EX-99 3 tfocform8k0603ex1.txt EXHIBIT 99.1 Exhibit 99.1 Tanger Factory Outlet Centers, Inc. Supplemental Operating and Financial Data for the Quarter Ended 06/30/03 1 Notice For a more detailed discussion of the factors that affect our operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2002. This Supplemental Operating and Financial Data is not an offer to sell or a solicitation to buy any securities of the Company. Any offers to sell or solicitations to buy any securities of the Company shall be made only by means of a prospectus. 2 Table of Contents Section Portfolio Data: Geographic Diversification 4 Property Summary - Occupancy at End of Each Period Shown 5 Major Tenants 6 Lease Expirations 7 Leasing Activity 8 Financial Data: Consolidated Balance Sheets 9 Consolidated Statements of Operations 10 FFO and FAD Analysis 11 Per Weighted Average Gross Leasable Area (GLA) Analysis 12 Joint Venture Information 13 Debt Outstanding Summary 14 Future Scheduled Principal Payments 15 Investor Information 16 3 Geographic Diversification As of June 30, 2003 ----------------------------- -------------------- -------------- -------------- State # of Centers GLA % of GLA ----------------------------- -------------------- -------------- -------------- Georgia 4 950,590 17% New York 1 729,238 13% Texas 2 619,426 11% Tennessee 2 478,751 8% Michigan 2 437,651 8% South Carolina (1) 1 309,037 5% Missouri 1 277,562 5% Iowa 1 277,230 5% Pennsylvania 1 255,059 4% Louisiana 1 245,199 4% Florida 1 198,789 3% North Carolina 2 187,702 3% Arizona 1 184,768 3% Indiana 1 141,051 3% Minnesota 1 134,480 2% California 1 105,950 2% Maine 2 84,313 2% Alabama 1 79,575 1% New Hampshire 2 61,745 1% ----------------------------- -------------------- -------------- -------------- Total 28 5,758,116 100% ----------------------------- -------------------- -------------- -------------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. 4
Property Summary - Occupancy at End of Each Period Shown ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- % % % % % Total GLA Occupied Occupied Occupied Occupied Occupied Location 06/30/03 06/30/03 03/31/03 12/31/02 09/30/02 06/30/02 ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- Riverhead, NY 729,238 100% 98% 100% 99% 99% San Marcos, TX 441,936 96% 100% 100% 98% 98% Sevierville, TN 384,193 100% 100% 100% 100% 100% Commerce II, GA 342,556 97% 93% 99% 96% 97% Howell, MI 325,231 99% 99% 100% 100% n/a Branson, MO 277,562 99% 97% 99% 100% 98% Williamsburg, IA 277,230 98% 97% 100% 99% 98% Myrtle Beach, SC (1) 309,037 100% 100% 100% 100% 100% Lancaster, PA 255,059 96% 94% 98% 96% 96% Locust Grove, GA 248,854 99% 99% 100% 100% 98% Gonzales, LA 245,199 99% 97% 99% 98% 96% Fort Myers, FL 198,789 89% 97% 99% 97% 93% Commerce I, GA 185,750 71% 79% 90% 87% 90% Casa Grande, AZ 184,768 88% 89% 96% 90% 89% Terrell, TX 177,490 97% 96% 100% 100% 95% Dalton, GA 173,430 95% 93% 98% 98% 96% Seymour, IN 141,051 74% 74% 80% 80% 76% North Branch, MN 134,480 99% 99% 100% 100% 100% West Branch, MI 112,420 98% 95% 100% 100% 98% Barstow, CA 105,950 80% 72% 62% 57% 57% Blowing Rock, NC 105,448 90% 94% 100% 100% 100% Pigeon Forge, TN 94,558 97% 95% 97% 94% 100% Nags Head, NC 82,254 100% 100% 100% 100% 100% Boaz, AL 79,575 92% 95% 97% 91% 93% Kittery I, ME 59,694 100% 100% 100% 100% 100% LL Bean, NH 50,745 91% 91% 100% 100% 100% Kittery II, ME 24,619 100% 100% 94% 94% 94% Clover, NH 11,000 100% 100% 100% 100% 100% Martinsburg, WV n/a n/a 61% 69% 51% 57% Bourne, MA n/a n/a n/a n/a 100% 100% ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- Total 5,758,116 96% 95% 98% 96% 96% ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- [GRAPH APPEAR HERE] '03/03 '03/03 '12/02 '09/02 '06/02 '03/02 '12/01 '09/01 '06/01 96% 95% 98% 96% 96% 95% 96% 95% 94% Portfolio Occupancy at the End of Each Period (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement.
5 Major Tenants -------------------------------------------------------------------------------- Ten Largest Tenants As of June 30, 2003 -------------------------------------------------------------------------------- # of Tenant Stores GLA Total of GLA ------------------------------------------- ----------- ----------- ----------- The Gap, Inc. 36 371,196 6.5% Phillips-Van Heusen 70 318,664 5.5% Liz Claiborne 38 312,655 5.5% Reebok International 25 180,761 3.1% Dress Barn, Inc. 20 143,512 2.5% Sara Lee Corporation 32 123,040 2.1% Brown Group Retail 25 120,446 2.1% Mikasa 15 117,936 2.0% Polo Ralph Lauren 16 116,716 2.0% VF Factory Outlet 4 105,697 1.8% ------------------------------------------- ----------- ----------- ----------- Total of All Listed Above 281 1,910,623 33.1% ------------------------------------------- ----------- ----------- ----------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. 6 Lease Expirations as of June 30, 2003 [GRAPH APPEARS HERE] 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013+ 4.00% 23.00% 16.00% 16.00% 16.00% 12.00% 4.00% 1.00% 2.00% 3.00% 3.00% Percentage of Total Gross Leasable Area (1) [GRAPH APPEARS HERE] 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013+ 3.00% 20.00% 17.00% 17.00% 19.00% 13.00% 3.00% 1.00% 2.00% 3.00% 2.00% Percentage of Total Annualized Base Rent (1) (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. 7
Leasing Activity ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ Year to 03/31/03 06/30/03 09/30/03 12/31/03 Date ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ Re-tenanted Space: Number of leases 35 25 60 Gross leasable area 138,468 68,903 207,371 New base rent per square foot $16.89 $17.39 $17.06 Prior base rent per square foot $16.38 $17.04 $16.59 Percent increase in rent per square foot 3.1% 2.1% 2.8% Renewed Space: Number of leases 117 56 173 Gross leasable area 538,506 238,833 777,339 New base rent per square foot $13.35 $13.67 $13.45 Prior base rent per square foot $13.19 $13.51 $13.29 Percent increase in rent per square foot 1.2% 1.2% 1.2% Total Re-tenanted and Renewed Space: Number of leases 152 81 233 Gross leasable area 676,974 307,736 984,710 New base rent per square foot $14.07 $14.50 $14.21 Prior base rent per square foot $13.84 $14.30 $13.98 Percent increase in rent per square foot 1.7% 1.4% 1.6% ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------
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Consolidated Balance Sheets (dollars in thousands) -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- 06/30/03 03/31/03 12/31/02 09/30/02 06/30/02 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Assets Rental Property Land $50,474 $51,274 $51,274 $52,345 $50,176 Buildings 578,665 581,766 571,125 571,826 535,438 Developments under construction 2,490 -- -- -- -- -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Total rental property 631,629 633,040 622,399 624,171 585,614 Accumulated depreciation (185,071) (180,996) (174,199) (168,327) (161,612) -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Total rental property - net 446,558 452,044 448,200 455,844 424,002 Cash 203 209 1,072 209 204 Deferred charges - net 9,389 9,648 10,104 10,494 10,465 Other assets 12,822 13,424 18,299 13,543 30,783 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Total assets $468,972 $475,325 477,675 $480,090 $465,454 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Liabilities & Shareholders' Equity Liabilities Debt Senior, unsecured notes $147,509 $148,009 $150,109 $155,609 $155,609 Mortgages payable 173,188 173,811 174,421 175,018 175,603 Lines of credit 11,890 19,319 20,475 16,269 26,625 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Total debt 332,587 341,139 345,005 346,896 357,837 Construction trade payables 8,010 7,560 3,310 4,041 4,141 Accounts payable & accruals 13,328 12,070 15,095 14,743 12,943 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Total liabilities 353,925 360,769 363,410 365,680 374,921 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Minority interest 26,231 23,245 23,630 23,727 19,326 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Shareholders' equity Preferred shares 1 1 1 1 -- Common shares 103 93 90 90 80 Paid in capital 167,034 165,641 161,192 160,589 138,177 Distributions in excess of net income (78,224) (74,324) (70,485) (69,672) (66,619) Accum. other comprehensive loss (97) (100) (163) (325) (432) -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------ Total shareholders' equity 88,816 91,311 90,635 90,683 71,207 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- ------------- Total liabilities & shareholders' equity $468,972 $475,325 $477,675 $480,090 $465,454 -------------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------
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Consolidated Statements of Operations (dollars and shares in thousands) --------------------------------------- ---------------------------------------------------- ------------ -------------------------- Three Months Ended YTD 06/03 03/03 12/02 09/02 06/02 06/03 06/02 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Revenues Base rentals $19,806 $19,622 $20,498 $18,673 $18,364 $39,428 $36,386 Percentage rentals 555 395 1,602 778 581 950 1,178 Expense reimbursements 8,456 8,430 8,601 7,361 7,275 16,886 14,515 Other income 803 671 1,115 1,044 583 1,474 1,145 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Total revenues 29,620 29,118 31,816 27,856 26,803 58,738 53,224 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Expenses Property operating 10,109 9,953 10,169 8,582 8,585 20,062 17,146 General & administrative 2,453 2,430 2,237 2,623 2,092 4,883 4,367 Interest 6,556 6,724 7,042 7,171 7,118 13,280 14,247 Depreciation & amortization 7,099 7,280 7,355 7,133 7,048 14,379 14,064 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Total expenses 26,217 26,387 26,803 25,509 24,843 52,604 49,824 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income before equity in earnings of unconsolidated joint ventures, minority interest, discontinued operations and extraordinary item 3,403 2,731 5,013 2,347 1,960 6,134 3,400 Equity in earnings of unconsolidated joint ventures 280 92 142 317 (75) 372 (67) Minority interest (798) (591) (1,184) (596) (396) (1,389) (673) --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations 2,885 2,232 3,971 2,068 1,489 5,117 2,660 Discontinued operations (1) (578) (41) 1,189 240 605 (619) 879 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Net income 2,307 2,191 5,160 2,308 2,094 4,498 3,539 Less applicable preferred share dividends (363) (443) (442) (443) (442) (806) (886) --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Net income available to common shareholders $ 1,944 $ 1,748 $ 4,718 $ 1,865 $ 1,652 $ 3,692 $ 2,653 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Basic earnings per common share: --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations $.26 $.19 $.39 $.20 $.13 $.46 $.22 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Net income $.20 $.19 $.52 $.22 $.21 $.39 $.33 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Diluted earnings per common share: --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations $.26 $.19 $.38 $.19 $.13 $.45 $.22 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Net income $.20 $.19 $.51 $.22 $.20 $.38 $.33 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Weighted average common shares: Basic 9,590 9,181 9,047 8,269 8,015 9,387 7,982 Diluted 9,809 9,408 9,279 8,490 8,229 9,615 8,135 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- (1) In accordance with SFAS No. 144 "Accounting for the Impairment or Disposal of Long Lived Assets", the results of operations for property disposed of during the year have been reported above as discontinued operations for both the current and prior periods presented. Includes a loss on the sale of one real estate property of $735,000 for the three months and six months ended June 30, 2003 and a gain on the sale of one real estate property of $460,000 for the three months and six months ended June 30, 2002.
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FFO and FAD Analysis (dollars and shares in thousands) --------------------------------------- ---------------------------------------------------- ------------ -------------------------- Three Months Ended YTD 06/03 03/03 12/02 09/02 06/02 06/03 06/02 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Funds from operations: Net income $2,307 $2,191 $5,160 $2,308 $2,094 $4,498 $3,539 Adjusted for - Extraordinary item -- -- -- -- -- -- -- Minority interest 798 591 1,184 596 396 1,389 673 Minority interest, depreciation and amortization in discontinued operations (143) 36 460 156 379 (107) 641 Depreciation and amortization uniquely significant to real estate - wholly owned 7,026 7,206 7,284 7,056 6,974 14,232 13,917 Depreciation and amortization uniquely significant to real estate - joint ventures 266 254 255 168 -- 520 -- Loss (Gain) on sale of real estate 735 (1,242) -- (460) 735 (460) --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Funds from operations $10,989 $10,278 $13,101 $10,284 $9,383 $21,267 $18,310 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Funds from operations per share $.82 $.78 $1.01 $ .84 $ .78 $1.60 $1.54 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Funds available for distribution: Funds from operations $10,989 $10,278 $13,101 $10,284 $9,383 $21,267 $18,310 Plus - Corporate depreciation excluded above 73 74 71 77 75 147 148 Amortization of finance costs 309 317 312 313 289 626 592 Straight line rent adjustment 55 57 55 91 60 112 101 Less - 2nd generation tenant allowances (387) (1,417) (455) (136) (429) (1,804) (1,635) Capital improvements (1,568) (1,045) (737) (899) (578) (2,613) (948) --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Funds available for distribution $9,471 $8,264 $12,347 $9,730 $8,800 $17,735 $16,568 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Funds available for distribution per share $.71 $.63 $.95 $.79 $.73 $1.33 $1.39 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Dividends paid per share $.615 $.6125 $.6125 $.6125 $.6125 $1.2275 $1.2225 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- FFO payout ratio 75% 79% 61% 73% 79% 77% 79% --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- FAD payout ratio 87% 97% 64% 78% 84% 92% 88% Diluted weighted average common Shares 13,432 13,164 13,035 12,245 11,985 13,304 11,892 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ -------------
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Per Weighted Average Gross Leasable Area (GLA) Analysis --------------------------------------- ---------------------------------------------------- ------------ -------------------------- Three Months Ended YTD 06/03 03/03 12/02 09/02 06/02 06/03 06/02 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- GLA open at end of period - Wholly owned (000's) 5,449 5,497 5,469 5,493 5,167 5,449 5,167 Partially owned (000's) (1) 309 260 260 260 260 309 260 Managed properties (000's) 457 457 457 434 105 457 105 Total GLA open at end of period 6,215 6,214 6,186 6,187 5,532 6,215 5,532 Weighted average GLA (000's) (2) 5,448 5,443 5,420 5,173 5,094 5,445 5,094 End of period occupancy (1) 96% 95% 98% 96% 96% 96% 96% PER SQUARE FOOT Revenues Base rentals $3.64 $3.61 $3.78 $3.61 $3.61 $7.24 $7.14 Percentage rentals .10 .07 .30 .15 .11 .18 .23 Expense reimbursements 1.55 1.55 1.59 1.42 1.43 3.10 2.85 Other income .15 .12 .20 .20 .11 .27 .23 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Total revenues 5.44 5.35 5.87 5.38 5.26 10.79 10.45 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Expenses Property operating 1.86 1.83 1.88 1.66 1.69 3.68 3.36 General & administrative .45 .45 .41 .51 .41 .90 .86 Interest 1.20 1.23 1.30 1.38 1.40 2.44 2.80 Depreciation & amortization 1.30 1.34 1.36 1.38 1.38 2.64 2.76 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Total expenses 4.81 4.85 4.95 4.93 4.88 9.66 9.78 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income before equity in earnings of unconsolidated joint ventures, minority interest, discontinued operations and extraordinary item $.63 $.50 $.92 $.45 $.38 $1.13 $.67 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Total revenues less property operating and general & administrative expenses ("NOI") $3.13 $3.07 $3.58 $3.21 $3.16 $6.21 $6.23 --------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. (2) Represents GLA of wholly owned operating properties weighted by months of operation. GLA is not adjusted for fluctuations in occupancy that may occur subsequent to the original opening date. Excludes GLA of properties for which their results are included in discontinued operations. 12
Joint Venture Information -
Summary Balance Sheets (dollars in thousands) ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ 06/30/03 03/31/03 12/31/02 09/30/02 06/30/02 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Assets Investment properties at cost - net $35,439 $34,670 $32,153 $31,560 $28,968 Cash and cash equivalents 634 100 514 510 226 Deferred charges - net 1,872 1,790 1,751 1,676 1,591 Other assets 1,995 1,500 1,491 1,503 1,384 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total assets $39,940 $38,060 $35,909 $35,249 $32,169 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Liabilities & Owners' Equity Mortgage payable $28,692 $25,705 $25,513 $21,555 $18,058 Construction trade payables 1,026 1,729 1,644 4,222 3,530 Accounts payable & other liabilities 828 868 522 756 1,927 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total liabilities 30,546 28,302 27,679 26,533 23,515 Owners' equity 9,394 9,758 8,230 8,716 8,654 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total liabilities & owners' equity $39,940 $38,060 $35,909 $35,249 $32,169 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Summary Statements of Operations (dollars in thousands) ------------------------------------------ -------------------------------------------- ----------- --------------------- Three Months Ended YTD 06/03 03/03 12/02 09/02 06/02 06/03 06/02 ------------------------------------------ -------------------------------------------- ----------- --------------------- Revenues $2,158 $1,727 $1,700 $2,178 $225 $3,885 $241 ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ---------- Expenses Property operating 782 704 609 930 385 1,486 385 General & administrative 3 17 13 -- -- 20 -- Interest 294 325 322 256 -- 619 -- Depreciation & amortization 552 528 536 348 -- 1,080 -- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ---------- Total expenses 1,631 1,574 1,480 1,534 385 3,205 385 ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ---------- Net income $527 $153 $220 $644 $(160) $680 $(144) ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ---------- Tanger Factory Outlet Centers, Inc. Share of: ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ---------- Total revenues less property operating and general & administrative expenses ("NOI") $687 $503 $539 $624 $(80) $1,190 $(72) Net income $280 $92 $142 $317 $(75) $372 $(67) Depreciation (real estate related) $266 $254 $255 $168 -- $520 -- ------------------------------------------ ----------- ---------- ---------- ---------- ----------- ---------- ----------
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Debt Outstanding Summary (dollars in thousands) -------------------------------------------------------------------------------------------------------- As of June 30, 2003 -------------------------------------------------------------------------------------------------------- Principal Interest Maturity Balance Rate Date ----------------------------------------- -------------- ------------------------------ ---------------- Mortgage debt Lancaster, PA $14,351 9.770% 04/10/05 Commerce I, GA 8,056 9.125% 09/10/05 Branson, MO 24,000 Libor + 1.75% 03/26/06 Commerce II, GA 29,500 Libor + 1.75% 03/26/06 Dalton, GA 11,030 7.875% 04/01/09 Kittery I, ME 6,276 7.875% 04/01/09 San Marcos I, TX 18,735 7.875% 04/01/09 San Marcos II, TX 18,894 7.980% 04/01/09 West Branch, MI 7,002 7.875% 04/01/09 Williamsburg, IA 19,250 7.875% 04/01/09 Blowing Rock, NC 9,588 8.860% 09/01/10 Nags Head, NC 6,506 8.860% 09/01/10 ----------------------------------------- -------------- ------------------------------ ---------------- Total mortgage debt 173,188 ----------------------------------------- -------------- ------------------------------ ---------------- Corporate debt Unsecured credit facilities 11,890 Libor + (1.60% to 1.75%) 06/30/05 1997 Senior unsecured notes 47,509 7.875% 10/24/04 2001 Senior unsecured notes 100,000 9.125% 02/15/08 ----------------------------------------- -------------- ------------------------------ ---------------- Total corporate debt 159,399 ----------------------------------------- -------------- ------------------------------ ---------------- Total debt $332,587 ----------------------------------------- -------------- ------------------------------ ----------------
14 Future Scheduled Principal Payments (dollars in thousands) ------------------------------------------------------------------------------- As of June 30, 2003 ------------------------------------------------------------------------------- Scheduled Total Amortization Balloon Scheduled Year Payments Payments Payments ------------------------- ---------------- ----------------- ------------------ 2003 $1,286 -- $1,286 2004 2,740 47,509 50,249 2005 (1) 2,524 32,466 34,990 2006 2,168 53,500 55,668 2007 2,349 -- 2,349 2008 2,545 100,000 102,545 2009 967 70,474 71,441 2010 181 13,878 14,059 2011 -- -- -- 2012 -- -- -- 2013 & thereafter -- -- -- ------------------------- ---------------- ----------------- ------------------ $14,760 $317,827 $332,587 ------------------------- ---------------- ----------------- ------------------ (1) Balloon payments in 2005 include $11,890 relating to amounts outstanding under the unsecured credit facilities. 15 Investor Information Tanger Outlet Centers welcomes any questions or comments from shareholders, analysts, investment managers, media and prospective investors. Please address all inquiries to our Investor Relations Department. Tanger Factory Outlet Centers, Inc. Investor Relations Phone: (336) 292-3010 ext 6865 Fax: (336) 297-0931 e-mail: tangermail@tangeroutlet.com --------------------------- Mail: Tanger Factory Outlet Centers, Inc. 3200 Northline Avenue Suite 360 Greensboro, NC 27408 16