 248,127 Senior notes 3.125 % September 2026 350,000 346,770 350,000 346,215 Senior notes 3.875 % July 2027 300,000 297,346 300,000 296,953 Mortgages payable: Atlantic City (2) (3) 5.14 % - 7.65% November 2021- December 2026 27,343 28,569 30,909 32,531 Southaven LIBOR + 1.80% April 2021 51,400 51,371 51,400 51,272 Unsecured term loan LIBOR (4) + 1.00% April 2024 350,000 347,370 350,000 347,367 Unsecured lines of credit LIBOR (4) + 1.000% October 2021 (5) — — — — $ 1,578,743 $ 1,567,886 $ 1,582,309 $ 1,569,773 (1) Includes premiums and net of debt discount and unamortized debt origination costs. Excludes $1.5 million and $2.0 million of unamortized debt origination costs related to unsecured lines of credit as of December 31, 2020 and 2019, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet. Unamortized debt origination costs were $9.5 million and $11.2 million as of December 31, 2020 and 2019, respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2020, 2019 and 2018 was $3.6 million, $3.0 million and $3.1 million, respectively. (2) The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05%. (3) Principal and interest due monthly with remaining principal due at maturity. (4) Beginning in June 2020, if LIBOR is less than 0.25% per annum, the rate will be deemed to be 0.25% for the portions of the lines of credit and bank term loan that are not fixed with an interest rate swap. (5) Unsecured lines of credit have a one-year extension option to extend the maturity to October 2022. |
Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of December 31, 2020 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2021 $ 57,193 2022 4,436 2023 254,768 2024 605,140 2025 1,501 Thereafter 655,705 Subtotal 1,578,743 Net discount and debt origination costs (10,857) Total $ 1,567,886 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets as of December 31, 2020 and 2019 (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Average Fixed Pay Rate 2020 2019 Assets (Liabilities) (1) : April 13, 2016 January 1, 2021 $ 175,000 1 month LIBOR 1.03 % $ (17) $ 1,018 March 1, 2018 January 31, 2021 40,000 1 month LIBOR 2.47 % (75) (376) August 14, 2018 January 1, 2021 150,000 1 month LIBOR 2.20 % (34) (896) July 1, 2019 February 1, 2024 25,000 1 month LIBOR 1.75 % (1,192) (170) January 1, 2021 February 1, 2024 150,000 1 month LIBOR 0.60 % (1,901) — January 1, 2021 February 1, 2024 100,000 1 month LIBOR 0.22 % $ (139) — Total $ 640,000 $ (3,358) $ (424) (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 for the years ended December 31, 2020, 2019 and 2018, respectively (in thousands): 2020 2019 2018 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in OCI $ (2,934) $ (6,174) $ 405 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of December 31, 2020: Asset: Short-term government securities (cash and cash equivalents) $ 87,081 $ 87,081 $ — $ — Total assets $ 87,081 $ 87,081 $ — $ — Liabilities: Interest rate swaps (other liabilities) $ 3,358 $ — $ 3,358 $ — Total liabilities $ 3,358 $ — $ 3,358 $ — 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, 2019: Assets: Interest rate swaps (prepaids and other assets) $ 1,018 $ — $ 1,018 $ — Total assets $ 1,018 $ — $ 1,018 $ — Liabilities: Interest rate swaps (other liabilities) $ 1,442 $ — $ 1,442 $ — Total liabilities $ 1,442 $ — $ 1,442 $ — |
Fair Value Measurements, Nonrecurring | The following table sets forth our assets that are measured at fair value on a nonrecurring basis within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of December 31, 2020: Asset: Long-lived assets $ 46,950 $ — $ — $ 46,950 Fair value as of March 31, 2020: Asset: Long-lived assets $ 60,000 $ — $ — $ 60,000 Fair value as of December 31, 2019: Asset: Long-lived assets $ 10,000 $ — $ — $ 10,000 Fair value as of September 30, 2018: Asset: Long-lived assets $ 50,000 $ — $ — $ 50,000 |
Fair Value Measurement Inputs and Valuation Techniques | The table below summarizes the terminal capitalization rate and discount rate used: December 31, 2020 March 31, 2020 Terminal capitalization rate 7.8 % 7.8 % Discount rate 8.5 % 8.5 % The table below summarizes the terminal capitalization rate and discount rate used: December 31, 2019 September 30, 2018 Terminal capitalization rate 12.0 % 10.0 % Discount rate 13.0 % 10.0 % |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value and recorded value of our debt as of December 31, 2020 and 2019 were as follows (in thousands): 2020 2019 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,207,531 1,169,481 Level 3 Significant Unobservable Inputs 432,272 434,333 Total fair value of debt $ 1,639,803 $ 1,603,814 Recorded value of debt $ 1,567,886 $ 1,569,773 |
Shareholders' Equity of the C_2
Shareholders' Equity of the Company (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share repurchase program | Shares repurchased during the years ended December 31, 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 Total number of shares purchased — 1,209,328 919,249 Average price paid per share $ — $ 16.52 $ 21.74 Total price paid exclusive of commissions and related fees (in thousands) $ — $ 19,976 $ 19,980 |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Shareholders equity of the Company | The following table sets forth the number of Class A common limited partnership units exchanged for an equal number of common shares for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Exchange of Class A limited partnership units 116,530 49,511 34,749 |
Partners' Equity of the Opera_2
Partners' Equity of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |
Schedule of Partners' Equity of the Operating Partnership | The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2020, 2019 and 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 Units withheld for employee income taxes — — (89,437) (89,437) Exchange of Class A limited partnership units — (34,749) 34,749 — Grant of restricted common share awards by the Company, net of forfeitures — — 355,184 355,184 Repurchase of units — — (919,249) (919,249) Balance December 31, 2018 1,000,000 4,960,684 92,941,783 97,902,467 Units withheld for employee income taxes — — (131,873) (131,873) Exchange of Class A limited partnership units — (49,511) 49,511 — Grant of restricted common share awards by the Company — — 242,167 242,167 Repurchase of units — — (1,209,328) (1,209,328) Balance December 31, 2019 1,000,000 4,911,173 91,892,260 96,803,433 Units withheld for employee income taxes — — (56,597) (56,597) Exchange of Class A limited partnership units — (116,530) 116,530 — Grant of restricted common share awards by the Company — — 611,350 611,350 Issuance of deferred units — — 6,258 6,258 Balance December 31, 2020 1,000,000 4,794,643 92,569,801 97,364,444 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Changes in the Company's ownership interests in the subsidiaries impacted consolidated equity | The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows (in thousands): 2020 2019 Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. $ (36,278) $ 87,855 Increase (decrease) in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests (74) 200 Changes from net income (loss) attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest $ (36,352) $ 88,055 |
Earnings Per Share of the Com_2
Earnings Per Share of the Company (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing earnings per share for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share amounts): 2020 2019 2018 Numerator Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. $ (36,278) $ 87,855 $ 43,655 Less allocation of earnings to participating securities (692) (1,336) (1,211) Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ (36,970) $ 86,519 $ 42,444 Denominator Basic weighted average common shares 92,618 92,808 93,309 Effect of outstanding options and certain restricted common shares — — 1 Diluted weighted average common shares 92,618 92,808 93,310 Basic earnings per common share: Net income (loss) $ (0.40) $ 0.93 $ 0.45 Diluted earnings per common share: Net income (loss) $ (0.40) $ 0.93 $ 0.45 |
Earnings Per Unit of the Oper_2
Earnings Per Unit of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per unit amounts): 2020 2019 2018 Numerator Net income (loss) attributable to partners of the Operating Partnership $ (38,203) $ 92,533 $ 45,984 Allocation of earnings to participating securities (692) (1,336) (1,211) Net income (loss) available to common unitholders of the Operating Partnership $ (38,895) $ 91,197 $ 44,773 Denominator Basic weighted average common units 97,521 97,766 98,302 Effect of outstanding options and certain restricted common units — — 1 Diluted weighted average common units 97,521 97,766 98,303 Basic earnings per common unit: Net income (loss) $ (0.40) $ 0.93 $ 0.45 Diluted earnings per common unit: Net income (loss) $ (0.40) $ 0.93 $ 0.45 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) - Tanger Factory Outlet Centers, Inc. [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recorded equity-based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2020, 2019 and 2018, respectively, as follows (in thousands): 2020 2019 2018 Restricted common shares $ 7,614 $ 12,036 $ 9,870 Notional unit performance awards 4,574 5,918 4,356 Options 329 166 443 Total equity-based compensation $ 12,517 $ 18,120 $ 14,669 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): 2020 2019 2018 Equity-based compensation expense capitalized $ 409 $ 384 $ 1,131 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes information related to unvested restricted common shares and restricted share units outstanding for the years ended December 31, 2020, 2019, and 2018: Unvested Restricted Common Shares and Restricted Share Units Number of shares and units Weighted average grant date fair value Outstanding at December 31, 2017 749,906 $ 32.30 Granted (1) 407,156 21.13 Vested (314,982) 31.43 Forfeited — — Outstanding at December 31, 2018 842,080 $ 27.56 Granted (2) 308,623 21.05 Vested (469,178) 27.73 Forfeited — — Outstanding at December 31, 2019 681,525 $ 23.92 Granted (3) 787,873 23.92 Vested (330,014) 25.43 Forfeited (18,996) 19.79 Outstanding at December 31, 2020 1,120,388 $ 13.91 (1) Includes 44,452 restricted share units. (2) Includes 51,217 restricted share units. (3) Includes 121,527 restricted share units. |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth OPP performance targets and other relevant information about each plan: 2020 OPP (1) 2019 OPP (1) 2018 OPP (1) 2017 OPP (2) 2016 OPP (3) Performance targets Absolute portion of award: Percent of total award 33% 33% 33% 50% 50% Absolute total shareholder return range 37 % - 52% 19 % - 30% 19 % - 30% 18 % - 35% 18 % - 35% Percentage of units to be earned 20 % - 100% 20 % - 100% 20 % - 100% 20 % - 100% 20 % - 100% Relative portion of award: Percent of total award 67% 67% 67% 50% 50% Percentile rank of peer group range 30 th - 80th 30 th - 80th 30 th - 80th 40 th - 70th 40 th - 70th Percentage of units to be earned 20 % - 100% 20 % - 100% 20 % - 100% 20 % - 100% 20 % - 100% Maximum number of restricted common shares that may be earned 902,167 531,827 409,972 296,400 321,900 February grant date fair value per share $ 7.30 $ 12.09 $ 12.42 $ 16.60 $ 15.10 April 2020 grant date fair value per share (4) $ 3.11 N/A N/A N/A N/A (1) The number of restricted common shares received under the 2020, 2019 and 2018 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. The peer group is based on companies included in the FTSE NAREIT Retail Index. (2) On February 13, 2020, the measurement period for the 2017 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2017 OPP performance awards were automatically forfeited. (3) On February 15, 2019, the measurement period for the 2016 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2016 OPP performance awards were automatically forfeited. (4) In April 2020, Mr. Yalof was awarded 205,480 notional units under the 2020 OPP. These awards have the same terms as the awards our executive officers received in February 2020. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the OPP awards granted during the years ended December 31, 2020, 2019, and 2018 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: 2020 2019 2018 Risk free interest rate (1) 1.40 % 2.55 % 2.40 % Expected dividend yield (2) 8.4 % 5.3 % 4.8 % Expected volatility (3) 29 % 24 % 27 % (1) Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period. |
Schedule of Other Share-based Compensation, Activity | The following table sets forth OPP activity for the years ended December 31, 2020, 2019, and 2018: Unvested OPP Awards Number of units Weighted average grant date fair value Outstanding as of December 31, 2017 603,411 $ 15.83 Awarded 409,972 12.42 Earned — — Forfeited — — Outstanding as of December 31, 2018 1,013,383 $ 14.44 Awarded 531,827 12.09 Earned — — Forfeited (421,306) 14.36 Outstanding as of December 31, 2019 1,123,904 $ 13.36 Awarded 902,167 6.35 Earned — — Forfeited (316,297) 16.01 Outstanding as of December 31, 2020 1,709,774 $ 9.17 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Options outstanding at December 31, 2020 had the following weighted average exercise prices and weighted average remaining contractual lives: Options Outstanding Options Exercisable Exercise prices Options Weighted average exercise price Weighted remaining contractual life in years Options Weighted average exercise price $ 5.73 334,000 $ 5.73 9.69 — $ 5.73 $ 7.15 1,000,000 $ 7.15 9.37 250,000 $ 7.15 $ 21.94 269,000 $ 21.94 7.21 107,600 $ 21.94 $ 26.06 57,200 26.06 0.15 57,200 26.06 $ 32.02 145,500 32.02 3.00 145,500 32.02 1,805,700 $ 17.76 6.06 310,300 $ 28.61 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity under the Plan for the years ended December 31, 2020, 2019, and 2018 (aggregate intrinsic value amount in thousands): Options Shares Weighted-average exercise price Weighted-average remaining contractual life in years Aggregate intrinsic value Outstanding as of December 31, 2017 231,200 $ 30.42 Granted 331,000 21.94 Exercised — — Forfeited (27,700) 22.62 Outstanding as of December 31, 2018 534,500 $ 25.56 7.08 $ — Granted — — Exercised — — Forfeited (11,200) 25.27 Outstanding as of December 31, 2019 523,300 $ 25.57 6.06 $ — Granted 1,334,500 — Exercised — — Forfeited (52,100) — Outstanding as of December 31, 2020 1,805,700 $ 11.69 8.30 $ — Vested and Expected to Vest as of December 31, 2020 1,734,077 $ 11.83 8.26 $ — Exercisable as of December 31, 2020 560,300 $ 18.38 6.36 $ — |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss of the Company (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the years ended December 31, 2020, 2019, and 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 (8,250) 2,335 (5,915) (441) 126 (315) Reclassification out of accumulated other comprehensive income into interest expense — (1,951) (1,951) — (105) (105) Balance December 31, 2018 (32,610) 5,459 (27,151) (1,770) 290 (1,480) Other comprehensive income (loss) before reclassifications 4,062 (3,755) 307 217 (202) 15 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges 3,454 (2,105) 1,349 184 (112) 72 Balance December 31, 2019 (25,094) (401) (25,495) (1,369) (24) (1,393) Other comprehensive income (loss) before reclassifications 1,695 (6,749) (5,054) 88 (359) (271) Reclassification out of accumulated other comprehensive income into interest expense — 3,964 3,964 — 210 210 Balance December 31, 2020 $ (23,399) $ (3,186) $ (26,585) $ (1,281) $ (173) $ (1,454) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the years ended December 31, 2020, 2019, and 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 (8,691) 2,461 (6,230) Reclassification out of accumulated other comprehensive income into interest expense — (2,056) (2,056) Balance December 31, 2018 (34,380) 5,749 (28,631) Other comprehensive income (loss) before reclassifications 4,279 (3,957) 322 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges 3,638 (2,217) 1,421 Balance December 31, 2019 (26,463) (425) (26,888) Other comprehensive income (loss) before reclassifications 1,783 (7,108) (5,325) Reclassification out of accumulated other comprehensive income into interest expense — 4,174 4,174 Balance December 31, 2020 $ (24,680) $ (3,359) $ (28,039) |
Supplementary Income Statemen_2
Supplementary Income Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplementary Income Statement Information [Abstract] | |
Schedule of Supplementary Income Statement Information | The following amounts are included in property operating expenses for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Advertising and promotion $ 20,435 $ 26,022 $ 27,066 Common area maintenance 56,226 70,472 73,367 Real estate taxes 32,762 33,430 32,836 Other operating expenses 27,712 27,810 27,188 $ 137,135 $ 157,734 $ 160,457 |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of rental revenues | For the years ended December 31, 2020 and 2019, the components of rental revenues are as follows (in thousands): 2020 2019 Rental revenues - fixed $ 289,676 $ 360,513 Rental revenues - variable (1) 88,256 103,433 Rental revenues $ 377,932 $ 463,946 (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 December 31, 2020, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands) (1) : 2021 $ 271,907 2022 237,806 2023 205,403 2024 170,920 2025 129,626 Thereafter 227,295 $ 1,242,957 (1) Does not include rents deferred related to the COVID-19 pandemic and or lease modifications that were in process as of December 31, 2020. |
Components of lease costs | For the year ended December 31, 2020, the components of lease costs are as follows (in thousands): 2020 2019 Operating lease costs $ 5,531 $ 5,519 Short-term lease costs 2,511 2,297 Variable lease costs (1) 295 231 Total lease costs $ 8,337 $ 8,047 |
Lease term and discount rates | The lease term and discount rates are as follows: 2020 Weighted - average remaining lease term (years) 49.25 Weighted - average discount rate 5.0 % |
Supplemental cash flow information | Cash flow information related to leases for the year ended December 31, 2020 was as follows (in thousands): December 31, 2020 December 31, 2019 Operating cash outflows related to operating leases $ 5,568 $ 5,569 |
Maturity of lease liabilities | Maturities of lease liabilities as of December 31, 2020 for the next five years and thereafter are as follows (in thousands): 2021 $ 5,613 2022 5,669 2023 5,709 2024 5,765 2025 5,816 Thereafter 221,059 Total lease payments $ 249,631 Less imputed interest 159,526 Present value of lease liabilities $ 90,105 |
Quarterly Financial Data of t_2
Quarterly Financial Data of the Company (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2020 and 2019 (unaudited and in thousands, except per common share data). This information is not required for the Operating Partnership: Year Ended December 31, 2020 (1) First Quarter (2) Second Quarter (3),(5) Third Quarter (4),(5) Fourth Quarter (6) Total revenues $ 111,633 $ 63,990 $ 103,213 $ 111,155 Net income (loss) (28,119) (23,890) 13,719 277 Income (loss) attributable to Tanger Factory Outlet Centers, Inc. (26,882) (22,688) 13,029 263 Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ (27,398) $ (22,864) $ 12,883 $ 260 Basic earnings per common share: Net income (loss) $ (0.30) $ (0.25) $ 0.14 $ — Diluted earnings per common share: Net income (loss) $ (0.30) $ (0.25) $ 0.14 $ — (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In first quarter of 2020, net loss includes an impairment charge of $45.7 million related to our Foxwoods outlet center. (3) The second quarter net loss includes our share of an impairment charge totaling $3.1 million in the 2020 period related to the Saint-Sauveur, Quebec outlet center in our Canadian joint venture. (4) In the third quarter of 2020, net income includes a $2.3 million gain recorded on the sale of Terrell outlet center. (5) We had significant revenue reductions caused by the COVID-19 pandemic. (6) In fourth quarter of 2020, net income includes an impairment charges of $21.6 million related to our Foxwoods and Jeffersonville outlet centers. Year Ended December 31, 2019 (1) First Quarter (2) Second Quarter Third Quarter Fourth Quarter (3) Total revenues $ 123,155 $ 115,707 $ 118,994 $ 120,492 Net income (loss) 65,841 14,457 24,809 (12,379) Income (loss) attributable to Tanger Factory Outlet Centers, Inc. 62,331 13,727 23,546 (11,749) Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 61,720 $ 13,613 $ 23,241 $ (12,055) Basic earnings per common share : Net income (loss) $ 0.66 $ 0.15 $ 0.25 $ (0.13) Diluted earnings per common share: Net income (loss) $ 0.66 $ 0.15 $ 0.25 $ (0.13) (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the first quarter of 2019, net income includes a $43.4 million gain recorded on the sale of our Nags Head, Ocean City, Park City, and Williamsburg outlet centers. (3) In the fourth quarter of 2019, net loss includes a $37.6 impairment charge related to our Jeffersonville, Ohio outlet center. |
Organization of the Company (De
Organization of the Company (Details) ft² in Millions | Dec. 31, 2020sharesft²OutletCenterstore_brandsubsidiarystore |
Entity Information [Line Items] | |
Number of operating partnership units owned by wholly-owned subsidiaries | shares | 93,569,801 |
Exchange Ratio of Partnership Units for Common Shares | 1 |
Consolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 31 |
Total gross leaseable area | ft² | 11.9 |
Outlet center occupancy percentage | 92.00% |
Number of stores | store | 2,200 |
Number of store brands | store_brand | 400 |
Unconsolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 7 |
Total gross leaseable area | ft² | 2.2 |
CANADA | Unconsolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 3 |
Tanger Factory Outlet Centers, Inc. [Member] | |
Entity Information [Line Items] | |
Number Of Wholly Owned Subsidiaries | subsidiary | 2 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | |
Entity Information [Line Items] | |
Number of operating partnership units owned by family limited partners | shares | 4,794,643 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Operating Segments (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Accounting Policies [Abstract] | |
Number of reportable operating segments | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Rental Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Payroll and related costs capitalized | $ 1,159 | $ 1,581 | $ 1,521 |
Interest costs capitalized | $ 107 | 25 | 93 |
Buildings and improvements, estimated useful life | 33 years | ||
Land improvements, estimated useful life | 15 years | ||
Property, plant and equipment, estimated useful life, minimum | 7 years | ||
Depreciation expense related to rental property | $ 101,665 | $ 107,129 | $ 114,198 |
Purchase price allocated to assets, useful life, maximum | 33 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Deferred lease costs capitalized-payroll and related costs | $ 1,343 | $ 679 | $ 6,007 |
Total deferred lease costs capitalized | $ 3,061 | $ 5,142 | $ 6,703 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 36 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | |
Foxwoods [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charges | $ 45.7 | $ 60.1 | ||
Jeffersonville [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charges | $ 37.6 | $ 86.8 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Income Taxes (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Common Dividends Per Share [Line Items] | |||
REIT annual taxable income distribution requirement percentage | 90.00% | ||
Tanger Factory Outlet Centers, Inc. [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $ 0.7125 | $ 1.4150 | $ 1.3925 |
Tanger Factory Outlet Centers, Inc. [Member] | Ordinary Income [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | 0.7125 | 1.3261 | 1.3919 |
Tanger Factory Outlet Centers, Inc. [Member] | Capital Gain [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | 0 | 0 | 0.0006 |
Tanger Factory Outlet Centers, Inc. [Member] | Return Of Capital [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $ 0 | $ 0.0889 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Income Taxes - Schedule of Taxable Income Available to Common Shareholders (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Taxable Income Available to Common Shareholders [Line Items] | |||||||||||
Net income (loss) available to the Company's shareholders | $ 263 | $ 13,029 | $ (22,688) | $ (26,882) | $ (11,749) | $ 23,546 | $ 13,727 | $ 62,331 | $ (36,278) | $ 87,855 | $ 43,655 |
Depreciation and amortization | 71,896 | 51,602 | 58,208 | ||||||||
Sale of assets and interests in unconsolidated entities | (6,021) | (41,138) | (3,243) | ||||||||
Equity in earnings from unconsolidated joint ventures | 9,642 | 1,447 | 18,444 | ||||||||
Share-based payment compensation | 7,859 | 8,246 | 6,269 | ||||||||
Other differences | 13,536 | 8,948 | (630) | ||||||||
Taxable income (loss) available to common shareholders | $ 60,634 | $ 116,960 | $ 122,703 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Accounts receivable | $ 18.8 | $ 4.8 |
Straight-line rent adjustments recorded as a receivable | $ 65.8 | $ 61.6 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Costs relating to construction included in accounts payable and accrued expenses | $ 22,814,000 | $ 17,619,000 | $ 15,772,000 |
Interest paid, net of interest capitalized | $ 58,021,000 | 57,237,000 | $ 60,529,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 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 |
COVID-19 Pandemic (Narrative) (
COVID-19 Pandemic (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Aug. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 29, 2020 | Jan. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | ||||||||||||
Deferral option percentage | 100.00% | |||||||||||
Earnings reduction | $ 47,300,000 | |||||||||||
Uncollectible accounts reserve increase (decrease) | 5,300,000 | |||||||||||
Straight-line rent write off | 7,200,000 | |||||||||||
Percentage of rent from bankruptcy | 1.00% | 3.00% | 10.00% | |||||||||
Repayments of Long-term Lines of Credit | $ 599,800,000 | |||||||||||
Dividend distributions suspended savings in cash per quarter | $ 35,000,000 | $ 35,000,000 | ||||||||||
Recent Chapter 11 bankruptcy filings [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Percentage of rent from bankruptcy | 93.00% | |||||||||||
Tanger Properties Limited Partnership [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Repayments of Long-term Lines of Credit | $ 641,630,000 | $ 427,970,000 | $ 554,900,000 | |||||||||
Principal | 1,578,743,000 | 1,578,743,000 | 1,582,309,000 | |||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Principal | 0 | 0 | 0 | |||||||||
Tanger Factory Outlet Centers, Inc. [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Repayments of Long-term Lines of Credit | $ 641,630,000 | $ 427,970,000 | $ 554,900,000 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.7125 | $ 1.415 | ||||||||||
Debt [Member] | Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | $ 520,000,000 | |||||||
Subsequent Event [Member] | Tanger Factory Outlet Centers, Inc. [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.1775 |
COVID-19 Pandemic (Details)
COVID-19 Pandemic (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | |
Concentration Risk [Line Items] | ||||
Rents collected | $ 83,136,000 | $ 86,495,000 | $ 56,024,000 | |
Percent of Rents collected | 95.00% | 91.00% | 57.00% | |
Rents expected to be collected | $ 423,000 | $ 300,000 | $ 5,519,000 | |
Percent of rents expected to be collected | 0.00% | 0.00% | 6.00% | |
Rents deferred | $ 507,000 | $ 473,000 | $ 9,361,000 | |
Percent of rents deferred | 1.00% | 1.00% | 9.00% | |
Under negotiation | $ 702,000 | $ 755,000 | $ 1,760,000 | |
Percentage of rent under negotiation | 1.00% | 1.00% | 2.00% | |
One-time rent concessions in exchange for amendments to lease structure | $ 1,205,000 | $ 2,829,000 | $ 13,687,000 | |
Percentage of one-time rent concessions in exchange for landloard-favorable amendments to lease structure | 1.00% | 3.00% | 14.00% | |
Bankruptcy related, primarily pre-petition rents | $ 821,000 | $ 3,015,000 | $ 9,290,000 | |
Percentage of bankruptcy related, primarily pre-petition rents | 1.00% | 3.00% | 10.00% | |
At risk due to tenant financial weakness | $ 1,116,000 | $ 934,000 | $ 1,867,000 | |
Percentage of rent at risk due to tenant financial weakness | 1.00% | 1.00% | 2.00% | |
Total rents billed | $ 87,910,000 | $ 94,801,000 | $ 97,508,000 | |
Percentage of rents billed | 100.00% | 100.00% | 100.00% | |
Subsequent Event [Member] | Fourth Quarter [Member] | ||||
Concentration Risk [Line Items] | ||||
Rents collected | $ 145,000 | |||
Subsequent Event [Member] | Third Quarter [Member] | ||||
Concentration Risk [Line Items] | ||||
Rents collected | 187,000 | |||
Subsequent Event [Member] | Second Quarter [Member] | ||||
Concentration Risk [Line Items] | ||||
Rents collected | $ 5,100,000 |
Disposition of Property (Detail
Disposition of Property (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2020USD ($)ft² | Jul. 31, 2019USD ($)ft² | Mar. 31, 2019USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 878,000 | |||||
Net Sales Price | $ 128,505,000 | |||||
Gain on sale of assets | $ 43,422,000 | |||||
Terrell [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 178,000 | |||||
Net Sales Price | $ 7,626,000 | |||||
Gain on sale of assets | $ 2,324,000 | $ 2,300,000 | ||||
Nags Head, Ocean City, Park City & Williamsburg [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 878,000 | |||||
Net Sales Price | $ 128,248,000 | |||||
Gain on sale of assets | $ 43,422,000 | $ 43,400,000 | ||||
Land outparcel [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Square Feet | ft² | 0 | |||||
Net Sales Price | $ 257,000 | |||||
Gain on sale of assets | $ 0 |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate Joint Ventures - Unconsolidated Real Estate Joint Ventures (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft² | Dec. 31, 2016ft² | Jul. 31, 2014ft² | Nov. 30, 2013ft² | Oct. 31, 2012ft² |
Schedule of Equity Method Investments [Line Items] | ||||||
Square Feet | ft² | 878 | |||||
Columbus [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 355 | 355 | 355 | |||
Investments included in investments in unconsolidated joint ventures | $ 2,000 | |||||
Investments included in other liabilities | $ (3,500) | |||||
RioCan Canada [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 765 | 764 | ||||
Investments included in investments in unconsolidated joint ventures | $ 92,600 | $ 94,700 | ||||
Charlotte [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 399 | 399 | 398 | |||
Investments included in other liabilities | $ (12,800) | $ (13,000) | ||||
National Harbor [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 341 | 341 | 341 | |||
Investments included in other liabilities | $ (8,400) | $ (5,900) | ||||
Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 353 | 353 | 353 | |||
Investments included in other liabilities | $ (19,500) | $ (19,700) | ||||
Columbus Charlotte National Harbor and Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments included in other liabilities | (42,100) | |||||
Charlotte, National Harbor and Galveston/Houston | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments included in other liabilities | (40,700) | |||||
Columbus and Rio Can | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments included in investments in unconsolidated joint ventures | 94,600 | |||||
Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 344,856 | 368,032 | ||||
Unconsolidated Properties [Member] | Columbus [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 70,800 | 85,000 | ||||
Unconsolidated Properties [Member] | RioCan Canada [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 0 | 9,200 | ||||
Unconsolidated Properties [Member] | Charlotte [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 99,600 | 99,500 | ||||
Unconsolidated Properties [Member] | National Harbor [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 94,500 | 94,400 | ||||
Unconsolidated Properties [Member] | Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 80,000 | 79,900 | ||||
Mortgages [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Debt origination costs and premiums | $ 1,100 | $ 1,100 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Joint Ventures - Management, Leasing and Marketing Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | $ 4,936 | $ 5,419 | $ 4,995 |
Management and Marketing Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | 1,859 | 2,308 | 2,334 |
Leasing and other fees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | 60 | 126 | 162 |
Expense reimbursements from joint ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | $ 3,017 | $ 2,985 | $ 2,499 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Joint Ventures - Impairment (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Impairment charges | $ 6,181 | $ 0 | $ 14,359 | ||
Bromont and Les Factories St. Sauveur [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Impairment charges | 14,359 | ||||
Company's share of impairment charge | $ 7,180 | ||||
Les Factoreries St. Sauveur Property [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Impairment charges | $ 6,181 | ||||
Company's share of impairment charge | $ 3,091 | $ 3,100 |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Joint Ventures - Summary Balance Sheets for Unconsolidated Joint Ventures (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Land | $ 86,861 | $ 90,859 |
Buildings, improvements and fixtures | 471,798 | 477,061 |
Construction in progress | 2,976 | 4,779 |
Total rental property, at cost | 561,635 | 572,699 |
Accumulated depreciation | (145,810) | (132,860) |
Total rental property, net | 415,825 | 439,839 |
Cash and cash equivalents | 21,471 | 19,750 |
Deferred lease costs, net | 4,849 | 6,772 |
Prepaids and other assets | 20,478 | 17,789 |
Total assets | 462,623 | 484,150 |
Liabilities and Owners' Equity [Abstract] | ||
Mortgages payable, net | 344,856 | 368,032 |
Accounts payable and other liabilities | 17,427 | 17,173 |
Total liabilities | 362,283 | 385,205 |
Total equity | 100,340 | 98,945 |
Total liabilities and equity | $ 462,623 | $ 484,150 |
Investments in Unconsolidated_7
Investments in Unconsolidated Real Estate Joint Ventures - Summary Statements of Operations for Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unconsolidated Properties [Member] | |||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||
Revenues | $ 76,866 | $ 93,508 | $ 94,509 | ||||||||
Expenses: | |||||||||||
Property operating | 33,053 | 36,812 | 37,121 | ||||||||
General and administrative | 395 | 271 | 266 | ||||||||
Impairment charges | 6,181 | 0 | 14,359 | ||||||||
Depreciation and amortization | 23,544 | 24,454 | 26,262 | ||||||||
Total expenses | 63,173 | 61,537 | 78,008 | ||||||||
Interest expense | (13,091) | (16,234) | (14,518) | ||||||||
Other non-operating income | 2,153 | 507 | 234 | ||||||||
Total other income (expense) | (10,938) | (15,727) | (14,284) | ||||||||
Net income (loss) | 2,755 | 16,244 | 2,217 | ||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||
Revenues | $ 111,155 | $ 103,213 | $ 63,990 | $ 111,633 | $ 120,492 | $ 118,994 | $ 115,707 | $ 123,155 | 389,991 | 478,348 | 494,681 |
Expenses: | |||||||||||
Property operating | 137,135 | 157,734 | 160,457 | ||||||||
General and administrative | 47,733 | 53,790 | 44,167 | ||||||||
Depreciation and amortization | 117,143 | 123,314 | 131,722 | ||||||||
Total expenses | 369,237 | 372,448 | 386,085 | ||||||||
Interest expense | (63,142) | (61,672) | (64,821) | ||||||||
Other non-operating income | 925 | (2,761) | 864 | ||||||||
Total other income (expense) | (59,893) | (21,011) | (63,957) | ||||||||
Net income (loss) | $ 277 | $ 13,719 | $ (23,890) | $ (28,119) | $ (12,379) | $ 24,809 | $ 14,457 | $ 65,841 | (38,013) | 92,728 | 45,563 |
The Company and Operating Partnership's share of: | |||||||||||
Net income | 1,126 | 7,839 | 924 | ||||||||
Depreciation, amortization and asset impairments (real estate related) | $ 15,115 | $ 12,512 | $ 20,494 |
Investments in Unconsolidated_8
Investments in Unconsolidated Real Estate Joint Ventures - Narrative (Details) | Nov. 30, 2018USD ($) | Jun. 30, 2017USD ($)Extension | Feb. 23, 2021USD ($) | Dec. 31, 2020USD ($)ft² | Nov. 30, 2020USD ($) | Jun. 30, 2020 | May 31, 2020USD ($) | Oct. 31, 2019 | Jul. 31, 2019USD ($)ft² | May 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Jul. 31, 2017USD ($) | Nov. 30, 2016USD ($)Extension | May 31, 2018USD ($) | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft² | Dec. 31, 2017ft² | Dec. 31, 2016ft² | Jul. 31, 2014ft² | Nov. 30, 2013ft² | Oct. 31, 2012ft² |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Difference in basis | $ 3,600,000 | $ 3,600,000 | $ 3,800,000 | |||||||||||||||||||
Square Feet | ft² | 878,000 | 878,000 | ||||||||||||||||||||
Net proceeds on sale of assets | $ 128,505,000 | |||||||||||||||||||||
Gain on sale of assets | $ 43,422,000 | |||||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Land outparcel [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 0 | |||||||||||||||||||||
Net proceeds on sale of assets | $ 257,000 | |||||||||||||||||||||
Gain on sale of assets | $ 0 | |||||||||||||||||||||
Charlotte [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 399,000 | 399,000 | 399,000 | 398,000 | ||||||||||||||||||
Ownership % | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
Columbus [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 355,000 | 355,000 | 355,000 | 355,000 | ||||||||||||||||||
Ownership % | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
Galveston/Houston [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 353,000 | 353,000 | 353,000 | 353,000 | ||||||||||||||||||
Ownership % | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
National Harbor [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 341,000 | 341,000 | 341,000 | 341,000 | ||||||||||||||||||
Ownership % | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
RioCan Canada [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 765,000 | 765,000 | 764,000 | |||||||||||||||||||
Ownership % | 50.00% | 50.00% | 50.00% | |||||||||||||||||||
Ottawa [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 357,000 | |||||||||||||||||||||
Estimated square feet of expansion | ft² | 39,000 | |||||||||||||||||||||
Ottawa [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Land outparcel [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Net proceeds on sale of assets | $ 5,500,000 | |||||||||||||||||||||
Gain on sale of assets | 2,000,000 | |||||||||||||||||||||
Our Share of Proceeds from Sale of Other Real Estate | 2,800,000 | |||||||||||||||||||||
Our share of Gain (Loss) on Disposal | 1,000,000 | |||||||||||||||||||||
Cookstown [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 308,000 | 308,000 | ||||||||||||||||||||
Les Factoreries St. Sauveur Property [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 116,000 | 116,000 | ||||||||||||||||||||
Bromont Outlet Mall Property [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Square Feet | ft² | 161,000 | |||||||||||||||||||||
Net proceeds on sale of assets | $ 6,400,000 | |||||||||||||||||||||
Our Share of Proceeds from Sale of Other Real Estate | 3,200,000 | |||||||||||||||||||||
Foreign currency loss | $ 3,600,000 | |||||||||||||||||||||
Mortgages [Member] | Debt [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Guarantor obligations, current carrying value | $ 21,900,000 | $ 21,900,000 | ||||||||||||||||||||
Mortgages [Member] | Columbus [Member] | Debt [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Guarantor obligations, current carrying value | 11,900,000 | 6,400,000 | 11,900,000 | |||||||||||||||||||
Unconsolidated Properties [Member] | RioCan Canada [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Repayments of Debt | $ 8,300,000 | |||||||||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Charlotte [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Stated Interest Rate(s) | 4.30% | |||||||||||||||||||||
Principal | $ 100,000,000 | $ 90,000,000 | ||||||||||||||||||||
Basis spread on variable rate | 1.45% | |||||||||||||||||||||
Proceeds from joint venture debt | $ 9,300,000 | |||||||||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Columbus [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Principal | $ 71,000,000 | $ 85,000,000 | $ 85,000,000 | 71,000,000 | ||||||||||||||||||
Basis spread on variable rate | 1.85% | 1.65% | 1.65% | |||||||||||||||||||
Proceeds from joint venture debt | $ 84,200,000 | |||||||||||||||||||||
Number of mortgage extensions | Extension | 2 | |||||||||||||||||||||
Term of debt extension | 1 year | 1 year | ||||||||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Galveston/Houston [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Principal | $ 65,000,000 | |||||||||||||||||||||
Basis spread on variable rate | 1.50% | 1.65% | 1.65% | |||||||||||||||||||
Proceeds from joint venture debt | $ 14,500,000 | |||||||||||||||||||||
Number of mortgage extensions | Extension | 2 | |||||||||||||||||||||
Term of debt extension | 6 months | 1 year | ||||||||||||||||||||
Borrowing capacity | $ 70,000,000 | $ 80,000,000 | $ 80,000,000 | $ 80,000,000 | ||||||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Galveston/Houston [Member] | Subsequent Event [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Basis spread on variable rate | 1.85% | |||||||||||||||||||||
Borrowing capacity | $ 64,500,000 | |||||||||||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | National Harbor [Member] | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Stated Interest Rate(s) | 4.60% | |||||||||||||||||||||
Principal | $ 87,000,000 | $ 95,000,000 | ||||||||||||||||||||
Basis spread on variable rate | 1.65% | |||||||||||||||||||||
Proceeds from joint venture debt | $ 7,400,000 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | $ 259,380 | $ 268,643 |
Accumulated amortization | (174,420) | (171,931) |
Deferred lease costs and other intangibles, net | 84,960 | 96,712 |
Deferred Lease Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 88,867 | 85,444 |
Above market lease value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 39,628 | 46,252 |
Lease in place value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 55,074 | 58,195 |
Tenant Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 34,694 | 37,221 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | $ 41,117 | $ 41,531 |
Deferred Charges - Schedule of
Deferred Charges - Schedule of Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Above/Below Market Lease, Net [Member] | |
2021 | $ 190 |
2022 | 176 |
2023 | 239 |
2024 | 170 |
2025 | (296) |
Total | 479 |
Deferred Lease Costs and Other Intangibles [Member] | |
2021 | 4,403 |
2022 | 4,117 |
2023 | 3,486 |
2024 | 3,260 |
2025 | 2,627 |
Total | $ 17,893 |
Deferred Charges - Narrative (D
Deferred Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of above and below market leases | $ (2.4) | $ (1) | $ (2.1) |
Deferred Lease Costs and Other Intangibles [Member] | |||
Amortization of deferred lease costs and other intangibles | 12.4 | 13.7 | $ 15.1 |
Other Liabilities [Member] | |||
Below market lease intangibles, net of accumulated amortization | $ 16.9 | $ 19.5 |
Debt of the Company (Details)
Debt of the Company (Details) - Debt [Member] - USD ($) | Dec. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | Jan. 31, 2018 | Dec. 31, 2017 |
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | $ 520,000,000 | |
Tanger Factory Outlet Centers, Inc. [Member] | Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Guarantor obligations, current carrying value | 0 | $ 0 | |||
Tanger Factory Outlet Centers, Inc. [Member] | Unsecured Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Guarantor obligations, current carrying value | $ 350,000,000 | $ 350,000,000 |
Debt of the Operating Partner_3
Debt of the Operating Partnership (Details) - USD ($) | Sep. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Feb. 29, 2020 | Jan. 31, 2020 | Oct. 31, 2018 | Feb. 28, 2018 | Jan. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | Dec. 31, 2011 |
Debt Instrument [Line Items] | |||||||||||||
LIBOR floor interest rate | 0.25% | ||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal | $ 1,578,743,000 | $ 1,582,309,000 | |||||||||||
Book value of debt | 1,567,886,000 | 1,569,773,000 | |||||||||||
Debt issuance cost net, recorded in prepaids and other assets | 1,500,000 | 2,000,000 | |||||||||||
Debt Issuance Costs, Net | 9,500,000 | 11,200,000 | |||||||||||
Amortization of Debt Issuance Costs | $ 3,583,000 | 3,004,000 | $ 3,058,000 | ||||||||||
Tanger Properties Limited Partnership [Member] | 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 | $ 247,967,000 | 247,308,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | 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 | $ 248,493,000 | 248,127,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | 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 | $ 346,770,000 | 346,215,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | 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 | 297,346,000 | 296,953,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal | 27,343,000 | 30,909,000 | |||||||||||
Book value of debt | 28,569,000 | 32,531,000 | |||||||||||
Effective interest rate | 5.05% | ||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal | $ 60,000,000 | $ 51,400,000 | $ 60,000,000 | 51,400,000 | 51,400,000 | ||||||||
Book value of debt | 51,371,000 | 51,272,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal | $ 325,000,000 | $ 350,000,000 | $ 350,000,000 | 350,000,000 | 350,000,000 | ||||||||
Book value of debt | 347,370,000 | 347,367,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Principal | 0 | 0 | |||||||||||
Book value of debt | $ 0 | $ 0 | |||||||||||
Tanger Properties Limited Partnership [Member] | London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Southaven [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.75% | 1.80% | 1.80% | ||||||||||
Tanger Properties Limited Partnership [Member] | London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 0.95% | 1.00% | 0.90% | 0.90% | 1.00% | ||||||||
Tanger Properties Limited Partnership [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 0.90% | 1.00% | 0.875% | 0.875% | 1.00% | ||||||||
Tanger Properties Limited Partnership [Member] | Minimum [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated Interest Rate(s) | 5.14% | ||||||||||||
Tanger Properties Limited Partnership [Member] | Maximum [Member] | Mortgages [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 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Maturities of Debt [Line Items] | ||
2021 | $ 57,193 | |
2022 | 4,436 | |
2023 | 254,768 | |
2024 | 605,140 | |
2025 | 1,501 | |
Thereafter | 655,705 | |
Subtotal | 1,578,743 | $ 1,582,309 |
Net discount and debt origination costs | (10,857) | |
Total debt | $ 1,567,886 | $ 1,569,773 |
Debt of the Operating Partner_5
Debt of the Operating Partnership - Narrative (Details) | Sep. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Jan. 31, 2020 | Oct. 31, 2018USD ($) | Feb. 28, 2018USD ($) | Jan. 31, 2018USD ($) | Aug. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 31, 2020 | Mar. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||
Maximum thresholds for total leverage and unsecured leverage | 0.65 | 0.60 | ||||||||||||||
Netting of cash balances in excess | $ 30,000,000 | |||||||||||||||
Property Management Fee, Percent Fee | 3.00% | |||||||||||||||
LIBOR floor interest rate | 0.25% | |||||||||||||||
Repayments of Long-term Lines of Credit | $ 599,800,000 | |||||||||||||||
Tanger Properties Limited Partnership [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Proceeds from revolving credit facility | $ 641,630,000 | $ 282,870,000 | $ 491,900,000 | |||||||||||||
Repayments of Long-term Lines of Credit | 641,630,000 | 427,970,000 | $ 554,900,000 | |||||||||||||
Principal balance of debt | 1,578,743,000 | 1,582,309,000 | ||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Collateral for mortgages payable | 166,000,000 | |||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of debt extension | 2 years | |||||||||||||||
Principal balance of debt | $ 60,000,000 | $ 51,400,000 | $ 60,000,000 | $ 51,400,000 | 51,400,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 1.75% | 1.80% | 1.80% | |||||||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Liquidity Line, Maximum Borrowings | $ 20,000,000 | |||||||||||||||
Syndicated Line, Maximum Borrowings | 580,000,000 | |||||||||||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | $ 1,200,000,000 | $ 1,000,000,000 | $ 1,200,000,000 | $ 1,200,000,000 | ||||||||||||
Percentage of funds from operations allowed on a cumulative basis required for debt covenants | 95.00% | |||||||||||||||
Term of debt extension | 1 year | |||||||||||||||
Proceeds from revolving credit facility | $ 599,800,000 | |||||||||||||||
Principal balance of debt | $ 0 | 0 | ||||||||||||||
Facility fee percentage | 0.20% | 0.15% | ||||||||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 0.90% | 1.00% | 0.875% | 0.875% | 1.00% | |||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal balance of debt | $ 325,000,000 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||||||||||
Proceeds from debt | $ 25,000,000 | |||||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 0.95% | 1.00% | 0.90% | 0.90% | 1.00% | |||||||||||
Tanger Properties Limited Partnership [Member] | Debt [Member] | Line of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | 600,000,000 | $ 520,000,000 | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | |||||||||||
Loan origination costs | $ 2,300,000 | $ 2,300,000 | ||||||||||||||
Designated as Hedging Instrument [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Notional Amount | $ 640,000,000 | |||||||||||||||
Designated as Hedging Instrument [Member] | Southaven [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Derivative, Fixed Interest Rate | 2.47% | |||||||||||||||
Notional Amount | $ 40,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Classifications on Consolidated Balance Sheets (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 640,000 | |
Fair Value | (3,358) | $ (424) |
Interest Rate Swap One [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 175,000 | |
Company Average Fixed Pay Rate | 1.03% | |
Fair Value | $ (17) | 1,018 |
Interest Rate Swap Two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 40,000 | |
Company Average Fixed Pay Rate | 2.47% | |
Fair Value | $ (75) | (376) |
Interest Rate Swap Three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 150,000 | |
Company Average Fixed Pay Rate | 2.20% | |
Fair Value | $ (34) | (896) |
Interest Rate Swap Four [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 25,000 | |
Company Average Fixed Pay Rate | 1.75% | |
Fair Value | $ (1,192) | (170) |
Interest Rate Swap Five [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 150,000 | |
Company Average Fixed Pay Rate | 0.60% | |
Fair Value | $ (1,901) | 0 |
Interest Rate Swap Six | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 100,000 | |
Company Average Fixed Pay Rate | 0.22% | |
Fair Value | $ (139) | $ 0 |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap One [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Four [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Five [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Six | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month |
Derivative Financial Instrume_4
Derivative Financial Instruments - Gain (Loss) Recognized and Reclassified (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 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 (Effective Portion) | $ (2,934) | $ (6,174) | $ 405 |
Fair Value Measurements Recurri
Fair Value Measurements Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 87,081 | $ 1,018 |
Total liabilities | 3,358 | 1,442 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 87,081 | 0 |
Total liabilities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 1,018 |
Total liabilities | 3,358 | 1,442 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 1,018 | |
Interest rate swaps (other liabilities) | 3,358 | 1,442 |
Interest Rate Swap [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | |
Interest rate swaps (other liabilities) | 0 | 0 |
Interest Rate Swap [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 1,018 | |
Interest rate swaps (other liabilities) | 3,358 | 1,442 |
Interest Rate Swap [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | |
Interest rate swaps (other liabilities) | 0 | $ 0 |
US Government Agencies Short-term Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 87,081 | |
US Government Agencies Short-term Debt Securities | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 87,081 | |
US Government Agencies Short-term Debt Securities | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
US Government Agencies Short-term Debt Securities | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 |
Fair Value Measurements Non-rec
Fair Value Measurements Non-recurring (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2018 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets | $ 46,950 | $ 60,000 | $ 10,000 | $ 50,000 |
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets | 0 | 0 | 0 | 0 |
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets | 0 | 0 | 0 | 0 |
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets | $ 46,950 | $ 60,000 | $ 10,000 | $ 50,000 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2020 | |
Jeffersonville [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment charges | $ 2.4 | $ 37.6 | $ 49.7 | ||
Foxwoods [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment charges | $ 19.2 | $ 45.7 | $ 64.8 |
Fair Value Measurements Non-r_2
Fair Value Measurements Non-recurring measurement input (Details) | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2018 |
Terminal capitalization rate [Member] | Foxwoods [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 7.80% | 7.80% | ||
Terminal capitalization rate [Member] | Jeffersonville [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 12.00% | 10.00% | ||
Discount rate [Member] | Foxwoods [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 8.50% | 8.50% | ||
Discount rate [Member] | Jeffersonville [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 13.00% | 10.00% |
Fair Value Measurements Debt (D
Fair Value Measurements Debt (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 1,639,803 | $ 1,603,814 |
Recorded value of debt | 1,567,886 | 1,569,773 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 1,207,531 | 1,169,481 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 432,272 | $ 434,333 |
Shareholders' Equity of the C_3
Shareholders' Equity of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 28, 2019 | May 31, 2017 | |
Exchange of Class A limited partnership units (in units) | 116,530 | 49,511 | 34,749 | ||
Authorized repurchase amount | $ 169,300,000 | $ 125,000,000 | |||
Additional share repurchase amount authorized | $ 44,300,000 | ||||
Repurchase of shares (in shares) | 0 | 1,209,328 | 919,249 | ||
Stock repurchased average price per share (dollars per share) | $ 0 | $ 16.52 | $ 21.74 | ||
Shares repurchased exclusive of commissions and related fees | $ 0 | $ 19,976,000 | $ 19,980,000 | ||
Remaining amount authorized to be repurchase | $ 80,000,000 |
Partners' Equity of the Opera_3
Partners' Equity of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
General partner (in units) | 1,000,000 | ||
Units withheld for employee income taxes (in units) | (56,597) | (131,873) | (89,437) |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 611,350 | 242,167 | 355,184 |
Repurchase of units (in units) | (1,209,328) | (919,249) | |
General partner (in units) | 1,000,000 | 1,000,000 | |
General partner [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
General partner (in units) | 1,000,000 | 1,000,000 | 1,000,000 |
Units withheld for employee income taxes (in units) | 0 | 0 | 0 |
Exchange of Class A limited partnership units (in units) | 0 | 0 | 0 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 0 | 0 | 0 |
Repurchase of units (in units) | 0 | 0 | |
Issuance of deferred units (in units) | 0 | ||
General partner (in units) | 1,000,000 | 1,000,000 | 1,000,000 |
Class A Limited Partnership Units [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 4,911,173 | 4,960,684 | 4,995,433 |
Units withheld for employee income taxes (in units) | 0 | 0 | 0 |
Exchange of Class A limited partnership units (in units) | (116,530) | (49,511) | (34,749) |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 0 | 0 | 0 |
Repurchase of units (in units) | 0 | 0 | |
Issuance of deferred units (in units) | 0 | ||
Limited partners (in units) | 4,794,643 | 4,911,173 | 4,960,684 |
Class B Limited Partnership Units [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 91,892,260 | 92,941,783 | 93,560,536 |
Units withheld for employee income taxes (in units) | (56,597) | (131,873) | (89,437) |
Exchange of Class A limited partnership units (in units) | 116,530 | 49,511 | 34,749 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 611,350 | 242,167 | 355,184 |
Repurchase of units (in units) | (1,209,328) | (919,249) | |
Issuance of deferred units (in units) | 6,258 | ||
Limited partners (in units) | 92,569,801 | 91,892,260 | 92,941,783 |
Limited partners [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 96,803,433 | 97,902,467 | 98,555,969 |
Units withheld for employee income taxes (in units) | (56,597) | (131,873) | (89,437) |
Exchange of Class A limited partnership units (in units) | 0 | 0 | 0 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 611,350 | 242,167 | 355,184 |
Repurchase of units (in units) | (1,209,328) | (919,249) | |
Issuance of deferred units (in units) | 6,258 | ||
Limited partners (in units) | 97,364,444 | 96,803,433 | 97,902,467 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||
Exchange of Class A limited partnership units (in units) | 116,530 | 49,511 | 34,749 | ||||||||
Repurchase of shares/units, including transactions costs (in shares/units) | 0 | 1,209,328 | 919,249 | ||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ 263 | $ 13,029 | $ (22,688) | $ (26,882) | $ (11,749) | $ 23,546 | $ 13,727 | $ 62,331 | $ (36,278) | $ 87,855 | $ 43,655 |
Increase (decrease) in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests | (74) | 200 | |||||||||
Changes from net income (loss) attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest | $ (36,352) | $ 88,055 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ 263 | $ 13,029 | $ (22,688) | $ (26,882) | $ (11,749) | $ 23,546 | $ 13,727 | $ 62,331 | $ (36,278) | $ 87,855 | $ 43,655 |
Less allocation of earnings to participating securities | (692) | (1,336) | (1,211) | ||||||||
Net income (loss) available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 260 | $ 12,883 | $ (22,864) | $ (27,398) | $ (12,055) | $ 23,241 | $ 13,613 | $ 61,720 | $ (36,970) | $ 86,519 | $ 42,444 |
Denominator | |||||||||||
Basic weighted average common shares (in shares) | 92,618,000 | 92,808,000 | 93,309,000 | ||||||||
Effect of outstanding options and restricted common shares (in shares) | 0 | 0 | 1,000 | ||||||||
Diluted weighted average common shares (in shares) | 92,618,000 | 92,808,000 | 93,310,000 | ||||||||
Basic earnings per common share: | |||||||||||
Net income (loss) , basic (in dollars per share) | $ 0 | $ 0.14 | $ (0.25) | $ (0.30) | $ (0.13) | $ 0.25 | $ 0.15 | $ 0.66 | $ (0.40) | $ 0.93 | $ 0.45 |
Diluted earnings per common share: | |||||||||||
Net income (loss), diluted (in dollars per share) | $ 0 | $ 0.14 | $ (0.25) | $ (0.30) | $ (0.13) | $ 0.25 | $ 0.15 | $ 0.66 | $ (0.40) | $ 0.93 | $ 0.45 |
Antidilutive Incremental Common Shares Attributable to Notional Units (in units) | 1,700,000 | 1,100,000 | 1,000,000 | ||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,800,000 | 523,000 | 535,000 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ (38,203) | $ 92,533 | $ 45,984 |
Less allocation of earnings to participating securities | (692) | (1,336) | (1,211) |
Net income (loss) available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ (38,895) | $ 91,197 | $ 44,773 |
Denominator | |||
Basic weighted average common shares (in shares) | 97,521,000 | 97,766,000 | 98,302,000 |
Effect of outstanding options and restricted common shares (in shares) | 0 | 0 | 1,000 |
Diluted weighted average common shares (in shares) | 97,521,000 | 97,766,000 | 98,303,000 |
Basic earnings per common unit: | |||
Net income (loss) , basic (in dollars per share) | $ (0.40) | $ 0.93 | $ 0.45 |
Diluted earnings per common unit: | |||
Net income (loss), diluted (in dollars per share) | $ (0.40) | $ 0.93 | $ 0.45 |
Antidilutive Incremental Common Shares Attributable to Notional Units (in units) | 1,700,000 | 1,100,000 | 1,000,000 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,800,000 | 523,000 | 535,000 |
Equity-Based Compensation - The
Equity-Based Compensation - The Plan Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exchange Ratio of Partnership Units for Common Shares | 1 |
Tanger Factory Outlet Centers, Inc. [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation Cost Not yet Recognized | $ | $ 16.7 |
Weighted-average period over cost is expected to be recognized related to unvested common equity-based compensation arrangements | 2 years 10 months 24 days |
Tanger Factory Outlet Centers, Inc. [Member] | Share-based Payment Arrangement, Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of common shares that may be issued (in shares) | 18,700,000 |
Shares remaining available for future issuance (in shares) | 2,608,000 |
Equity-Based Compensation - Sha
Equity-Based Compensation - Share-Based Compensation Expense (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 12,517 | $ 18,120 | $ 14,669 |
Equity-based compensation expense capitalized | 409 | 384 | 1,131 |
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | 7,614 | 12,036 | 9,870 |
Notional Unit Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | 4,574 | 5,918 | 4,356 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 329 | $ 166 | $ 443 |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Share Activity (Details) - Tanger Factory Outlet Centers, Inc. [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Shares and Restricted Share Units [Member] | |||
Number of shares/units | |||
Beginning balance | 681,525 | 842,080 | 749,906 |
Granted | 787,873 | 308,623 | 407,156 |
Vested | (330,014) | (469,178) | (314,982) |
Forfeited | (18,996) | 0 | 0 |
Ending balance | 1,120,388 | 681,525 | 842,080 |
Weighted-average grant date fair value | |||
Beginning balance (in dollars per share) | $ 23.92 | $ 27.56 | $ 32.30 |
Granted (in dollars per share) | 23.92 | 21.05 | 21.13 |
Vested (in dollars per share) | 25.43 | 27.73 | 31.43 |
Forfeited (in dollars per share) | 19.79 | 0 | 0 |
Ending balance (in dollars per share) | $ 13.91 | $ 23.92 | $ 27.56 |
Restricted Share Units [Member] | |||
Number of shares/units | |||
Granted | 121,527 | 51,217 | 44,452 |
Equity-Based Compensation - R_2
Equity-Based Compensation - Restricted Common Shares Narrative (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares paid for tax withholding for share based compensation (in shares) | 56,597 | 131,873 | 89,437 | |
Payments for the employees' tax obligations to taxing authorities | $ 736 | $ 2,524 | $ 2,068 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 902,167 | 531,827 | 409,972 | |
Vested | 0 | 0 | 0 | |
Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total value of restricted common shares vested | $ 4,200 | $ 9,200 | $ 9,200 | |
Shares paid for tax withholding for share based compensation (in shares) | 57,000 | 132,000 | 89,000 | |
Payments for the employees' tax obligations to taxing authorities | $ 736 | $ 2,500 | $ 2,100 | |
Restricted Common Share Award Plan [Member] | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 788,000 | 309,000 | 407,000 | |
Restricted Common Share Award Plan [Member] | Independent director | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Common Share Award Plan [Member] | Senior Executive officer | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Common Share Award Plan [Member] | Chief executive officer | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 389,000 | |||
Holding period | 3 years | |||
Restricted Common Share Award Plan [Member] | Maximum [Member] | Senior Executive officer | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Absolute portion [Member] | 2014 OPP [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 184,000 | |||
Year one [Member] | Absolute portion [Member] | 2014 OPP [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested | 94,000 | |||
Year two [Member] | Absolute portion [Member] | 2014 OPP [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested | 90,000 |
Equity-Based Compensation - Out
Equity-Based Compensation - Outperformance Plan Narrative (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2020 | |
2020 OPP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Award Measurement Period | 3 years |
Year one [Member] | 2019 OPP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award Vesting Rights, Percentage | 50.00% |
One year after measurement period [Member] | 2019 OPP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award Vesting Rights, Percentage | 50.00% |
Equity-Based Compensation - O_2
Equity-Based Compensation - Outperformance Plan (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - $ / shares | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Granted (in dollars per share) | $ 6.35 | $ 12.09 | $ 12.42 | |||
Granted | 902,167 | 531,827 | 409,972 | |||
2020 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 902,167 | |||||
Granted (in dollars per share) | $ 3.11 | $ 7.30 | ||||
2020 OPP [Member] | Chief Operating Officer [Member] | ||||||
Granted | 205,480 | |||||
2019 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 531,827 | |||||
Granted (in dollars per share) | $ 12.09 | |||||
2018 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 409,972 | |||||
Granted (in dollars per share) | $ 12.42 | |||||
2017 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 296,400 | |||||
Granted (in dollars per share) | $ 16.60 | |||||
2016 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 321,900 | |||||
Granted (in dollars per share) | $ 15.10 | |||||
Absolute portion [Member] | 2020 OPP [Member] | ||||||
Percent of total award | 33.00% | |||||
Absolute portion [Member] | 2019 OPP [Member] | ||||||
Percent of total award | 33.00% | |||||
Absolute portion [Member] | 2018 OPP [Member] | ||||||
Percent of total award | 33.00% | |||||
Absolute portion [Member] | 2017 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Absolute portion [Member] | 2016 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Relative portion of award [Member] | 2020 OPP [Member] | ||||||
Percent of total award | 67.00% | |||||
Relative portion of award [Member] | 2019 OPP [Member] | ||||||
Percent of total award | 67.00% | |||||
Relative portion of award [Member] | 2018 OPP [Member] | ||||||
Percent of total award | 67.00% | |||||
Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2020 OPP [Member] | ||||||
Absolute share price appreciation range | 37.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2019 OPP [Member] | ||||||
Absolute share price appreciation range | 19.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2018 OPP [Member] | ||||||
Absolute share price appreciation range | 19.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2017 OPP [Member] | ||||||
Absolute share price appreciation range | 18.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2016 OPP [Member] | ||||||
Absolute share price appreciation range | 18.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2020 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 30.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2019 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 30.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2018 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 30.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 40.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 40.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2020 OPP [Member] | ||||||
Absolute share price appreciation range | 52.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2019 OPP [Member] | ||||||
Absolute share price appreciation range | 30.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2018 OPP [Member] | ||||||
Absolute share price appreciation range | 30.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2017 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2016 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2020 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 80.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2019 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 80.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2018 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 80.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% |
Equity-Based Compensation - O_3
Equity-Based Compensation - Outperformance Plan Assumptions (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
2020 OPP [Member] | |||
Risk Free Interest Rate | 1.40% | ||
Expected Dividend Rate | 8.40% | ||
Expected Volatility Rate | 29.00% | ||
2019 OPP [Member] | |||
Risk Free Interest Rate | 2.55% | ||
Expected Dividend Rate | 5.30% | ||
Expected Volatility Rate | 24.00% | ||
2018 OPP [Member] | |||
Risk Free Interest Rate | 2.40% | ||
Expected Dividend Rate | 4.80% | ||
Expected Volatility Rate | 27.00% |
Equity-Based Compensation - O_4
Equity-Based Compensation - Outperformance Plan Rollforward (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of units | |||
Beginning balance | 1,123,904 | 1,013,383 | 603,411 |
Awarded | 902,167 | 531,827 | 409,972 |
Earned | 0 | 0 | 0 |
Forfeited | (316,297) | (421,306) | 0 |
Ending balance | 1,709,774 | 1,123,904 | 1,013,383 |
Weighted-average grant date fair value | |||
Beginning balance (in dollars per share) | $ 13.36 | $ 14.44 | $ 15.83 |
Awarded (in dollars per share) | 6.35 | 12.09 | 12.42 |
Earned (in dollars per share) | 0 | 0 | 0 |
Forfeited (in dollars per share) | 16.01 | 14.36 | 0 |
Ending balance (in dollars per share) | $ 9.17 | $ 13.36 | $ 14.44 |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Awards (Details) - Tanger Factory Outlet Centers, Inc. [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 1,805,700 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 17.76 |
Options Outstanding, Weighted remaining contractual life in years | 6 years 21 days |
Options Exercisable, Options | shares | 310,300 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 28.61 |
Exercise price one [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 334,000 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 5.73 |
Options Outstanding, Weighted remaining contractual life in years | 9 years 8 months 8 days |
Options Exercisable, Options | shares | 0 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 5.73 |
Exercise price two [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 1,000,000 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 7.15 |
Options Outstanding, Weighted remaining contractual life in years | 9 years 4 months 13 days |
Options Exercisable, Options | shares | 250,000 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 7.15 |
Exercise price three [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 269,000 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 21.94 |
Options Outstanding, Weighted remaining contractual life in years | 7 years 2 months 15 days |
Options Exercisable, Options | shares | 107,600 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 21.94 |
Exercise Price Four [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 57,200 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 26.06 |
Options Outstanding, Weighted remaining contractual life in years | 1 month 24 days |
Options Exercisable, Options | shares | 57,200 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 26.06 |
Exercise Price Five [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 145,500 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 32.02 |
Options Outstanding, Weighted remaining contractual life in years | 3 years |
Options Exercisable, Options | shares | 145,500 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 32.02 |
Equity-Based Compensation - O_5
Equity-Based Compensation - Options Awards Activity (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Feb. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||||
Beginning balance | 523,300 | 534,500 | 231,200 | ||
Granted | 1,334,500 | 0 | 331,000 | ||
Exercised | 0 | 0 | 0 | ||
Forfeited | (52,100) | (11,200) | (27,700) | ||
Ending balance | 1,805,700 | 523,300 | 534,500 | ||
Weighted-average exercise price | |||||
Beginning balance (in dollars per share) | $ 25.57 | $ 25.56 | $ 30.42 | ||
Granted (in dollars per share) | 0 | 0 | 21.94 | ||
Exercised (in dollars per share) | 0 | 0 | 0 | ||
Forfeited (in dollars per share) | 0 | 25.27 | 22.62 | ||
Ending balance (in dollars per share) | $ 11.69 | $ 25.57 | $ 25.56 | ||
Weighted-average remaining contractual life in years, outstanding | 8 years 3 months 18 days | 6 years 21 days | 7 years 29 days | ||
Aggregate intrinsic value, outstanding | $ 0 | $ 0 | $ 0 | ||
Vested and Expected to Vest | |||||
Vested and Expected to Vest, Shares | 1,734,077 | ||||
Vested and Expected to Vest, Weighted-average exercise price (in dollars per share) | $ 11.83 | ||||
Vested and Expected to Vest, Weighted-average remaining contractual life in years | 8 years 3 months 3 days | ||||
Vested and Expected to Vest, Aggregate intrinsic value | $ 0 | ||||
Exercisable | |||||
Exercisable, Shares | 560,300 | ||||
Exercisable, Weighted-average exercise price (in dollars per share) | $ 18.38 | ||||
Exercisable, Weighted-average remaining contractual life in years | 6 years 4 months 9 days | ||||
Exercisable, Aggregate intrinsic value | $ 0 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Shares | |||||
Granted | 334,500 | 331,000 | |||
Weighted-average exercise price | |||||
Granted (in dollars per share) | $ 5.73 | $ 21.94 |
Equity-Based Compensation - O_6
Equity-Based Compensation - Options Awards Narrative (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Apr. 30, 2020 | Feb. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options granted in period | 1,334,500 | 0 | 331,000 | |||
Granted (in dollars per share) | $ 0 | $ 0 | $ 21.94 | |||
Intrinsic value of options exercised during the period | $ 0 | $ 0 | $ 8,000 | |||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options granted in period | 334,500 | 331,000 | ||||
Granted (in dollars per share) | $ 5.73 | $ 21.94 | ||||
Option expiration period | 10 years | 10 years | ||||
Award Vesting Rights, Percentage | 20.00% | 20.00% | ||||
Expected Dividend Rate | 4.93% | 6.24% | ||||
Vesting period | 5 years | 5 years | ||||
Vesting period commencement | 1 year | 1 year | ||||
Weighted Average Exercise Price | $ 1.03 | $ 3.62 | ||||
Expected life | 6 years 6 months | 7 years 1 month 6 days | ||||
Expected Volatility Rate | 34.39% | 32.47% | ||||
Risk Free Interest Rate | 0.48% | 2.80% | ||||
Forfeiture rate | 7.20% | |||||
Forfeiture Rate Used, Minimum | 3.00% | |||||
Forfeiture Rate Used, Maximum | 10.00% | |||||
Share-based Payment Arrangement, Option [Member] | Chief Operating Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options granted in period | 1,000,000 | |||||
Granted (in dollars per share) | $ 7.15 | |||||
Option expiration period | 10 years | |||||
Award Vesting Rights, Percentage | 25.00% | |||||
Expected Dividend Rate | 9.86% | |||||
Weighted Average Exercise Price | $ 0.42 | |||||
Expected life | 7 years 10 months 24 days | |||||
Expected Volatility Rate | 30.00% | |||||
Risk Free Interest Rate | 0.60% | |||||
Forfeiture rate | 0.00% |
Equity-Based Compensation Equit
Equity-Based Compensation Equity-Based Compensation - 401(k) Retirement Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Employer 401(K) retirement savings plan contribution Amount | $ 878 | $ 889 | $ 872 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss of the Company - Balances of Each Component of AOCI (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 456,109 | $ 505,535 | $ 612,302 |
Ending balance | 358,883 | 456,109 | 505,535 |
Interest rate swap gain (loss) to be reclassified within twelve months | (1,100) | ||
Foreign Currency Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (25,094) | (32,610) | (24,360) |
Other comprehensive income (loss) before reclassifications | 1,695 | 4,062 | (8,250) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 0 | 3,454 | 0 |
Ending balance | (23,399) | (25,094) | (32,610) |
Cash flow hedges Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 5,459 | 5,075 | |
Other comprehensive income (loss) before reclassifications | (3,755) | 2,335 | |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | (2,105) | (1,951) | |
Ending balance | 5,459 | ||
Cash flow hedges Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (401) | ||
Other comprehensive income (loss) before reclassifications | (6,749) | ||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,964 | ||
Ending balance | (3,186) | (401) | |
Total Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (25,495) | (27,151) | (19,285) |
Other comprehensive income (loss) before reclassifications | (5,054) | 307 | (5,915) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,964 | 1,349 | (1,951) |
Ending balance | (26,585) | (25,495) | (27,151) |
Foreign Currency noncontrolling interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,369) | (1,770) | (1,329) |
Other comprehensive income (loss) before reclassifications | 88 | 217 | (441) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 0 | 184 | 0 |
Ending balance | (1,281) | (1,369) | (1,770) |
Cash Flow Hedges noncontrolling interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 290 | 269 | |
Other comprehensive income (loss) before reclassifications | (202) | 126 | |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | (112) | (105) | |
Ending balance | 290 | ||
Cash Flow Hedges noncontrolling interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (24) | ||
Other comprehensive income (loss) before reclassifications | (359) | ||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 210 | ||
Ending balance | (173) | (24) | |
Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,393) | (1,480) | (1,060) |
Other comprehensive income (loss) before reclassifications | (271) | 15 | (315) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 210 | 72 | (105) |
Ending balance | $ (1,454) | $ (1,393) | $ (1,480) |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Loss of the Operating Partnership - Balances of Each Component (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 456,109 | ||
Ending Balance | 358,883 | $ 456,109 | |
Interest rate swap gain (loss) to be reclassified within twelve months | (1,100) | ||
Foreign currency [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (26,463) | (34,380) | $ (25,689) |
Other comprehensive income (loss) before reclassifications | 1,783 | 4,279 | (8,691) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,638 | ||
Ending Balance | (24,680) | (26,463) | (34,380) |
Cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 5,749 | 5,344 | |
Other comprehensive income (loss) before reclassifications | (3,957) | 2,461 | |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | (2,217) | (2,056) | |
Ending Balance | 5,749 | ||
Cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (425) | ||
Other comprehensive income (loss) before reclassifications | (7,108) | ||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 4,174 | ||
Ending Balance | (3,359) | (425) | |
Accumulated other comprehensive income (loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (26,888) | (28,631) | (20,345) |
Other comprehensive income (loss) before reclassifications | (5,325) | 322 | (6,230) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 4,174 | 1,421 | (2,056) |
Ending Balance | $ (28,039) | $ (26,888) | $ (28,631) |
Supplementary Income Statemen_3
Supplementary Income Statement Information (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Advertising and promotion | $ 20,435 | $ 26,022 | $ 27,066 |
Common area maintenance | 56,226 | 70,472 | 73,367 |
Real estate taxes | 32,762 | 33,430 | 32,836 |
Other operating expenses | 27,712 | 27,810 | 27,188 |
Operating Costs and Expenses | $ 137,135 | $ 157,734 | $ 160,457 |
Lease Agreements - Rental Reven
Lease Agreements - Rental Revenues (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)OutletCenterstore | Dec. 31, 2019USD ($) | |
Rental revenues - fixed | $ 289,676 | $ 360,513 |
Rental revenues - variable | 88,256 | 103,433 |
Rental revenues | 377,932 | 463,946 |
Accounting Standards Update 2016-02 [Member] | ||
Executory costs on a straight-line basis | 4,400 | 6,400 |
Indirect internal leasing costs | $ 4,700 | $ 4,900 |
Consolidated Properties [Member] | ||
Number of stores | store | 2,200 | |
Number of outlet centers | OutletCenter | 31 |
Lease Agreements - Future Minim
Lease Agreements - Future Minimum Lease Receipts ASC 842 (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 271,907 |
2022 | 237,806 |
2023 | 205,403 |
2024 | 170,920 |
2025 | 129,626 |
Thereafter | 227,295 |
Future minimum lease receipts | $ 1,242,957 |
Lease Agreements - Lessee (Deta
Lease Agreements - Lessee (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 29, 2019 | Jan. 01, 2019 | |
Operating lease liabilities | $ 90,105 | $ 90,105 | |||||
Operating lease costs | 5,531 | $ 5,519 | |||||
Short-term lease costs | 2,511 | 2,297 | |||||
Variable lease costs | 295 | 231 | |||||
Total lease costs | $ 8,337 | 8,047 | |||||
Weighted - average remaining lease term (years) | 49 years 3 months | 49 years 3 months | |||||
Weighted - average discount rate | 5.00% | 5.00% | |||||
Operating cash outflows related to operating leases | $ 5,568 | $ 5,569 | |||||
Rental payments | $ 7,200 | ||||||
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 | ||||||
Foxwoods [Member] | |||||||
Impairment charges | $ 19,200 | $ 45,700 | 64,800 | ||||
Right-of-use asset impairment charge | $ 4,000 |
Lease Agreements - Future Min_2
Lease Agreements - Future Minimum Lease Payments ASC 842 (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 5,613 |
2022 | 5,669 |
2023 | 5,709 |
2024 | 5,765 |
2025 | 5,816 |
Thereafter | 221,059 |
Total lease payments | 249,631 |
Less imputed interest | 159,526 |
Present value of lease liabilities | $ 90,105 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Occupancy rate | 92.00% | 97.00% |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Percent of guaranty of completion and principal guaranty | 5.00% | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Percent of guaranty of completion and principal guaranty | 100.00% | |
Debt [Member] | Mortgages [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum amount of joint venture debt guaranteed by the Company | $ 21.9 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 23, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | |||||
Net proceeds on sale of assets | $ 128,505 | ||||
Gain on sale of assets | $ 43,422 | ||||
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Jeffersonville [Member] | |||||
Subsequent Event [Line Items] | |||||
Net proceeds on sale of assets | $ 8,100 | ||||
Gain on sale of assets | $ 0 | ||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.7125 | $ 1.415 | |||
Net proceeds on sale of assets | $ 7,626 | $ 128,505 | $ 0 | ||
Gain on sale of assets | 2,324 | 43,422 | 0 | ||
Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.1775 | ||||
Distributions Per Limited Partnership Unit Outstanding, Basic | $ 0.1775 | ||||
Restricted Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | |||||
Subsequent Event [Line Items] | |||||
Total value of restricted common shares vested | $ 4,200 | $ 9,200 | $ 9,200 | ||
Restricted Common Share Award Plan [Member] | Restricted Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Total value of restricted common shares vested | $ 5,800 | ||||
2021 OPP | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Share-based Award Measurement Period | 3 years | ||||
Total value of restricted common shares vested | $ 6,200 |
Quarterly Financial Data of t_3
Quarterly Financial Data of the Company (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||||
Aug. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Diluted earnings per common share: | |||||||||||||||
Gain on sale of assets | $ 43,422 | ||||||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||
Entity Information [Line Items] | |||||||||||||||
Total revenues | $ 111,155 | $ 103,213 | $ 63,990 | $ 111,633 | $ 120,492 | $ 118,994 | $ 115,707 | $ 123,155 | 389,991 | $ 478,348 | $ 494,681 | ||||
Net income (loss) | 277 | 13,719 | (23,890) | (28,119) | (12,379) | 24,809 | 14,457 | 65,841 | (38,013) | 92,728 | 45,563 | ||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | 263 | 13,029 | (22,688) | (26,882) | (11,749) | 23,546 | 13,727 | 62,331 | (36,278) | 87,855 | 43,655 | ||||
Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ 260 | $ 12,883 | $ (22,864) | $ (27,398) | $ (12,055) | $ 23,241 | $ 13,613 | $ 61,720 | $ (36,970) | $ 86,519 | $ 42,444 | ||||
Basic earnings per common share: | |||||||||||||||
Net income (loss) (in dollars per share) | $ 0 | $ 0.14 | $ (0.25) | $ (0.30) | $ (0.13) | $ 0.25 | $ 0.15 | $ 0.66 | $ (0.40) | $ 0.93 | $ 0.45 | ||||
Diluted earnings per common share: | |||||||||||||||
Net income (loss) (in dollars per share) | $ 0 | $ 0.14 | $ (0.25) | $ (0.30) | $ (0.13) | $ 0.25 | $ 0.15 | $ 0.66 | $ (0.40) | $ 0.93 | $ 0.45 | ||||
Gain on sale of assets | $ 2,324 | $ 43,422 | $ 0 | ||||||||||||
Unconsolidated Properties [Member] | |||||||||||||||
Entity Information [Line Items] | |||||||||||||||
Total revenues | 76,866 | 93,508 | 94,509 | ||||||||||||
Net income (loss) | 2,755 | 16,244 | 2,217 | ||||||||||||
Diluted earnings per common share: | |||||||||||||||
Impairment charges | 6,181 | $ 0 | $ 14,359 | ||||||||||||
Unconsolidated Properties [Member] | Les Factoreries St. Sauveur Property [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Impairment charges | $ 6,181 | ||||||||||||||
Company's share of impairment charge | $ 3,091 | $ 3,100 | |||||||||||||
Jeffersonville [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Impairment charges | $ 37,600 | $ 86,800 | |||||||||||||
Foxwoods [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Impairment charges | $ 45,700 | $ 60,100 | |||||||||||||
Foxwoods and Jeffersonville [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Impairment charges | $ 21,600 | ||||||||||||||
Nags Head, Ocean City, Park City & Williamsburg [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on sale of assets | $ 43,422 | $ 43,400 | |||||||||||||
Terrell [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||
Gain on sale of assets | $ 2,324 | $ 2,300 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | $ 79,940 | $ 79,940 | ||||
Initial cost to Company, Land | 249,597 | 249,597 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 1,931,020 | 1,931,020 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 16,371 | 16,371 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 596,384 | 596,384 | ||||
Gross Amount Carried at Close of Period, Land | 265,968 | 265,968 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 2,527,404 | 2,527,404 | ||||
Total | 2,793,372 | 2,793,372 | ||||
Accumulated Depreciation | 1,054,993 | 1,054,993 | ||||
Real estate, Federal income tax basis | $ 3,000,000 | 3,000,000 | ||||
Buildings and improvements, estimated useful life | 33 years | |||||
Land improvements, estimated useful life | 15 years | |||||
Impairment write-off | $ 91,603 | $ 40,539 | $ 77,958 | |||
Accumulated depreciation written off due to impairment | 30,208 | $ 3,028 | $ 30,050 | |||
Atlantic City [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 28,569 | 28,569 | ||||
Initial cost to Company, Land | 0 | 0 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 125,988 | 125,988 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 13,217 | 13,217 | ||||
Gross Amount Carried at Close of Period, Land | 0 | 0 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 139,205 | 139,205 | ||||
Total | 139,205 | 139,205 | ||||
Accumulated Depreciation | 41,233 | 41,233 | ||||
Blowing Rock [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 1,963 | 1,963 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 9,424 | 9,424 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 10,744 | 10,744 | ||||
Gross Amount Carried at Close of Period, Land | 1,963 | 1,963 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 20,168 | 20,168 | ||||
Total | 22,131 | 22,131 | ||||
Accumulated Depreciation | 11,966 | 11,966 | ||||
Branson [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 4,407 | 4,407 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 25,040 | 25,040 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 396 | 396 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 25,794 | 25,794 | ||||
Gross Amount Carried at Close of Period, Land | 4,803 | 4,803 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 50,834 | 50,834 | ||||
Total | 55,637 | 55,637 | ||||
Accumulated Depreciation | 34,646 | 34,646 | ||||
Charleston [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 10,353 | 10,353 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 48,877 | 48,877 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 18,801 | 18,801 | ||||
Gross Amount Carried at Close of Period, Land | 10,353 | 10,353 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 67,678 | 67,678 | ||||
Total | 78,031 | 78,031 | ||||
Accumulated Depreciation | 35,640 | 35,640 | ||||
Commerce [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 1,262 | 1,262 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 14,046 | 14,046 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 707 | 707 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 37,204 | 37,204 | ||||
Gross Amount Carried at Close of Period, Land | 1,969 | 1,969 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 51,250 | 51,250 | ||||
Total | 53,219 | 53,219 | ||||
Accumulated Depreciation | 36,367 | 36,367 | ||||
Daytona Beach [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 9,913 | 9,913 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 80,410 | 80,410 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 1,119 | 1,119 | ||||
Gross Amount Carried at Close of Period, Land | 9,913 | 9,913 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 81,529 | 81,529 | ||||
Total | 91,442 | 91,442 | ||||
Accumulated Depreciation | 19,671 | 19,671 | ||||
Deer Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 82,413 | 82,413 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 173,044 | 173,044 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 17,797 | 17,797 | ||||
Gross Amount Carried at Close of Period, Land | 82,413 | 82,413 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 190,841 | 190,841 | ||||
Total | 273,254 | 273,254 | ||||
Accumulated Depreciation | 53,667 | 53,667 | ||||
Foley [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 4,400 | 4,400 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 82,410 | 82,410 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 693 | 693 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 36,782 | 36,782 | ||||
Gross Amount Carried at Close of Period, Land | 5,093 | 5,093 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 119,192 | 119,192 | ||||
Total | 124,285 | 124,285 | ||||
Accumulated Depreciation | 63,527 | 63,527 | ||||
Fort Worth [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 11,157 | 11,157 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 87,025 | 87,025 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | (470) | (470) | ||||
Gross Amount Carried at Close of Period, Land | 11,157 | 11,157 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 86,555 | 86,555 | ||||
Total | 97,712 | 97,712 | ||||
Accumulated Depreciation | 15,133 | 15,133 | ||||
Foxwoods [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 0 | 0 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 130,941 | 130,941 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | (88,449) | (88,449) | ||||
Gross Amount Carried at Close of Period, Land | 0 | 0 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 42,492 | 42,492 | ||||
Total | 42,492 | 42,492 | ||||
Accumulated Depreciation | 223 | 223 | ||||
Impairment charges | $ 45,700 | 60,100 | ||||
Accumulated depreciation written off due to impairment | 29,700 | |||||
Gonzales [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 679 | 679 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 15,895 | 15,895 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 35,008 | 35,008 | ||||
Gross Amount Carried at Close of Period, Land | 679 | 679 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 50,903 | 50,903 | ||||
Total | 51,582 | 51,582 | ||||
Accumulated Depreciation | 36,714 | 36,714 | ||||
Grand Rapids [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 8,180 | 8,180 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 75,420 | 75,420 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 3,250 | 3,250 | ||||
Gross Amount Carried at Close of Period, Land | 8,180 | 8,180 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 78,670 | 78,670 | ||||
Total | 86,850 | 86,850 | ||||
Accumulated Depreciation | 22,466 | 22,466 | ||||
Hershey [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 3,673 | 3,673 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 48,186 | 48,186 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 7,258 | 7,258 | ||||
Gross Amount Carried at Close of Period, Land | 3,673 | 3,673 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 55,444 | 55,444 | ||||
Total | 59,117 | 59,117 | ||||
Accumulated Depreciation | 18,873 | 18,873 | ||||
Hilton Head I [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 4,753 | 4,753 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 33,740 | 33,740 | ||||
Gross Amount Carried at Close of Period, Land | 4,753 | 4,753 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 33,740 | 33,740 | ||||
Total | 38,493 | 38,493 | ||||
Accumulated Depreciation | 17,208 | 17,208 | ||||
Hilton Head II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 5,128 | 5,128 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 20,668 | 20,668 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 16,773 | 16,773 | ||||
Gross Amount Carried at Close of Period, Land | 5,128 | 5,128 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 37,441 | 37,441 | ||||
Total | 42,569 | 42,569 | ||||
Accumulated Depreciation | 19,414 | 19,414 | ||||
Howell [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 2,250 | 2,250 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 35,250 | 35,250 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 16,131 | 16,131 | ||||
Gross Amount Carried at Close of Period, Land | 2,250 | 2,250 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 51,381 | 51,381 | ||||
Total | 53,631 | 53,631 | ||||
Accumulated Depreciation | 28,716 | 28,716 | ||||
Jeffersonville [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 2,752 | 2,752 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 111,276 | 111,276 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | (2,498) | (2,498) | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | (103,079) | (103,079) | ||||
Gross Amount Carried at Close of Period, Land | 254 | 254 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 8,197 | 8,197 | ||||
Total | 8,451 | 8,451 | ||||
Accumulated Depreciation | 19 | 19 | ||||
Impairment charges | $ 37,600 | 86,800 | ||||
Accumulated depreciation written off due to impairment | 33,600 | |||||
Lancaster [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 3,691 | 3,691 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 19,907 | 19,907 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 6,656 | 6,656 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 65,339 | 65,339 | ||||
Gross Amount Carried at Close of Period, Land | 10,347 | 10,347 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 85,246 | 85,246 | ||||
Total | 95,593 | 95,593 | ||||
Accumulated Depreciation | 34,120 | 34,120 | ||||
Locust Grove [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 2,558 | 2,558 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 11,801 | 11,801 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 57 | 57 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 32,856 | 32,856 | ||||
Gross Amount Carried at Close of Period, Land | 2,615 | 2,615 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 44,657 | 44,657 | ||||
Total | 47,272 | 47,272 | ||||
Accumulated Depreciation | 29,515 | 29,515 | ||||
Mebane [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 8,821 | 8,821 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 53,362 | 53,362 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 6,039 | 6,039 | ||||
Gross Amount Carried at Close of Period, Land | 8,821 | 8,821 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 59,401 | 59,401 | ||||
Total | 68,222 | 68,222 | ||||
Accumulated Depreciation | 31,261 | 31,261 | ||||
Mytrle Beach Hwy 17 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 0 | 0 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 80,733 | 80,733 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 29,030 | 29,030 | ||||
Gross Amount Carried at Close of Period, Land | 0 | 0 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 109,763 | 109,763 | ||||
Total | 109,763 | 109,763 | ||||
Accumulated Depreciation | 41,650 | 41,650 | ||||
Myrtle Beach Hwy 501 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 8,781 | 8,781 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 56,798 | 56,798 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 42,505 | 42,505 | ||||
Gross Amount Carried at Close of Period, Land | 8,781 | 8,781 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 99,303 | 99,303 | ||||
Total | 108,084 | 108,084 | ||||
Accumulated Depreciation | 51,238 | 51,238 | ||||
Pittsburgh [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 5,528 | 5,528 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 91,288 | 91,288 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 3 | 3 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 14,773 | 14,773 | ||||
Gross Amount Carried at Close of Period, Land | 5,531 | 5,531 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 106,061 | 106,061 | ||||
Total | 111,592 | 111,592 | ||||
Accumulated Depreciation | 63,335 | 63,335 | ||||
Rehoboth Beach [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 20,600 | 20,600 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 74,209 | 74,209 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 1,875 | 1,875 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 57,639 | 57,639 | ||||
Gross Amount Carried at Close of Period, Land | 22,475 | 22,475 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 131,848 | 131,848 | ||||
Total | 154,323 | 154,323 | ||||
Accumulated Depreciation | 60,446 | 60,446 | ||||
Riverhead [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 0 | 0 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 36,374 | 36,374 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 6,152 | 6,152 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 134,695 | 134,695 | ||||
Gross Amount Carried at Close of Period, Land | 6,152 | 6,152 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 171,069 | 171,069 | ||||
Total | 177,221 | 177,221 | ||||
Accumulated Depreciation | 106,460 | 106,460 | ||||
San Marcos [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 1,801 | 1,801 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 9,440 | 9,440 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 2,301 | 2,301 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 59,480 | 59,480 | ||||
Gross Amount Carried at Close of Period, Land | 4,102 | 4,102 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 68,920 | 68,920 | ||||
Total | 73,022 | 73,022 | ||||
Accumulated Depreciation | 47,227 | 47,227 | ||||
Savannah [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 8,432 | 8,432 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 167,780 | 167,780 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 4,313 | 4,313 | ||||
Gross Amount Carried at Close of Period, Land | 8,432 | 8,432 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 172,093 | 172,093 | ||||
Total | 180,525 | 180,525 | ||||
Accumulated Depreciation | 28,077 | 28,077 | ||||
Sevierville [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 0 | 0 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 18,495 | 18,495 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 52,047 | 52,047 | ||||
Gross Amount Carried at Close of Period, Land | 0 | 0 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 70,542 | 70,542 | ||||
Total | 70,542 | 70,542 | ||||
Accumulated Depreciation | 43,846 | 43,846 | ||||
Southaven [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 51,371 | 51,371 | ||||
Initial cost to Company, Land | 14,959 | 14,959 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 60,263 | 60,263 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | (3,500) | (3,500) | ||||
Gross Amount Carried at Close of Period, Land | 14,959 | 14,959 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 56,763 | 56,763 | ||||
Total | 71,722 | 71,722 | ||||
Accumulated Depreciation | 19,552 | 19,552 | ||||
Tilton [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 1,800 | 1,800 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 24,838 | 24,838 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 29 | 29 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 14,307 | 14,307 | ||||
Gross Amount Carried at Close of Period, Land | 1,829 | 1,829 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 39,145 | 39,145 | ||||
Total | 40,974 | 40,974 | ||||
Accumulated Depreciation | 20,696 | 20,696 | ||||
Westgate [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 19,037 | 19,037 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 140,337 | 140,337 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 5,241 | 5,241 | ||||
Gross Amount Carried at Close of Period, Land | 19,037 | 19,037 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 145,578 | 145,578 | ||||
Total | 164,615 | 164,615 | ||||
Accumulated Depreciation | 21,730 | 21,730 | ||||
Other [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | 0 | ||||
Initial cost to Company, Land | 306 | 306 | ||||
Initial cost to Company, Buildings, Improvements & Fixtures | 1,495 | 1,495 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | 0 | ||||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 0 | 0 | ||||
Gross Amount Carried at Close of Period, Land | 306 | 306 | ||||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 1,495 | 1,495 | ||||
Total | 1,801 | 1,801 | ||||
Accumulated Depreciation | $ 357 | 357 | ||||
Land [Member] | Jeffersonville [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Impairment write-off | 2,500 | |||||
Building and Building Improvements [Member] | Foxwoods [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Impairment write-off | 89,800 | |||||
Building and Building Improvements [Member] | Jeffersonville [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Impairment write-off | $ 117,900 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate Property (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance, beginning of year | $ 2,896,894 | $ 3,046,179 | $ 3,088,470 | $ 3,088,470 |
Improvements | 29,516 | 50,117 | 48,357 | |
Impairment charge | (91,603) | (40,539) | (77,958) | |
Dispositions and other | (41,435) | (158,863) | (12,690) | |
Balance, end of year | $ 2,793,372 | $ 2,896,894 | $ 3,046,179 | $ 2,793,372 |
Schedule III - Reconciliation_2
Schedule III - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, beginning of year | $ 1,009,951 | $ 981,305 | $ 901,967 | $ 901,967 |
Depreciation for the period | 101,665 | 107,129 | 114,198 | |
Impairment charge | (30,208) | (3,028) | (30,050) | |
Dispositions and other | (26,415) | (75,455) | (4,810) | |
Balance, end of year | $ 1,054,993 | $ 1,009,951 | $ 981,305 | $ 1,054,993 |