EX-99 3 tfocform8k022404ex1.txt TFOC EXHIBIT 99.1 Tanger Factory Outlet Centers, Inc. Supplemental Operating and Financial Data for the Quarter Ended 12/31/03 Tanger Factory Outlet Centers, Inc. Supplemental Operating and Financial Data December 31, 2003 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 and on Form 10-K for the fiscal year ended December 31, 2003 (when available). 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 .....................................................5 Portfolio Occupancy at the End of Each Period.........................6 Major Tenants ........................................................7 Lease Expirations as of December 31, 2003.............................8 Leasing Activity......................................................9 Financial Data: Consolidated Balance Sheets..........................................10 Consolidated Statements of Operations................................11 FFO and FAD Analysis.................................................12 Per Weighted Average Gross Leasable Area (GLA) Analysis..............13 Unconsolidated Joint Venture Information.............................14 Debt Outstanding Summary.............................................15 Future Scheduled Principal Payments..................................16 Investor Information......................................................17 3 Geographic Diversification ------------------------------------------------------------------------------- As of December 31, 2003 ------------------------------------ ---------------- ------------- ----------- State # of Centers GLA % of GLA ------------------------------------ ---------------- ------------- ----------- South Carolina (1) (2) 3 1,144,899 13% Georgia 4 949,190 11% New York 1 729,238 8% Texas 2 619,976 7% Alabama (2) 2 615,250 7% Delaware (2) 1 568,787 6% Tennessee 2 513,581 6% Michigan 2 437,651 5% Utah (2) 1 300,602 3% Connecticut (2) 1 291,051 3% New Hampshire (2) 3 289,711 3% Missouri 1 277,883 3% Iowa 1 277,230 3% Oregon (2) 1 270,280 3% Illinois (2) 1 258,114 3% Pennsylvania 1 255,059 3% Louisiana 1 245,199 3% Florida 1 198,789 2% North Carolina 2 187,702 2% Indiana 1 141,051 2% Minnesota 1 134,480 2% California 1 105,950 1% Maine 2 84,313 1% ------------------------------------ ---------------- ------------- ----------- Total 36 8,895,986 100% ------------------------------------ ---------------- ------------- ----------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. (2) Includes nine centers from the Charter Oak portfolio acquired on December 19, 2003 of which Tanger owns a 33.3% interest through a joint venture arrangement. 4
Property Summary - Occupancy at End of Each Period Shown ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- % % % % % Total GLA Occupied Occupied Occupied Occupied Occupied Location 12/31/03 12/31/03 09/30/03 06/30/03 03/31/03 12/31/02 ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- Riverhead, NY 729,238 100% 99% 100% 98% 100% Rehoboth, DE (2) 568,787 99% n/a n/a n/a n/a Foley, AL (2) 535,675 99% n/a n/a n/a n/a San Marcos, TX 442,486 100% 98% 96% 100% 100% Myrtle Beach, SC (2) 427,472 96% n/a n/a n/a n/a Sevierville, TN 419,023 100% 99% 100% 100% 100% Hilton Head, SC (2) 393,094 89% n/a n/a n/a n/a Commerce II, GA 342,556 96% 94% 97% 93% 99% Howell, MI 325,231 100% 99% 99% 99% 100% Myrtle Beach, SC (1) 324,333 100% 100% 100% 100% 100% Park City, UT (2) 300,602 96% n/a n/a n/a n/a Westbrook, CT (2) 291,051 93% n/a n/a n/a n/a Branson, MO 277,883 100% 100% 99% 97% 99% Williamsburg, IA 277,230 96% 96% 98% 97% 100% Lincoln City, OR (2) 270,280 92% n/a n/a n/a n/a Tuscola, IL (2) 258,114 78% n/a n/a n/a n/a Lancaster, PA 255,059 100% 98% 96% 94% 98% Locust Grove, GA 247,454 100% 100% 99% 99% 100% Gonzales, LA 245,199 99% 95% 99% 97% 99% Tilton, NH (2) 227,966 96% n/a n/a n/a n/a Fort Myers, FL 198,789 94% 86% 89% 97% 99% Commerce I, GA 185,750 77% 74% 71% 79% 90% Terrell, TX 177,490 100% 97% 97% 96% 100% Dalton, GA 173,430 100% 82% 95% 93% 98% Seymour, IN 141,051 77% 75% 74% 74% 80% North Branch, MN 134,480 100% 100% 99% 99% 100% West Branch, MI 112,420 100% 100% 98% 95% 100% Barstow, CA 105,950 87% 87% 80% 72% 62% Blowing Rock, NC 105,448 100% 100% 90% 94% 100% Pigeon Forge, TN 94,558 93% 97% 97% 95% 97% Nags Head, NC 82,254 100% 100% 100% 100% 100% Boaz, AL 79,575 97% 97% 92% 95% 97% Kittery I, ME 59,694 100% 100% 100% 100% 100% LL Bean, NH 50,745 100% 91% 91% 91% 100% Kittery II, ME 24,619 100% 100% 100% 100% 94% Clover, NH 11,000 100% 100% 100% 100% 100% Casa Grande, AZ n/a n/a 79% 88% 89% 96% Martinsburg, WV n/a n/a n/a n/a 61% 69% Bourne, MA n/a n/a n/a n/a n/a n/a ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- Total 8,895,986 96% 95% 96% 95% 98% ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. (2) Includes nine centers from the Charter Oak portfolio acquired on December 19, 2003 of which Tanger owns a 33.3% interest through a joint venture arrangement.
5 Portfolio Occupancy at the End of Each Period (1) [GRAPH APPEARS HERE] '12/03 '09/03 '06/03 '03/03 '12/02 '09/02 '06/02 '03/02 '12/01 East 96% 95% 96% 95% 98% 96% 96% 95% 96% (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and the nine centers in the Charter Oak portfolio of which Tanger owns a 33.3% interest through a joint venture arrangement. 6 Major Tenants (1) ---------------------------------------------------------------------------- Ten Largest Tenants As of December 31, 2003 ---------------------------------------------------------------------------- # of % of Tenant Stores GLA Total GLA ------------------------------- ----------- -------------- ----------------- The Gap, Inc. 54 550,435 6.1% Phillips-Van Heusen 96 448,584 5.0% Liz Claiborne 55 373,604 4.3% VF Factory Outlet 33 295,063 3.4% Reebok International 33 254,002 2.8% Dress Barn, Inc. 32 226,729 2.5% Polo Ralph Lauren 23 175,604 2.0% Brown Group Retail 35 168,908 1.9% Sara Lee Corporation 41 161,528 1.8% Nike 11 159,985 1.8% ------------------------------- ----------- -------------- ----------------- Total of All Listed Above 413 2,814,442 31.6% ------------------------------- ----------- -------------- ----------------- 1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and the nine centers in the Charter Oak portfolio of which Tanger owns a 33.3% interest through a joint venture arrangement. 7 Lease Expirations as of December 31, 2003 Percentage of Total Gross Leasable Area (1) [GRAPH APPEARS HERE] 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014+ 19.00% 22.00% 16.00% 16.00% 14.00% 5.00% 2.00% 1.00% 3.00% 1.00% 1.00% Percentage of Total Annualized Base Rent (1) [GRAPH APPEARS HERE] 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014+ 16.00% 20.00% 19.00% 17.00% 16.00% 5.00% 2.00% 1.00% 2.00% 1.00% 1.00% 1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and the nine centers in the Charter Oak portfolio of which Tanger owns a 33.3% interest through a joint venture arrangement. 8
Leasing Activity (1) ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ Year to 03/31/03 06/30/03 09/30/03 12/31/03 Date ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ Re-tenanted Space: Number of leases 35 25 15 6 81 Gross leasable area 138,468 68,903 43,662 20,982 272,015 New base rent per square foot $16.89 $17.39 $19.43 $13.13 $17.13 Prior base rent per square foot $16.38 $17.04 $17.36 $13.35 $16.47 Percent increase in rent per square foot 3.1% 2.1% 11.9% -1.7% 4.1% Renewed Space: Number of leases 117 56 17 6 196 Gross leasable area 538,506 238,833 53,893 22,500 853,732 New base rent per square foot $13.35 $13.67 $12.71 $10.23 $13.32 Prior base rent per square foot $13.19 $13.51 $15.07 $9.18 $13.29 Percent increase in rent per square foot 1.2% 1.2% (15.6%) 11.4% 0.2% Total Re-tenanted and Renewed Space: Number of leases 152 81 32 12 277 Gross leasable area 676,974 307,736 97,555 43,482 1,125,747 New base rent per square foot $14.07 $14.50 $15.72 $11.63 $14.24 Prior base rent per square foot $13.84 $14.30 $16.09 $11.19 $14.06 Percent increase in rent per square foot 1.7% 1.4% (2.3%) 3.9% 1.3% ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------
---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ Year to 03/31/03 06/30/03 09/30/03 12/31/03 Date ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ Stores Opening: Number of stores 7 53 34 26 120 Gross leasable area 31,265 163,524 114,056 84,902 393,747 Base rent per square foot $19.01 $17.81 $20.31 $18.74 $18.83 Stores Closing: Number of stores 40 29 18 17 104 Gross leasable area 105,429 81,297 100,013 50,483 337,222 Base rent per square foot $17.58 $15.67 $16.39 $18.19 $16.86 Percent increase in rent per square foot 8.1% 13.7% 23.9% 3.0% 11.7% ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ 1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and the nine centers in the Charter Oak portfolio of which Tanger owns a 33.3% interest through a joint venture arrangement.
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Consolidated Balance Sheets (dollars in thousands) -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- 12/31/03 09/30/03 06/30/03 03/31/03 12/31/02 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Assets Rental property Land $119,833 $50,474 $50,474 $51,274 $51,274 Buildings 958,720 583,269 578,665 581,766 571,125 Developments under construction -- -- 2,490 -- -- -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total rental property 1,078,553 633,743 631,629 633,040 622,399 Accumulated depreciation (192,698) (191,628) (185,071) (180,996) (174,199) -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total rental property - net 885,855 442,115 446,558 452,044 448,200 Cash 9,836 209 203 209 1,072 Deferred charges - net 68,568 9,398 9,389 9,648 10,104 Other assets 23,178 13,666 12,822 13,424 18,299 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total assets $987,437 $465,388 $468,972 $475,325 $477,675 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Liabilities & Shareholders' Equity Liabilities Debt Senior, unsecured notes $147,509 $147,509 $147,509 $148,009 $150,109 Mortgages payable 370,160 172,552 173,188 173,811 174,421 Lines of credit 22,650 7,272 11,890 19,319 20,475 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total debt 540,319 327,333 332,587 341,139 345,005 Construction trade payables 4,345 7,188 8,010 7,560 3,310 Accounts payable & accruals 18,025 13,949 13,328 12,070 15,095 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total liabilities 562,689 348,470 353,925 360,769 363,410 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Minority interests: Consolidated joint venture 218,148 -- -- -- -- Operating partnership 39,182 26,202 26,231 23,245 23,630 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total minority interests 257,330 26,202 26,231 23,245 23,630 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Shareholders' equity Preferred shares -- -- -- 1 1 Common shares 130 105 103 93 90 Paid in capital 250,070 171,747 167,034 165,641 161,192 Distributions in excess of net income (82,737) (81,063) (78,224) (74,324) (70,485) Accum. other comprehensive loss (45) (73) (97) (100) (163) -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total shareholders' equity 167,418 90,716 88,816 91,311 90,635 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total liabilities & shareholders' equity $987,437 $465,388 $468,972 $475,325 $477,675 -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
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Consolidated Statements of Operations (dollars and shares in thousands) ---------------------------------------- ---------------------------------------------------------------- -------------------------- Three Months Ended YTD ---------------------------------------- ---------------------------------------------------------------- -------------------------- 12/03 09/03 06/03 03/03 12/02 12/03 12/02 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Revenues Base rentals $22,432 $19,799 $19,523 $19,285 $20,136 $81,039 $74,117 Percentage rentals 1,459 784 552 395 1,601 3,190 3,552 Expense reimbursements 9,231 8,306 8,331 8,313 8,436 34,181 29,878 Other income 1,045 1,063 792 662 1,106 3,562 3,262 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Total revenues 34,167 29,952 29,198 28,655 31,279 121,972 110,809 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Expenses Property operating 10,810 9,836 9,887 9,702 9,886 40,235 34,882 General & administrative 2,188 2,492 2,453 2,428 2,235 9,561 9,224 Depreciation & amortization 8,094 6,956 6,946 7,128 7,197 29,124 27,941 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Total expenses 21,092 19,284 19,286 19,258 19,318 78,920 72,047 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Operating income 13,075 10,668 9,912 9,397 11,961 43,052 38,762 Interest expense 6,779 6,427 6,556 6,724 7,042 26,486 28,460 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Income before equity in earnings of unconsolidated joint ventures, minority interests and discontinued operations 6,296 4,241 3,356 2,673 4,919 16,566 10,302 Equity in earnings of unconsolidated joint ventures 180 267 280 92 142 819 392 Minority interests: Consolidated joint venture (941) -- -- -- -- (941) -- Operating partnership (1,196) (1,017) (787) (579) (1,160) (3,579) (2,315) ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations 4,339 3,491 2,849 2,186 3,901 12,865 8,379 Discontinued operations (1) 492 29 (542) 5 1,259 (16) 2,628 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Net income 4,831 3,520 2,307 2,191 5,160 12,849 11,007 Less applicable preferred share dividends -- -- (363) (443) (442) (806) (1,771) ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Net income available to common shareholders $ 4,831 $ 3,520 $ 1,944 $ 1,748 $ 4,718 $12,043 $ 9,236 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Basic earnings per common share: ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations $.39 $.34 $.26 $.19 $.38 $1.20 $.79 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Net income $.44 $.34 $.20 $.19 $.52 $1.20 $1.11 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Diluted earnings per common share: ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations $.39 $.33 $.25 $.19 $.37 $1.17 $.77 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Net income $.43 $.33 $.20 $.19 $.51 $1.17 $1.08 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Weighted average common shares: Basic 11,008 10,404 9,590 9,181 9,047 10,051 8,322 Diluted 11,183 10,623 9,809 9,408 9,279 10,283 8,514 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- (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.
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FFO and FAD Analysis (dollars and shares in thousands) ---------------------------------------- ---------------------------------------------------------------- -------------------------- Three Months Ended YTD ---------------------------------------- ---------------------------------------------------------------- -------------------------- 12/03 09/03 06/03 03/03 12/02 12/03 12/02 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Funds from operations: Net income $4,831 $3,520 $2,307 $2,191 $5,160 $12,849 $11,007 Adjusted for - Minority interest in operating partnership 1,196 1,017 787 579 1,160 3,579 2,315 Minority interest adjustment consolidated joint venture (33) -- -- -- -- (33) -- Minority interest, depreciation and amortization in discontinued operations 184 138 21 200 641 543 2,006 Depreciation and amortization uniquely significant to real estate - wholly owned 8,034 6,892 6,873 7,054 7,127 28,853 27,647 Depreciation and amortization uniquely significant to real estate - joint ventures 294 287 266 254 255 1,101 422 Loss (Gain) on sale of real estate (588) -- 735 -- (1,242) 147 (1,702) ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Funds from operations $13,918 $11,854 $10,989 $10,278 $13,101 $47,039 $41,695 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Funds from operations per share $.98 $.87 $.82 $.78 $1.01 $3.45 $3.40 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Funds available for distribution: Funds from operations $13,918 $11,854 $10,278 $13,101 $47,039 $41,695 $10,989 Plus - Corporate depreciation excluded above 60 64 73 74 71 271 295 Amortization of finance costs 354 332 309 317 312 1,312 1,217 Straight line rent adjustment 2 35 55 57 55 149 248 Less - Below market rent adjustment (37) -- -- -- -- (37) -- Market rate interest adjustment (149) -- -- -- -- (149) -- 2nd generation tenant allowances (1,457) (1,860) (387) (1,417) (455) (5,121) (2,226) Capital improvements (1,796) (241) (1,568) (1,045) (737) (4,650) (2,584) ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Funds available for distribution $10,895 $10,184 $9,471 $8,264 $12,347 $38,814 $38,645 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Funds available for distribution per share $.77 $.75 $.71 $.63 $.95 $2.85 $3.15 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Dividends paid per share $.615 $.615 $.615 $.6125 $.6125 $2.458 $2.4475 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- FFO payout ratio 63% 71% 75% 79% 61% 71% 72% ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- FAD payout ratio 80% 82% 87% 97% 64% 86% 78% Diluted weighted average common shares 14,216 13,656 13,432 13,164 13,035 13,641 12,271 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ -------------
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Per Weighted Average Gross Leasable Area (GLA) Analysis ---------------------------------------- ---------------------------------------------------------------- -------------------------- Three Months Ended YTD ---------------------------------------- ---------------------------------------------------------------- -------------------------- 12/03 09/03 06/03 03/03 12/02 12/03 12/02 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- GLA open at end of period - (000's) Wholly owned 5,299 5,483 5,449 5,497 5,469 5,299 5,469 Partially owned consolidated (1) 3,273 --- --- --- --- 3,273 --- Partially owned (2) 324 318 309 260 260 324 260 Managed properties 434 457 457 457 457 434 457 Total GLA open at end of period 9,330 6,258 6,215 6,214 6,186 9,330 6,186 Weighted average GLA (000's) (3) 5,761 5,286 5,263 5,258 5,235 5,393 5,011 End of period occupancy (1) (2) 96% 95% 96% 95% 98% 96% 98% PER SQUARE FOOT Revenues Base rentals $3.89 $3.75 $3.71 $3.67 $3.85 $15.02 $14.79 Percentage rentals .26 .15 .11 .07 .31 .59 .71 Expense reimbursements 1.60 1.58 1.58 1.58 1.61 6.34 5.96 Other income .18 .20 .15 .13 .21 .66 .65 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Total revenues 5.93 5.68 5.55 5.45 5.98 22.61 22.11 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Expenses Property operating 1.88 1.86 1.88 1.84 1.89 7.46 6.96 General & administrative .38 .47 .47 .46 .43 1.78 1.84 Depreciation & amortization 1.40 1.32 1.32 1.36 1.37 5.40 5.58 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Total expenses 3.66 3.65 3.67 3.66 3.69 14.64 14.38 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Operating income 2.27 2.03 1.88 1.79 2.29 7.97 7.73 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Interest expense 1.18 1.22 1.24 1.27 1.35 4.91 5.68 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Income before equity in earnings of unconsolidated joint ventures, minority interest and discontinued operations $1.09 $.81 $.64 $.52 $.94 $3.06 $2.05 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- Total revenues less property operating and general & administrative expenses ("NOI") $3.67 $3.35 $3.20 $3.15 $3.66 $13.37 $13.31 ---------------------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------- (1) Includes the nine centers from the Charter Oak portfolio acquired on December 19, 2003 of which Tanger owns a 33.3% interest through a joint venture arrangement. (2) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. (3) Represents GLA of wholly owned and partially owned consolidated 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.
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Unconsolidated Joint Venture Information - Summary Balance Sheets (dollars in thousands) ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ 12/31/03 09/30/03 06/30/03 03/31/03 12/31/02 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Assets Investment properties at cost - net $63,899 $35,200 $35,439 $34,670 $32,153 Cash and cash equivalents 4,145 1,377 634 100 514 Deferred charges - net 1,652 1,767 1,872 1,790 1,751 Other assets 3,277 2,900 1,995 1,500 1,491 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total assets $72,973 $41,244 $39,940 $38,060 $35,909 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Liabilities & Owners' Equity Mortgage payable $54,683 $29,248 $28,692 $25,705 $25,513 Construction trade payables 1,164 751 1,026 1,729 1,644 Accounts payable & other liabilities 564 743 828 868 522 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total liabilities 56,411 30,742 30,546 28,302 27,679 Owners' equity 16,562 10,502 9,394 9,758 8,230 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total liabilities & owners' equity $72,973 $41,244 $39,940 $38,060 $35,909 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Summary Statements of Operations (dollars in thousands) ------------------------------------------ -------------------------------------------------------------- ------------------------- Three Months Ended YTD ------------------------------------------ -------------------------------------------------------------- ------------------------- 12/03 09/03 06/03 03/03 12/02 12/03 12/02 ------------------------------------------ ----------- ---------- ------------ ------------ ------------- ------------ ------------ Revenues $2,098 $2,195 $2,158 $1,727 $1,685 $8,178 $4,119 ------------------------------------------ ----------- ---------- ------------ ------------ ------------- ------------ ------------ Expenses Property operating 760 726 782 704 579 2,972 1,924 General & administrative 26 1 3 17 4 47 13 Depreciation & amortization 613 599 552 528 537 2,292 884 ------------------------------------------ ----------- ---------- ------------ ------------ ------------- ------------ ------------ Total expenses 1,399 1,326 1,337 1,249 1,120 5,311 2,821 ------------------------------------------ ----------- ---------- ------------ ------------ ------------- ------------ ------------ Operating income 699 869 821 478 565 2,867 1,298 Interest expense 380 372 294 325 322 1,371 578 ------------------------------------------ ----------- ---------- ------------ ------------ ------------- ------------ ------------ Net income $319 $497 $527 $153 $243 $1,496 $720 ------------------------------------------ ----------- ---------- ------------ ------------ ------------- ------------ ------------ Tanger Factory Outlet Centers, Inc. share of: ------------------------------------------ ----------- ---------- ------------ ------------ ------------- ------------ ------------ Total revenues less property operating and general & administrative expenses ("NOI") $656 $734 $687 $503 $551 $2,580 $1,091 Net income $180 $267 $280 $92 $142 $819 $392 Depreciation (real estate related) $293 $287 $266 $255 $255 $1,101 $422 ------------------------------------------ ----------- ---------- ------------ ------------ ------------- ------------ ------------
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Debt Outstanding Summary (dollars in thousands) --------------------------------------------------------------------------------------------------------- As of December 31, 2003 --------------------------------------------------------------------------------------------------------- Principal Interest Maturity Balance Rate Date ------------------------------------------ -------------- ------------------------------ ---------------- Mortgage debt Lancaster, PA $14,179 9.770% 04/10/05 Commerce I, GA 7,812 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 10,923 7.875% 04/01/09 Kittery I, ME 6,216 7.875% 04/01/09 San Marcos I, TX 18,553 7.875% 04/01/09 San Marcos II, TX 18,746 7.980% 04/01/09 West Branch, MI 6,934 7.875% 04/01/09 Williamsburg, IA 19,064 7.875% 04/01/09 Blowing Rock, NC 9,517 8.860% 09/01/10 Nags Head, NC 6,458 8.860% 09/01/10 Consolidated JV Debt 186,406 6.590% 07/10/08 Premium on Consolidated JV Debt (1) 11,852 ------------------------------------------ -------------- ------------------------------ ---------------- Total mortgage debt (1) 370,160 ------------------------------------------ -------------- ------------------------------ ---------------- Corporate debt Unsecured credit facilities 22,650 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 170,159 ------------------------------------------ -------------- ------------------------------ ---------------- Total debt (1) $540,319 ------------------------------------------ -------------- ------------------------------ ---------------- (1) Represents a premium on mortgage debt with an imputed interest rate of 4.97% assumed in the Charter Oak acquisition joint venture, which is consolidated on Tanger's balance sheet.
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Future Scheduled Principal Payments (dollars in thousands) ----------------------------------------------------------------------------------------- As of December 31, 2003 ----------------------------------------------------------------------------------------- Scheduled Total Amortization Balloon Scheduled Year Payments Payments Payments ----------------------------- ---------------------- ---------------- ------------------- 2004 $6,021 $47,509 $53,530 2005 (1) 6,027 43,226 49,253 2006 5,910 53,500 59,410 2007 6,344 -- 6,344 2008 3,711 270,719 274,430 2009 967 70,474 71,441 2010 181 13,878 14,059 2011 -- -- -- 2012 -- -- -- 2013 -- -- -- 2014 & thereafter -- -- -- ----------------------------- ---------------------- ---------------- ------------------- $29,161 $499,306 $528,467 Premium on Consolidated JV Debt (2) 11,852 ----------------------------- ---------------------- ---------------- ------------------- $540,319 ----------------------------- ---------------------- ---------------- ------------------- (1) Balloon payments in 2005 include $22,650 relating to amounts outstanding under the unsecured credit facilities. (2) Represents a premium on mortgage debt assumed in the Charter Oak acquisition joint venture, which is consolidated on Tanger's balance sheet.
16 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 17