x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
North Carolina (Tanger Factory Outlet Centers, Inc.) | 56-1815473 |
North Carolina (Tanger Properties Limited Partnership) | 56-1822494 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
3200 Northline Avenue, Suite 360, Greensboro, NC 27408 | |
(Address of principal executive offices) | |
(336) 292-3010 | |
(Registrant's telephone number, including area code) |
Tanger Factory Outlet Centers, Inc. | Yes x No o |
Tanger Properties Limited Partnership | Yes x No o |
Tanger Factory Outlet Centers, Inc. | Yes x No o |
Tanger Properties Limited Partnership | Yes x No o |
Tanger Factory Outlet Centers, Inc. | ||
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o | Smaller reporting company o | |
Emerging growth company o |
Tanger Properties Limited Partnership | ||
Large accelerated filer o | Accelerated filer o | |
Non-accelerated filer x | Smaller reporting company o | |
Emerging growth company o |
Tanger Factory Outlet Centers, Inc. | o |
Tanger Properties Limited Partnership | o |
Tanger Factory Outlet Centers, Inc. | Yes o No x |
Tanger Properties Limited Partnership | Yes o No x |
• | enhancing investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; |
• | eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and |
• | creating time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | Debt of the Company and the Operating Partnership; |
• | Shareholders' Equity, if applicable, and Partners' Equity; |
• | Earnings Per Share and Earnings Per Unit; |
• | Accumulated Other Comprehensive Income of the Company and the Operating Partnership; |
• | Liquidity and Capital Resources in the Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Page Number | |
Part I. Financial Information | |
Item 1. | |
FINANCIAL STATEMENTS OF TANGER FACTORY OUTLET CENTERS, INC. (Unaudited) | |
Consolidated Balance Sheets - as of September 30, 2018 and December 31, 2017 | |
Consolidated Statements of Operations - for the three and nine months ended September 30, 2018 and 2017 | |
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2018 and 2017 | |
Consolidated Statements of Shareholders' Equity - for the nine months ended September 30, 2018 and 2017 | |
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2018 and 2017 | |
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) | |
Consolidated Balance Sheets - as of September 30, 2018 and December 31, 2017 | |
Consolidated Statements of Operations - for the three and nine months ended September 30, 2018 and 2017 | |
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2018 and 2017 | |
Consolidated Statements of Equity - for the nine months ended September 30, 2018 and 2017 | |
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2018 and 2017 | |
Condensed Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership | |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. Quantitative and Qualitative Disclosures about Market Risk | |
Item 4. Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership) | |
Part II. Other Information | |
Item 1. Legal Proceedings | |
Item 1A. Risk Factors | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 4. Mine Safety Disclosure | |
Item 6. Exhibits | |
Signatures |
September 30, 2018 | December 31, 2017 | |||||||
Assets | ||||||||
Rental property: | ||||||||
Land | $ | 278,632 | $ | 279,978 | ||||
Buildings, improvements and fixtures | 2,755,698 | 2,793,638 | ||||||
Construction in progress | 762 | 14,854 | ||||||
3,035,092 | 3,088,470 | |||||||
Accumulated depreciation | (953,158 | ) | (901,967 | ) | ||||
Total rental property, net | 2,081,934 | 2,186,503 | ||||||
Cash and cash equivalents | 4,404 | 6,101 | ||||||
Investments in unconsolidated joint ventures | 111,305 | 119,436 | ||||||
Deferred lease costs and other intangibles, net | 120,064 | 132,061 | ||||||
Prepaids and other assets | 103,910 | 96,004 | ||||||
Total assets | $ | 2,421,617 | $ | 2,540,105 | ||||
Liabilities and Equity | ||||||||
Liabilities | ||||||||
Debt: | ||||||||
Senior, unsecured notes, net | $ | 1,136,184 | $ | 1,134,755 | ||||
Unsecured term loan, net | 323,416 | 322,975 | ||||||
Mortgages payable, net | 88,359 | 99,761 | ||||||
Unsecured lines of credit, net | 199,701 | 206,160 | ||||||
Total debt | 1,747,660 | 1,763,651 | ||||||
Accounts payable and accrued expenses | 70,132 | 90,416 | ||||||
Other liabilities | 79,342 | 73,736 | ||||||
Total liabilities | 1,897,134 | 1,927,803 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Tanger Factory Outlet Centers, Inc.: | ||||||||
Common shares, $.01 par value, 300,000,000 shares authorized, 93,907,034 and 94,560,536 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 939 | 946 | ||||||
Paid in capital | 774,724 | 784,782 | ||||||
Accumulated distributions in excess of net income | (259,258 | ) | (184,865 | ) | ||||
Accumulated other comprehensive loss | (18,413 | ) | (19,285 | ) | ||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 497,992 | 581,578 | ||||||
Equity attributable to noncontrolling interests: | ||||||||
Noncontrolling interests in Operating Partnership | 26,491 | 30,724 | ||||||
Noncontrolling interests in other consolidated partnerships | — | — | ||||||
Total equity | 524,483 | 612,302 | ||||||
Total liabilities and equity | $ | 2,421,617 | $ | 2,540,105 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues: | ||||||||||||||||
Base rentals | $ | 82,323 | $ | 80,349 | $ | 244,781 | $ | 241,467 | ||||||||
Percentage rentals | 3,210 | 3,138 | 6,666 | 6,798 | ||||||||||||
Expense reimbursements | 35,468 | 34,180 | 107,876 | 104,801 | ||||||||||||
Management, leasing and other services | 583 | 588 | 1,826 | 1,776 | ||||||||||||
Other income | 2,652 | 2,510 | 6,333 | 6,905 | ||||||||||||
Total revenues | 124,236 | 120,765 | 367,482 | 361,747 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating | 39,653 | 37,571 | 119,817 | 115,074 | ||||||||||||
General and administrative | 10,752 | 10,934 | 32,861 | 33,846 | ||||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | |||||||||||
Impairment charge | 49,739 | — | 49,739 | — | ||||||||||||
Depreciation and amortization | 32,850 | 30,976 | 98,667 | 95,175 | ||||||||||||
Total expenses | 132,994 | 79,382 | 301,084 | 244,623 | ||||||||||||
Operating income (loss) | (8,758 | ) | 41,383 | 66,398 | 117,124 | |||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (16,367 | ) | (16,489 | ) | (48,348 | ) | (49,496 | ) | ||||||||
Loss on early extinguishment of debt | — | (35,626 | ) | — | (35,626 | ) | ||||||||||
Gain on sale of assets | — | — | — | 6,943 | ||||||||||||
Other non-operating income (expense) | 261 | 591 | 661 | 683 | ||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (24,864 | ) | (10,141 | ) | 18,711 | 39,628 | ||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | 1,833 | (5,893 | ) | 6,233 | (1,201 | ) | ||||||||||
Net income (loss) | (23,031 | ) | (16,034 | ) | 24,944 | 38,427 | ||||||||||
Noncontrolling interests in Operating Partnership | 1,172 | 815 | (1,274 | ) | (1,920 | ) | ||||||||||
Noncontrolling interests in other consolidated partnerships | — | — | 278 | — | ||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (21,859 | ) | $ | (15,219 | ) | $ | 23,948 | $ | 36,507 | ||||||
Basic earnings per common share: | ||||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 | ||||||
Diluted earnings per common share: | ||||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 | ||||||
Dividends declared per common share | $ | 0.3500 | $ | 0.3425 | $ | 1.0425 | $ | 1.0100 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (23,031 | ) | $ | (16,034 | ) | $ | 24,944 | $ | 38,427 | ||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | 1,921 | 4,737 | (3,176 | ) | 8,821 | |||||||||||
Change in fair value of cash flow hedges | 512 | 39 | 4,095 | 217 | ||||||||||||
Other comprehensive income | 2,433 | 4,776 | 919 | 9,038 | ||||||||||||
Comprehensive income (loss) | (20,598 | ) | (11,258 | ) | 25,863 | 47,465 | ||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | 1,048 | 573 | (1,043 | ) | (2,376 | ) | ||||||||||
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (19,550 | ) | $ | (10,685 | ) | $ | 24,820 | $ | 45,089 |
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2016 | $ | 961 | $ | 820,251 | $ | (122,701 | ) | $ | (28,295 | ) | $ | 670,216 | $ | 35,066 | $ | 159 | $ | 705,441 | |||||||
Net income | — | — | 36,507 | — | 36,507 | 1,920 | — | 38,427 | |||||||||||||||||
Other comprehensive income | — | — | — | 8,582 | 8,582 | 456 | — | 9,038 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 10,891 | — | — | 10,891 | — | — | 10,891 | |||||||||||||||||
Issuance of 1,800 common shares upon exercise of options | — | 54 | — | — | 54 | — | — | 54 | |||||||||||||||||
Grant of 411,968 restricted common share awards, net of forfeitures | 4 | (4 | ) | — | — | — | — | — | — | ||||||||||||||||
Repurchase of 1,911,585 common shares, including transaction costs | (19 | ) | (49,343 | ) | — | — | (49,362 | ) | — | — | (49,362 | ) | |||||||||||||
Withholding of 69,886 common shares for employee income taxes | (1 | ) | (2,435 | ) | — | — | (2,436 | ) | — | — | (2,436 | ) | |||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | 1,606 | — | — | 1,606 | (1,606 | ) | — | — | ||||||||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | — | — | — | — | — | (159 | ) | (159 | ) | |||||||||||||||
Common dividends ($1.01 per share) | — | — | (97,781 | ) | — | (97,781 | ) | — | — | (97,781 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (5,078 | ) | — | (5,078 | ) | |||||||||||||||
Balance, September 30, 2017 | $ | 945 | $ | 781,020 | $ | (183,975 | ) | $ | (19,713 | ) | $ | 578,277 | $ | 30,758 | $ | — | $ | 609,035 | |||||||
The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||||||||||
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands, except share and per share data, unaudited) | |||||||||||||||||||||||||
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2017 | $ | 946 | $ | 784,782 | $ | (184,865 | ) | $ | (19,285 | ) | $ | 581,578 | $ | 30,724 | $ | — | $ | 612,302 | |||||||
Net income | — | — | 23,948 | — | 23,948 | 1,274 | (278 | ) | 24,944 | ||||||||||||||||
Other comprehensive income | — | — | — | 872 | 872 | 47 | — | 919 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 11,654 | — | — | 11,654 | — | — | 11,654 | |||||||||||||||||
Grant of 355,184 restricted common share awards, net of forfeitures | 3 | (3 | ) | — | — | — | — | — | — | ||||||||||||||||
Repurchase of 919,249 common shares, including transaction costs | (9 | ) | (19,989 | ) | — | — | (19,998 | ) | — | — | (19,998 | ) | |||||||||||||
Withholding of 89,437 common shares for employee income taxes | (1 | ) | (2,067 | ) | — | — | (2,068 | ) | — | — | (2,068 | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 445 | 445 | |||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | 347 | — | — | 347 | (347 | ) | — | — | ||||||||||||||||
Common dividends ($1.0425 per share) | — | — | (98,341 | ) | — | (98,341 | ) | — | — | (98,341 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (5,207 | ) | (167 | ) | (5,374 | ) | ||||||||||||||
Balance, September 30, 2018 | $ | 939 | $ | 774,724 | $ | (259,258 | ) | $ | (18,413 | ) | $ | 497,992 | $ | 26,491 | $ | — | $ | 524,483 |
Nine months ended September 30, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 24,944 | $ | 38,427 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 98,667 | 95,175 | ||||||
Impairment charge | 49,739 | — | ||||||
Amortization of deferred financing costs | 2,280 | 2,640 | ||||||
Gain on sale of assets | — | (6,943 | ) | |||||
Loss on early extinguishment of debt | — | 35,626 | ||||||
Equity in (earnings) losses of unconsolidated joint ventures | (6,233 | ) | 1,201 | |||||
Equity-based compensation expense | 10,814 | 10,114 | ||||||
Amortization of debt (premiums) and discounts, net | 309 | 363 | ||||||
Amortization (accretion) of market rent rate adjustments, net | 1,980 | 2,107 | ||||||
Straight-line rent adjustments | (4,744 | ) | (4,749 | ) | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 6,081 | 8,128 | ||||||
Changes in other assets and liabilities: | ||||||||
Other assets | (406 | ) | (1,131 | ) | ||||
Accounts payable and accrued expenses | (3,471 | ) | 653 | |||||
Net cash provided by operating activities | 179,960 | 181,611 | ||||||
INVESTING ACTIVITIES | ||||||||
Additions to rental property | (53,349 | ) | (132,612 | ) | ||||
Additions to investments in unconsolidated joint ventures | (1,764 | ) | (4,033 | ) | ||||
Net proceeds from sale of assets | — | 39,213 | ||||||
Additions to non-real estate assets | (1,203 | ) | (8,384 | ) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,656 | 16,019 | ||||||
Additions to deferred lease costs | (5,220 | ) | (4,218 | ) | ||||
Other investing activities | 8,065 | 4,963 | ||||||
Net cash used in investing activities | (36,815 | ) | (89,052 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Cash dividends paid | (98,341 | ) | (97,781 | ) | ||||
Distributions to noncontrolling interests in Operating Partnership | (5,207 | ) | (5,078 | ) | ||||
Proceeds from revolving credit facility | 391,900 | 543,866 | ||||||
Repayments of revolving credit facility | (396,900 | ) | (456,666 | ) | ||||
Proceeds from notes, mortgages and loans | — | 299,460 | ||||||
Repayments of notes, mortgages and loans | (10,971 | ) | (302,240 | ) | ||||
Payment of make-whole premium related to early extinguishment of debt | — | (34,143 | ) | |||||
Repurchase of common shares, including transaction costs | (19,998 | ) | (49,362 | ) | ||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,068 | ) | (2,436 | ) | ||||
Additions to deferred financing costs | (2,615 | ) | (2,900 | ) | ||||
Proceeds from exercise of options | — | 54 | ||||||
Proceeds from other financing activities | 445 | 12,054 | ||||||
Payment for other financing activities | (1,027 | ) | (782 | ) | ||||
Net cash used in financing activities | (144,782 | ) | (95,954 | ) | ||||
Effect of foreign currency rate changes on cash and cash equivalents | (60 | ) | (54 | ) | ||||
Net decrease in cash and cash equivalents | (1,697 | ) | (3,449 | ) | ||||
Cash and cash equivalents, beginning of period | 6,101 | 12,222 | ||||||
Cash and cash equivalents, end of period | $ | 4,404 | $ | 8,773 |
September 30, 2018 | December 31, 2017 | |||||||
Assets | ||||||||
Rental property: | ||||||||
Land | $ | 278,632 | $ | 279,978 | ||||
Buildings, improvements and fixtures | 2,755,698 | 2,793,638 | ||||||
Construction in progress | 762 | 14,854 | ||||||
3,035,092 | 3,088,470 | |||||||
Accumulated depreciation | (953,158 | ) | (901,967 | ) | ||||
Total rental property, net | 2,081,934 | 2,186,503 | ||||||
Cash and cash equivalents | 4,361 | 6,050 | ||||||
Investments in unconsolidated joint ventures | 111,305 | 119,436 | ||||||
Deferred lease costs and other intangibles, net | 120,064 | 132,061 | ||||||
Prepaids and other assets | 103,313 | 95,384 | ||||||
Total assets | $ | 2,420,977 | $ | 2,539,434 | ||||
Liabilities and Equity | ||||||||
Liabilities | ||||||||
Debt: | ||||||||
Senior, unsecured notes, net | $ | 1,136,184 | $ | 1,134,755 | ||||
Unsecured term loan, net | 323,416 | 322,975 | ||||||
Mortgages payable, net | 88,359 | 99,761 | ||||||
Unsecured lines of credit, net | 199,701 | 206,160 | ||||||
Total debt | 1,747,660 | 1,763,651 | ||||||
Accounts payable and accrued expenses | 69,492 | 89,745 | ||||||
Other liabilities | 79,342 | 73,736 | ||||||
Total liabilities | 1,896,494 | 1,927,132 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Partners' Equity: | ||||||||
General partner, 1,000,000 units outstanding at September 30, 2018 and December 31, 2017 | 5,054 | 5,844 | ||||||
Limited partners, 4,995,433 and 4,995,433 Class A common units, and 92,907,034 and 93,560,536 Class B common units outstanding at September 30, 2018 and December 31, 2017, respectively | 538,855 | 626,803 | ||||||
Accumulated other comprehensive loss | (19,426 | ) | (20,345 | ) | ||||
Total partners' equity | 524,483 | 612,302 | ||||||
Noncontrolling interests in consolidated partnerships | — | — | ||||||
Total equity | 524,483 | 612,302 | ||||||
Total liabilities and equity | $ | 2,420,977 | $ | 2,539,434 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues: | ||||||||||||||||
Base rentals | $ | 82,323 | $ | 80,349 | $ | 244,781 | $ | 241,467 | ||||||||
Percentage rentals | 3,210 | 3,138 | 6,666 | 6,798 | ||||||||||||
Expense reimbursements | 35,468 | 34,180 | 107,876 | 104,801 | ||||||||||||
Management, leasing and other services | 583 | 588 | 1,826 | 1,776 | ||||||||||||
Other income | 2,652 | 2,510 | 6,333 | 6,905 | ||||||||||||
Total revenues | 124,236 | 120,765 | 367,482 | 361,747 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating | 39,653 | 37,571 | 119,817 | 115,074 | ||||||||||||
General and administrative | 10,752 | 10,934 | 32,861 | 33,846 | ||||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | |||||||||||
Impairment charge | 49,739 | — | 49,739 | — | ||||||||||||
Depreciation and amortization | 32,850 | 30,976 | 98,667 | 95,175 | ||||||||||||
Total expenses | 132,994 | 79,382 | 301,084 | 244,623 | ||||||||||||
Operating income (loss) | (8,758 | ) | 41,383 | 66,398 | 117,124 | |||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (16,367 | ) | (16,489 | ) | (48,348 | ) | (49,496 | ) | ||||||||
Loss on early extinguishment of debt | — | (35,626 | ) | — | (35,626 | ) | ||||||||||
Gain on sale of assets | — | — | — | 6,943 | ||||||||||||
Other non-operating income (expense) | 261 | 591 | 661 | 683 | ||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (24,864 | ) | (10,141 | ) | 18,711 | 39,628 | ||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | 1,833 | (5,893 | ) | 6,233 | (1,201 | ) | ||||||||||
Net income (loss) | (23,031 | ) | (16,034 | ) | 24,944 | 38,427 | ||||||||||
Noncontrolling interests in consolidated partnerships | — | — | 278 | — | ||||||||||||
Net income (loss) available to partners | (23,031 | ) | (16,034 | ) | 25,222 | 38,427 | ||||||||||
Net income (loss) available to limited partners | (22,798 | ) | (15,874 | ) | 24,970 | 38,048 | ||||||||||
Net income (loss) available to general partner | $ | (233 | ) | $ | (160 | ) | $ | 252 | $ | 379 | ||||||
Basic earnings per common unit: | ||||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 | ||||||
Diluted earnings per common unit: | ||||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 | ||||||
Distribution declared per common unit | $ | 0.3500 | $ | 0.3425 | $ | 1.0425 | $ | 1.0100 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (23,031 | ) | $ | (16,034 | ) | $ | 24,944 | $ | 38,427 | ||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | 1,921 | 4,737 | (3,176 | ) | 8,821 | |||||||||||
Changes in fair value of cash flow hedges | 512 | 39 | 4,095 | 217 | ||||||||||||
Other comprehensive income | 2,433 | 4,776 | 919 | 9,038 | ||||||||||||
Comprehensive income (loss) | (20,598 | ) | (11,258 | ) | 25,863 | 47,465 | ||||||||||
Comprehensive loss attributable to noncontrolling interests in consolidated partnerships | — | — | 278 | — | ||||||||||||
Comprehensive income (loss) attributable to the Operating Partnership | $ | (20,598 | ) | $ | (11,258 | ) | $ | 26,141 | $ | 47,465 |
General partner | Limited partners | Accumulated other comprehensive loss | Total partners' equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2016 | $ | 6,485 | $ | 728,631 | $ | (29,834 | ) | $ | 705,282 | $ | 159 | $ | 705,441 | ||||||
Net income | 379 | 38,048 | — | 38,427 | — | 38,427 | |||||||||||||
Other comprehensive income | — | — | 9,038 | 9,038 | — | 9,038 | |||||||||||||
Compensation under Incentive Award Plan | — | 10,891 | — | 10,891 | — | 10,891 | |||||||||||||
Issuance of 1,800 common units upon exercise of options | — | 54 | — | 54 | — | 54 | |||||||||||||
Grant of 411,968 restricted common share awards by the Company, net of forfeitures | — | — | — | — | — | — | |||||||||||||
Repurchase of 1,911,585 units, including transaction costs | — | (49,362 | ) | — | (49,362 | ) | — | (49,362 | ) | ||||||||||
Withholding of 69,886 common units for employee income taxes | — | (2,436 | ) | — | (2,436 | ) | — | (2,436 | ) | ||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | — | — | — | (159 | ) | (159 | ) | |||||||||||
Common distributions ($1.01 per common unit) | (1,010 | ) | (101,849 | ) | — | (102,859 | ) | — | (102,859 | ) | |||||||||
Balance, September 30, 2017 | $ | 5,854 | $ | 623,977 | $ | (20,796 | ) | $ | 609,035 | $ | — | $ | 609,035 | ||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners' equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2017 | $ | 5,844 | $ | 626,803 | $ | (20,345 | ) | $ | 612,302 | $ | — | $ | 612,302 | ||||||
Net income | 252 | 24,970 | — | 25,222 | (278 | ) | 24,944 | ||||||||||||
Other comprehensive income | — | — | 919 | 919 | — | 919 | |||||||||||||
Compensation under Incentive Award Plan | — | 11,654 | — | 11,654 | — | 11,654 | |||||||||||||
Grant of 355,184 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||
Repurchase of 919,249 units, including transaction costs | — | (19,998 | ) | — | (19,998 | ) | — | (19,998 | ) | ||||||||||
Withholding of 89,437 common units for employee income taxes | — | (2,068 | ) | — | (2,068 | ) | — | (2,068 | ) | ||||||||||
Contributions from noncontrolling interests | — | — | — | — | 445 | 445 | |||||||||||||
Common distributions ($1.0425 per common unit) | (1,042 | ) | (102,506 | ) | — | (103,548 | ) | — | (103,548 | ) | |||||||||
Distributions to noncontrolling interests | — | — | — | — | (167 | ) | (167 | ) | |||||||||||
Balance, September 30, 2018 | $ | 5,054 | $ | 538,855 | $ | (19,426 | ) | $ | 524,483 | $ | — | $ | 524,483 | ||||||
Nine months ended September 30, | ||||||||
2018 | 2017 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 24,944 | $ | 38,427 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 98,667 | 95,175 | ||||||
Impairment charge | 49,739 | — | ||||||
Amortization of deferred financing costs | 2,280 | 2,640 | ||||||
Gain on sale of assets | — | (6,943 | ) | |||||
Loss on early extinguishment of debt | — | 35,626 | ||||||
Equity in (earnings) losses of unconsolidated joint ventures | (6,233 | ) | 1,201 | |||||
Equity-based compensation expense | 10,814 | 10,114 | ||||||
Amortization of debt (premiums) and discounts, net | 309 | 363 | ||||||
Amortization (accretion) of market rent rate adjustments, net | 1,980 | 2,107 | ||||||
Straight-line rent adjustments | (4,744 | ) | (4,749 | ) | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 6,081 | 8,128 | ||||||
Changes in other assets and liabilities: | ||||||||
Other assets | (429 | ) | (1,110 | ) | ||||
Accounts payable and accrued expenses | (3,440 | ) | 551 | |||||
Net cash provided by operating activities | 179,968 | 181,530 | ||||||
INVESTING ACTIVITIES | ||||||||
Additions to rental property | (53,349 | ) | (132,612 | ) | ||||
Additions to investments in unconsolidated joint ventures | (1,764 | ) | (4,033 | ) | ||||
Net proceeds from sale of assets | — | 39,213 | ||||||
Additions to non-real estate assets | (1,203 | ) | (8,384 | ) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,656 | 16,019 | ||||||
Additions to deferred lease costs | (5,220 | ) | (4,218 | ) | ||||
Other investing activities | 8,065 | 4,963 | ||||||
Net cash used in investing activities | (36,815 | ) | (89,052 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Cash distributions paid | (103,548 | ) | (102,859 | ) | ||||
Proceeds from revolving credit facility | 391,900 | 543,866 | ||||||
Repayments of revolving credit facility | (396,900 | ) | (456,666 | ) | ||||
Proceeds from notes, mortgages and loans | — | 299,460 | ||||||
Repayments of notes, mortgages and loans | (10,971 | ) | (302,240 | ) | ||||
Payment of make-whole premium related to early extinguishment of debt | — | (34,143 | ) | |||||
Repurchase of units, including transaction costs | (19,998 | ) | (49,362 | ) | ||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,068 | ) | (2,436 | ) | ||||
Additions to deferred financing costs | (2,615 | ) | (2,900 | ) | ||||
Proceeds from exercise of options | — | 54 | ||||||
Proceeds from other financing activities | 445 | 12,054 | ||||||
Payment for other financing activities | (1,027 | ) | (782 | ) | ||||
Net cash used in financing activities | (144,782 | ) | (95,954 | ) | ||||
Effect of foreign currency on cash and cash equivalents | (60 | ) | (54 | ) | ||||
Net decrease in cash and cash equivalents | (1,689 | ) | (3,530 | ) | ||||
Cash and cash equivalents, beginning of period | 6,050 | 12,199 | ||||||
Cash and cash equivalents, end of period | $ | 4,361 | $ | 8,669 |
Property | Location | Date Sold | Square Feet (in 000's) | Net Sales Proceeds (in 000's) | Gain on Sale (in 000's) | ||||||||||
Westbrook | Westbrook, CT | May 2017 | 290 | $ | 39,213 | $ | 6,943 |
As of September 30, 2018 | ||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | Total Joint Venture Debt, Net (in millions)(1) | |||||||||||
Investments included in investments in unconsolidated joint ventures: | ||||||||||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | $ | 0.6 | $ | 86.7 | ||||||||
RioCan Canada | Various | 50.0 | % | 923 | 110.7 | 10.2 | ||||||||||
$ | 111.3 | |||||||||||||||
Investments included in other liabilities: | ||||||||||||||||
Columbus(2) | Columbus, OH | 50.0 | % | 355 | $ | (1.1 | ) | $ | 84.7 | |||||||
Charlotte(2) | Charlotte, NC | 50.0 | % | 398 | (10.3 | ) | 99.5 | |||||||||
Galveston/Houston (2) | Texas City, TX | 50.0 | % | 353 | (15.3 | ) | 79.5 | |||||||||
$ | (26.7 | ) |
As of December 31, 2017 | ||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | Total Joint Venture Debt, Net (in millions)(1) | |||||||||||
Investments included in investments in unconsolidated joint ventures: | ||||||||||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 1.1 | $ | 84.4 | ||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | 2.5 | 86.4 | ||||||||||
RioCan Canada | Various | 50.0 | % | 923 | 115.8 | 11.1 | ||||||||||
$ | 119.4 | |||||||||||||||
Investments included in other liabilities: | ||||||||||||||||
Charlotte(2) | Charlotte, NC | 50.0 | % | 398 | $ | (4.1 | ) | $ | 89.8 | |||||||
Galveston/Houston (2) | Texas City, TX | 50.0 | % | 353 | (13.0 | ) | 79.4 | |||||||||
$ | (17.1 | ) |
(1) | Net of debt origination costs and including premiums of $1.4 million as of September 30, 2018 and December 31, 2017. |
(2) | The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Fee: | ||||||||||||||||
Management and marketing | $ | 571 | $ | 564 | $ | 1,704 | $ | 1,676 | ||||||||
Leasing and other fees | 12 | 24 | 122 | 100 | ||||||||||||
Total Fees | $ | 583 | $ | 588 | $ | 1,826 | $ | 1,776 |
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | September 30, 2018 | December 31, 2017 | ||||||
Assets | ||||||||
Land | $ | 94,118 | $ | 95,686 | ||||
Buildings, improvements and fixtures | 503,430 | 505,618 | ||||||
Construction in progress | 3,169 | 3,005 | ||||||
600,717 | 604,309 | |||||||
Accumulated depreciation | (110,213 | ) | (93,837 | ) | ||||
Total rental property, net | 490,504 | 510,472 | ||||||
Cash and cash equivalents | 13,366 | 25,061 | ||||||
Deferred lease costs and other intangibles, net | 9,387 | 10,985 | ||||||
Prepaids and other assets | 18,142 | 15,073 | ||||||
Total assets | $ | 531,399 | $ | 561,591 | ||||
Liabilities and Owners' Equity | ||||||||
Mortgages payable, net | $ | 360,600 | $ | 351,259 | ||||
Accounts payable and other liabilities | 11,114 | 14,680 | ||||||
Total liabilities | 371,714 | 365,939 | ||||||
Owners' equity | 159,685 | 195,652 | ||||||
Total liabilities and owners' equity | $ | 531,399 | $ | 561,591 |
Three months ended | Nine months ended | |||||||||||||||
Condensed Combined Statements of Operations | September 30, | September 30, | ||||||||||||||
- Unconsolidated Joint Ventures | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues | $ | 23,538 | $ | 25,241 | $ | 70,940 | $ | 72,588 | ||||||||
Expenses: | ||||||||||||||||
Property operating | 9,147 | 8,987 | 28,032 | 27,242 | ||||||||||||
General and administrative | 49 | 72 | 301 | 289 | ||||||||||||
Asset impairment | — | 18,042 | — | 18,042 | ||||||||||||
Depreciation and amortization | 6,860 | 6,998 | 19,768 | 21,453 | ||||||||||||
Total expenses | 16,056 | 34,099 | 48,101 | 67,026 | ||||||||||||
Operating income (loss) | 7,482 | (8,858 | ) | 22,839 | 5,562 | |||||||||||
Interest expense | (3,810 | ) | (2,776 | ) | (10,275 | ) | (7,497 | ) | ||||||||
Other non-operating income | 68 | 20 | 175 | 23 | ||||||||||||
Net income (loss) | $ | 3,740 | $ | (11,614 | ) | $ | 12,739 | $ | (1,912 | ) | ||||||
The Company and Operating Partnership's share of: | ||||||||||||||||
Net income (loss) | $ | 1,833 | $ | (5,893 | ) | $ | 6,233 | $ | (1,201 | ) | ||||||
Depreciation and amortization and asset impairments (real estate related) | $ | 3,466 | $ | 12,604 | $ | 10,020 | $ | 19,992 |
As of | ||||||||
September 30, 2018 | December 31, 2017 | |||||||
Unsecured lines of credit | $ | 203,100 | $ | 208,100 | ||||
Unsecured term loan | $ | 325,000 | $ | 325,000 |
As of | As of | ||||||||||||||||||||
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||
Stated Interest Rate(s) | Maturity Date | Principal | Book Value(1) | Principal | Book Value(1) | ||||||||||||||||
Senior, unsecured notes: | |||||||||||||||||||||
Senior notes | 3.875 | % | December 2023 | $ | 250,000 | $ | 246,505 | $ | 250,000 | $ | 246,036 | ||||||||||
Senior notes | 3.750 | % | December 2024 | 250,000 | 247,677 | 250,000 | 247,410 | ||||||||||||||
Senior notes | 3.125 | % | September 2026 | 350,000 | 345,533 | 350,000 | 345,128 | ||||||||||||||
Senior notes | 3.875 | % | July 2027 | 300,000 | 296,469 | 300,000 | 296,182 | ||||||||||||||
Mortgages payable: | |||||||||||||||||||||
Atlantic City (2)(3) | 5.14%-7.65% | November 2021- December 2026 | 35,091 | 37,211 | 37,462 | 39,879 | |||||||||||||||
Southaven | LIBOR + 1.80% | April 2021 | 51,400 | 51,148 | 60,000 | 59,881 | |||||||||||||||
Unsecured term loan | LIBOR + 0.95% | April 2021 | 325,000 | 323,416 | 325,000 | 322,975 | |||||||||||||||
Unsecured lines of credit | LIBOR + 0.875% | October 2021 | 203,100 | 199,701 | 208,100 | 206,160 | |||||||||||||||
$ | 1,764,591 | $ | 1,747,660 | $ | 1,780,562 | $ | 1,763,651 |
(1) | Including premiums and net of debt discount and debt origination costs. |
(2) | The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05%. |
(3) | Principal and interest due monthly with remaining principal due at maturity. |
Calendar Year | Amount | |||
2018 | $ | 813 | ||
2019 | 3,369 | |||
2020 | 3,566 | |||
2021 | 585,293 | |||
2022 | 4,436 | |||
Thereafter | 1,167,114 | |||
Subtotal | 1,764,591 | |||
Net discount and debt origination costs | (16,931 | ) | ||
Total | $ | 1,747,660 |
Fair Value | |||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | September 30, 2018 | December 31, 2017 | |||||||||||||
Assets (Liabilities)(1): | |||||||||||||||||||
November 14, 2013 | August 14, 2018 | $ | 150,000 | 1 month LIBOR | 1.30 | % | $ | — | $ | 326 | |||||||||
April 13, 2016 | January 1, 2021 | 175,000 | 1 month LIBOR | 1.03 | % | 6,988 | 5,207 | ||||||||||||
March 1, 2018 | January 31, 2021 | 40,000 | 1 month LIBOR | 2.47 | % | 335 | — | ||||||||||||
August 14, 2018 | January 1, 2021 | 150,000 | 1 month LIBOR | 2.20 | % | 2,117 | (188 | ) | |||||||||||
Total | $ | 515,000 | $ | 9,440 | $ | 5,345 |
(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. |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Interest Rate Swaps (Effective Portion): | ||||||||||||||||
Amount of gain recognized in OCI on derivative | $ | 512 | $ | 39 | $ | 4,095 | $ | 217 |
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 |
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 September 30, 2018: | ||||||||||||||||
Asset: | ||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 9,440 | $ | — | $ | 9,440 | $ | — | ||||||||
Total assets | $ | 9,440 | $ | — | $ | 9,440 | $ | — | ||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Total | ||||||||||||||||
Fair value as of December 31, 2017: | ||||||||||||||||
Asset: | ||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 5,533 | $ | — | $ | 5,533 | $ | — | ||||||||
Total assets | $ | 5,533 | $ | — | $ | 5,533 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (other liabilities) | $ | 188 | $ | — | $ | 188 | $ | — | ||||||||
Total liabilities | $ | 188 | $ | — | $ | 188 | $ | — |
Level 1 | Level 2 | Level 3 | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Total | ||||||||||||||||
Fair value as of September 30, 2018: | ||||||||||||||||
Asset: | ||||||||||||||||
Long-lived assets | $ | 50,000 | $ | — | $ | — | $ | 50,000 |
September 30, 2018 | December 31, 2017 | |||||||
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities | $ | — | $ | — | ||||
Level 2 Significant Observable Inputs | 1,086,988 | 1,139,064 | ||||||
Level 3 Significant Unobservable Inputs | 617,824 | 636,476 | ||||||
Total fair value of debt | $ | 1,704,812 | $ | 1,775,540 | ||||
Recorded value of debt | $ | 1,747,660 | $ | 1,763,651 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Total number of shares purchased | — | 1,265,404 | 919,249 | 1,911,585 | ||||||||||||
Average price paid per share | $ | — | $ | 25.61 | $ | 21.74 | $ | 25.80 | ||||||||
Total price paid exclusive of commissions and related fees (in thousands) | $ | — | $ | 32,407 | $ | 19,980 | $ | 49,324 |
Limited Partnership Units | ||||||||||||
General Partnership Units | Class A | Class B | Total | |||||||||
Balance December 31, 2016 | 1,000,000 | 5,027,781 | 95,095,891 | 100,123,672 | ||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 411,968 | 411,968 | ||||||||
Repurchase of units | — | — | (1,911,585 | ) | (1,911,585 | ) | ||||||
Units issued upon exercise of options | — | — | 1,800 | 1,800 | ||||||||
Units withheld for employee income taxes | — | — | (69,886 | ) | (69,886 | ) | ||||||
Balance September 30, 2017 | 1,000,000 | 5,027,781 | 93,528,188 | 98,555,969 | ||||||||
Balance December 31, 2017 | 1,000,000 | 4,995,433 | 93,560,536 | 98,555,969 | ||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 355,184 | 355,184 | ||||||||
Repurchase of units | — | — | (919,249 | ) | (919,249 | ) | ||||||
Units withheld for employee income taxes | — | — | (89,437 | ) | (89,437 | ) | ||||||
Balance September 30, 2018 | 1,000,000 | 4,995,433 | 92,907,034 | 97,902,467 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (21,859 | ) | $ | (15,219 | ) | $ | 23,948 | $ | 36,507 | ||||||
Less allocation of earnings to participating securities | (313 | ) | (306 | ) | (889 | ) | (907 | ) | ||||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | (22,172 | ) | $ | (15,525 | ) | $ | 23,059 | $ | 35,600 | ||||||
Denominator: | ||||||||||||||||
Basic weighted average common shares | 93,109 | 93,923 | 93,349 | 94,781 | ||||||||||||
Effect of outstanding options and certain restricted common shares | — | — | — | 23 | ||||||||||||
Diluted weighted average common shares | 93,109 | 93,923 | 93,349 | 94,804 | ||||||||||||
Basic earnings per common share: | ||||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 | ||||||
Diluted earnings per common share: | ||||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to partners of the Operating Partnership | $ | (23,031 | ) | $ | (16,034 | ) | $ | 25,222 | $ | 38,427 | ||||||
Less allocation of earnings to participating securities | (313 | ) | (306 | ) | (889 | ) | (907 | ) | ||||||||
Net income (loss) available to common unitholders of the Operating Partnership | $ | (23,344 | ) | $ | (16,340 | ) | $ | 24,333 | $ | 37,520 | ||||||
Denominator: | ||||||||||||||||
Basic weighted average common units | 98,104 | 98,951 | 98,344 | 99,809 | ||||||||||||
Effect of outstanding options and certain restricted common units | — | — | — | 23 | ||||||||||||
Diluted weighted average common units | 98,104 | 98,951 | 98,344 | 99,832 | ||||||||||||
Basic earnings per common unit: | ||||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 | ||||||
Diluted earnings per common unit: | ||||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Restricted common shares | $ | 2,275 | $ | 2,302 | $ | 7,359 | $ | 7,039 | ||||||||
Notional unit performance awards | 1,040 | 939 | 3,141 | 2,870 | ||||||||||||
Options | 92 | 77 | 314 | 205 | ||||||||||||
Total equity-based compensation | $ | 3,407 | $ | 3,318 | $ | 10,814 | $ | 10,114 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Equity-based compensation expense capitalized | $ | 652 | $ | 267 | $ | 840 | $ | 777 |
Performance targets (1) | ||||
Absolute portion of award: | ||||
Percent of total award | 33.3% | |||
Absolute total shareholder return range | 19.1% - 29.5% | |||
Percentage of units to be earned | 20%-100% | |||
Relative portion of award: | ||||
Percent of total award | 66.7% | |||
Percentile rank of peer group range(2) | 30th - 80th | |||
Percentage of units to be earned | 20%-100% | |||
Maximum number of restricted common shares that may be earned | 409,972 | |||
Grant date fair value per share | $ | 12.42 |
(1) | The number of restricted common shares received under the 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. |
(2) | The peer group is based on companies included in the FTSE NAREIT Retail Index. |
Risk free interest rate (1) | 2.40 | % | |
Expected dividend yield (2) | 4.8 | % | |
Expected volatility (3) | 27 | % |
(1) | Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants. |
(2) | The dividend yield is calculated utilizing the dividends paid for the previous five-year period. |
(3) | Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period. |
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 June 30, 2018 | $ | (29,198 | ) | $ | 8,476 | $ | (20,722 | ) | $ | (1,588 | ) | $ | 451 | $ | (1,137 | ) | ||||||||
Other comprehensive income before reclassifications | 1,823 | 1,013 | 2,836 | 98 | 54 | 152 | ||||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (527 | ) | (527 | ) | — | (28 | ) | (28 | ) | ||||||||||||||
Balance September 30, 2018 | $ | (27,375 | ) | $ | 8,962 | $ | (18,413 | ) | $ | (1,490 | ) | $ | 477 | $ | (1,013 | ) | ||||||||
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 | (3,015 | ) | 5,267 | 2,252 | (161 | ) | 282 | 121 | ||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (1,380 | ) | (1,380 | ) | — | (74 | ) | (74 | ) | ||||||||||||||
Balance September 30, 2018 | $ | (27,375 | ) | $ | 8,962 | $ | (18,413 | ) | $ | (1,490 | ) | $ | 477 | $ | (1,013 | ) |
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 June 30, 2017 | $ | (28,209 | ) | $ | 3,962 | $ | (24,247 | ) | $ | (1,534 | ) | $ | 209 | $ | (1,325 | ) | ||||||||
Other comprehensive income before reclassifications | 4,497 | 89 | 4,586 | 240 | 5 | 245 | ||||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (52 | ) | (52 | ) | — | (3 | ) | (3 | ) | ||||||||||||||
Balance September 30, 2017 | $ | (23,712 | ) | $ | 3,999 | $ | (19,713 | ) | $ | (1,294 | ) | $ | 211 | $ | (1,083 | ) | ||||||||
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, 2016 | $ | (32,087 | ) | $ | 3,792 | $ | (28,295 | ) | $ | (1,740 | ) | $ | 201 | $ | (1,539 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 8,375 | (154 | ) | 8,221 | 446 | (9 | ) | 437 | ||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 361 | 361 | — | 19 | 19 | ||||||||||||||||||
Balance September 30, 2017 | $ | (23,712 | ) | $ | 3,999 | $ | (19,713 | ) | $ | (1,294 | ) | $ | 211 | $ | (1,083 | ) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance June 30, 2018 | $ | (30,786 | ) | $ | 8,927 | $ | (21,859 | ) | ||||
Other comprehensive income before reclassifications | 1,921 | 1,067 | 2,988 | |||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (555 | ) | (555 | ) | |||||||
Balance September 30, 2018 | $ | (28,865 | ) | $ | 9,439 | $ | (19,426 | ) | ||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2017 | $ | (25,689 | ) | $ | 5,344 | $ | (20,345 | ) | ||||
Other comprehensive income (loss) before reclassifications | (3,176 | ) | 5,549 | 2,373 | ||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (1,454 | ) | (1,454 | ) | |||||||
Balance September 30, 2018 | $ | (28,865 | ) | $ | 9,439 | $ | (19,426 | ) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance June 30, 2017 | $ | (29,743 | ) | $ | 4,171 | $ | (25,572 | ) | ||||
Other comprehensive income before reclassifications | 4,737 | 94 | 4,831 | |||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (55 | ) | (55 | ) | |||||||
Balance September 30, 2017 | $ | (25,006 | ) | $ | 4,210 | $ | (20,796 | ) | ||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2016 | $ | (33,827 | ) | $ | 3,993 | $ | (29,834 | ) | ||||
Other comprehensive income (loss) before reclassifications | 8,821 | (163 | ) | 8,658 | ||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 380 | 380 | |||||||||
Balance September 30, 2017 | $ | (25,006 | ) | $ | 4,210 | $ | (20,796 | ) |
As of | As of | |||||||
September 30, 2018 | September 30, 2017 | |||||||
Costs relating to construction included in accounts payable and accrued expenses | $ | 14,307 | $ | 27,090 |
Nine months ended September 30, | ||||||||
2018 | 2017 | |||||||
Interest paid, net of interest capitalized | $ | 46,154 | $ | 43,102 |
Consolidated Outlet Centers | Unconsolidated Joint Venture Outlet Centers | |||||||||||||
Outlet Center | Quarter Opened/Disposed | Square Feet | Number of Outlet Centers | Square Feet | Number of Outlet Centers | |||||||||
As of January 1, 2017 | 12,710 | 36 | 2,348 | 8 | ||||||||||
New Developments: | ||||||||||||||
Fort Worth | Fourth Quarter | 352 | 1 | — | — | |||||||||
Expansion: | ||||||||||||||
Ottawa | First & Second Quarter | — | — | 39 | — | |||||||||
Lancaster | Third Quarter | 148 | — | — | — | |||||||||
Dispositions: | ||||||||||||||
Westbrook | Second Quarter | (290 | ) | (1 | ) | — | — | |||||||
Other | 10 | — | (17 | ) | — | |||||||||
As of December 31, 2017 | 12,930 | 36 | 2,370 | 8 | ||||||||||
Other | (7 | ) | — | — | — | |||||||||
As of September 30, 2018 | 12,923 | 36 | 2,370 | 8 |
Consolidated Outlet Centers | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Deer Park, New York | 100 | 739,109 | 97 | |||||
Riverhead, New York (1) | 100 | 729,778 | 95 | |||||
Rehoboth Beach, Delaware (1) | 100 | 557,353 | 97 | |||||
Foley, Alabama | 100 | 556,673 | 94 | |||||
Atlantic City, New Jersey (1) (4) | 100 | 489,706 | 86 | |||||
San Marcos, Texas | 100 | 471,816 | 97 | |||||
Sevierville, Tennessee (1) | 100 | 448,150 | 100 | |||||
Savannah, Georgia | 100 | 429,089 | 97 | |||||
Myrtle Beach Hwy 501, South Carolina | 100 | 426,523 | 99 | |||||
Jeffersonville, Ohio | 100 | 411,859 | 97 | |||||
Glendale, Arizona (Westgate) | 100 | 410,734 | 99 | |||||
Myrtle Beach Hwy 17, South Carolina (1) | 100 | 403,425 | 99 | |||||
Charleston, South Carolina | 100 | 382,180 | 98 | |||||
Lancaster, Pennsylvania | 100 | 376,997 | 92 | |||||
Pittsburgh, Pennsylvania | 100 | 372,944 | 99 | |||||
Commerce, Georgia | 100 | 371,408 | 99 | |||||
Grand Rapids, Michigan | 100 | 357,105 | 95 | |||||
Fort Worth, Texas | 100 | 351,741 | 98 | |||||
Daytona Beach, Florida | 100 | 351,721 | 100 | |||||
Branson, Missouri | 100 | 329,861 | 100 | |||||
Locust Grove, Georgia | 100 | 321,082 | 99 | |||||
Gonzales, Louisiana | 100 | 321,066 | 96 | |||||
Southaven, Mississippi (2) (4) | 50 | 320,348 | 93 | |||||
Park City, Utah | 100 | 319,661 | 98 | |||||
Mebane, North Carolina | 100 | 318,886 | 99 | |||||
Howell, Michigan | 100 | 314,438 | 95 | |||||
Mashantucket, Connecticut (Foxwoods) (1) | 100 | 311,593 | 95 | |||||
Williamsburg, Iowa | 100 | 276,331 | 93 | |||||
Tilton, New Hampshire | 100 | 250,107 | 94 | |||||
Hershey, Pennsylvania | 100 | 249,696 | 99 | |||||
Hilton Head II, South Carolina | 100 | 206,564 | 92 | |||||
Ocean City, Maryland (1) | 100 | 199,425 | 96 | |||||
Hilton Head I, South Carolina | 100 | 181,670 | 97 | |||||
Terrell, Texas | 100 | 177,800 | 95 | |||||
Blowing Rock, North Carolina | 100 | 104,009 | 96 | |||||
Nags Head, North Carolina | 100 | 82,161 | 98 | |||||
Totals | 12,923,009 | 96 | (3) |
(1) | These properties or a portion thereof are subject to a ground lease. |
(2) | Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than our legal ownership percentage. We currently receive substantially all the economic interest of the property. |
(3) | Excludes the occupancy rate at our Fort Worth center which opened during the fourth quarter of 2017 and has not yet stabilized. |
(4) | Property encumbered by mortgage. See notes 5 and 6 to the consolidated financial statements for further details of our debt obligations. |
Unconsolidated joint venture properties | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Charlotte, North Carolina (1) | 50 | 397,857 | 99 | |||||
Columbus, Ohio (1) | 50 | 355,245 | 96 | |||||
Ottawa, Ontario | 50 | 355,003 | 94 | |||||
Texas City, Texas (Galveston/Houston) (1) | 50 | 352,705 | 95 | |||||
National Harbor, Maryland (1) | 50 | 341,156 | 95 | |||||
Cookstown, Ontario | 50 | 307,779 | 100 | |||||
Bromont, Quebec | 50 | 161,307 | 80 | |||||
Saint-Sauveur, Quebec (1) | 50 | 99,405 | 96 | |||||
Total | 2,370,457 | 95 |
(1) | Property encumbered by mortgage. See note 4 to the consolidated financial statements for further details of the joint venture debt obligations. |
Trailing twelve months ended September 30, 2018(1) | |||||||||||||||
# of Leases | Square Feet (in 000's) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (2) | ||||||||||
Re-tenant | 99 | 478 | $ | 32.92 | $ | 63.74 | 7.86 | $ | 24.81 | ||||||
Renewal | 265 | 1,343 | $ | 29.79 | $ | 0.26 | 3.79 | $ | 29.72 | ||||||
Trailing twelve months ended September 30, 2017(1) | |||||||||||||||
# of Leases | Square Feet (in 000's) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (2) | ||||||||||
Re-tenant | 87 | 380 | $ | 34.76 | $ | 55.47 | 8.94 | $ | 28.56 | ||||||
Renewal | 253 | 1,126 | $ | 32.56 | $ | 0.24 | 4.50 | $ | 32.51 |
(1) | Excludes license agreements, seasonal tenants, and month-to-month leases. |
(2) | Net average straight-line base rent is calculated by dividing the average tenant allowance costs per square foot by the average initial term and subtracting this calculated number from the average straight-line base rent per year amount. The average annual straight-line base rent disclosed in the table above includes all concessions, abatements and reimbursements of rent to tenants. The average tenant allowance disclosed in the table above includes landlord costs. |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Base rentals from existing properties | $ | 77,218 | $ | 77,121 | $ | 97 | ||||||
Base rentals from new development and expansion | 4,199 | 1,912 | 2,287 | |||||||||
Straight-line rent adjustments | 1,451 | 1,456 | (5 | ) | ||||||||
Lease termination fees | 70 | 162 | (92 | ) | ||||||||
Amortization of above and below market rent adjustments, net | (615 | ) | (302 | ) | (313 | ) | ||||||
$ | 82,323 | $ | 80,349 | $ | 1,974 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Percentage rentals from existing properties | $ | 3,055 | $ | 3,138 | $ | (83 | ) | |||||
Percentage rentals from new development and expansion | 155 | — | 155 | |||||||||
$ | 3,210 | $ | 3,138 | $ | 72 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Expense reimbursements from existing properties | $ | 33,543 | $ | 33,223 | $ | 320 | ||||||
Expense reimbursements from new development and expansion | 1,925 | 957 | 968 | |||||||||
$ | 35,468 | $ | 34,180 | $ | 1,288 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Other income from existing properties | $ | 2,565 | $ | 2,455 | $ | 110 | ||||||
Other income from new development and expansion | 87 | 55 | 32 | |||||||||
$ | 2,652 | $ | 2,510 | $ | 142 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Property operating expenses from existing properties | $ | 36,470 | $ | 36,226 | $ | 244 | ||||||
Property operating expenses from new development and expansion | 1,813 | 1,002 | 811 | |||||||||
Other property operating expenses | 1,370 | 343 | 1,027 | |||||||||
$ | 39,653 | $ | 37,571 | $ | 2,082 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Depreciation and amortization from existing properties | $ | 30,752 | $ | 30,547 | $ | 205 | ||||||
Depreciation and amortization from new development and expansion | 2,098 | 429 | 1,669 | |||||||||
$ | 32,850 | $ | 30,976 | $ | 1,874 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Base rentals from existing properties | $ | 228,130 | $ | 228,810 | $ | (680 | ) | |||||
Base rentals from new development and expansion | 12,412 | 5,282 | 7,130 | |||||||||
Base rentals from property disposed | — | 1,596 | (1,596 | ) | ||||||||
Straight-line rent adjustments | 4,744 | 4,749 | (5 | ) | ||||||||
Lease termination fees | 1,134 | 2,796 | (1,662 | ) | ||||||||
Amortization of above and below market rent adjustments, net | (1,639 | ) | (1,766 | ) | 127 | |||||||
$ | 244,781 | $ | 241,467 | $ | 3,314 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Percentage rentals from existing properties | $ | 6,386 | $ | 6,731 | $ | (345 | ) | |||||
Percentage rentals from new development and expansion | 280 | 2 | 278 | |||||||||
Percentage rentals from property disposed | — | 65 | (65 | ) | ||||||||
$ | 6,666 | $ | 6,798 | $ | (132 | ) |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Expense reimbursements from existing properties | $ | 101,546 | $ | 101,773 | $ | (227 | ) | |||||
Expense reimbursements from new development and expansions | 6,330 | 2,276 | 4,054 | |||||||||
Expense reimbursements from properties disposed | — | 752 | (752 | ) | ||||||||
$ | 107,876 | $ | 104,801 | $ | 3,075 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Other income from existing properties | $ | 6,115 | $ | 6,724 | $ | (609 | ) | |||||
Other income from new development and expansions | 218 | 126 | 92 | |||||||||
Other income from property disposed | — | 55 | (55 | ) | ||||||||
$ | 6,333 | $ | 6,905 | $ | (572 | ) |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Property operating expenses from existing properties | $ | 109,742 | $ | 109,382 | $ | 360 | ||||||
Property operating expenses from new development and expansion | 6,308 | 2,298 | 4,010 | |||||||||
Property operating expenses from property disposed | — | 1,061 | (1,061 | ) | ||||||||
Other property operating expense | 3,767 | 2,333 | 1,434 | |||||||||
$ | 119,817 | $ | 115,074 | $ | 4,743 |
2018 | 2017 | Increase/(Decrease) | ||||||||||
Depreciation and amortization expenses from existing properties | $ | 92,387 | $ | 93,472 | $ | (1,085 | ) | |||||
Depreciation and amortization expenses from new development and expansion | 6,280 | 1,026 | 5,254 | |||||||||
Depreciation and amortization from property disposed | — | 677 | (677 | ) | ||||||||
$ | 98,667 | $ | 95,175 | $ | 3,492 |
Three months ended September 30, | Nine months ended September 30, | |||||||
2018 | 2018 | |||||||
Total number of shares purchased | — | 919,249 | ||||||
Average price paid per share | $ | — | $ | 21.74 | ||||
Total price paid exclusive of commissions and related fees (in thousands) | $ | — | $ | 19,980 |
Nine months ended September 30, | ||||||||||||
2018 | 2017 | Change | ||||||||||
Net cash provided by operating activities | $ | 179,968 | $ | 181,530 | $ | (1,562 | ) | |||||
Net cash used in investing activities | (36,815 | ) | (89,052 | ) | 52,237 | |||||||
Net cash used in financing activities | (144,782 | ) | (95,954 | ) | (48,828 | ) | ||||||
Effect of foreign currency rate changes on cash and equivalents | (60 | ) | (54 | ) | (6 | ) | ||||||
Net decrease in cash and cash equivalents | $ | (1,689 | ) | $ | (3,530 | ) | $ | 1,841 |
Nine months ended September 30, | ||||||||||||
2018 | 2017 | Change | ||||||||||
Capital expenditures analysis: | ||||||||||||
New outlet center developments and expansions | $ | 6,398 | $ | 87,486 | $ | (81,088 | ) | |||||
Major outlet center renovations | 1,973 | 13,813 | (11,840 | ) | ||||||||
Second generation tenant allowances | 11,588 | 15,815 | (4,227 | ) | ||||||||
Other capital expenditures | 15,929 | 20,056 | (4,127 | ) | ||||||||
35,888 | 137,170 | (101,282 | ) | |||||||||
Conversion from accrual to cash basis | 17,461 | (4,558 | ) | 22,019 | ||||||||
Additions to rental property-cash basis | $ | 53,349 | $ | 132,612 | $ | (79,263 | ) |
• | The decrease in new outlet center developments and expansions expenditures was primarily due to construction expenditures, including first generation tenant allowances, that occurred in the 2017 period for our Fort Worth and Lancaster outlet centers. |
• | The decrease in major outlet center renovations in the 2018 period was primarily due to construction activities at our Myrtle Beach Hwy 17, Riverhead and Rehoboth Beach outlet centers that occurred in 2017. |
• | The decrease in second generation tenant allowances was due to the re-merchandising efforts that occurred in the 2017 period to bring high volume tenants to 5 outlet centers. |
• | The decrease in other capital expenditures in the 2018 period is primarily due to tenant interior build outs and the installation of solar panels at several of our outlet centers that occurred in 2017. |
Senior unsecured notes financial covenants | Required | Actual | |
Total consolidated debt to adjusted total assets | <60% | 51 | % |
Total secured debt to adjusted total assets | <40% | 3 | % |
Total unencumbered assets to unsecured debt | >150% | 184 | % |
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | ||||||||
Investments included in investments in unconsolidated joint ventures: | ||||||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | $ | 0.6 | ||||||
RioCan Canada | Various | 50.0 | % | 923 | 110.7 | |||||||
$ | 111.3 | |||||||||||
Investments included in other liabilities: | ||||||||||||
Columbus (1) | Columbus, OH | 50.0 | % | 355 | $ | (1.1 | ) | |||||
Charlotte(1) | Charlotte, NC | 50.0 | % | 398 | (10.3 | ) | ||||||
Galveston/Houston(1) | Texas City, TX | 50.0 | % | 353 | (15.3 | ) | ||||||
$ | (26.7 | ) |
(1) | The negative carrying value is due to distributions exceeding contributions and increases or decreases from the equity in earnings of the joint venture. |
Joint Venture | Total Joint Venture Debt | Maturity Date | Interest Rate | Percent Guaranteed by the Operating Partnership | Maximum Guaranteed Amount by the Company | |||||||||||
Charlotte | $ | 100.0 | July 2028 | 4.27% | — | % | $ | — | ||||||||
Columbus | 85.0 | November 2019 | LIBOR + 1.65% | 7.5 | % | 6.4 | ||||||||||
Galveston/Houston | 80.0 | July 2020 | LIBOR + 1.65% | 12.5 | % | 10.0 | ||||||||||
National Harbor | 87.0 | November 2019 | LIBOR + 1.65% | 10.0 | % | 8.7 | ||||||||||
RioCan Canada | 10.0 | May 2020 | 5.75 | % | 31.0 | % | 3.1 | |||||||||
Debt premium and debt origination costs | (1.4 | ) | ||||||||||||||
$ | 360.6 | $ | 28.2 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Fee: | ||||||||||||||||
Management and marketing | $ | 571 | $ | 564 | $ | 1,704 | $ | 1,676 | ||||||||
Leasing and other fees | 12 | 24 | 122 | 100 | ||||||||||||
Total Fees | $ | 583 | $ | 588 | $ | 1,826 | $ | 1,776 |
• | FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | FFO does not reflect changes in, or cash requirements for, our working capital needs; |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and FFO does not reflect any cash requirements for such replacements; |
• | FFO, which includes discontinued operations, may not be indicative of our ongoing operations; and |
• | Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure. |
• | AFFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | AFFO does not reflect changes in, or cash requirements for, our working capital needs; |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and AFFO does not reflect any cash requirements for such replacements; |
• | AFFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and |
• | Other companies in our industry may calculate AFFO differently than we do, limiting its usefulness as a comparative measure. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (23,031 | ) | $ | (16,034 | ) | $ | 24,944 | $ | 38,427 | ||||||
Adjusted for: | ||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 32,237 | 30,396 | 96,841 | 93,634 | ||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,466 | 3,583 | 10,020 | 10,971 | ||||||||||||
Impairment charge - consolidated | 49,739 | — | 49,739 | — | ||||||||||||
Impairment charges - unconsolidated joint ventures | — | 9,021 | — | 9,021 | ||||||||||||
Gain on sale of assets | — | — | — | (6,943 | ) | |||||||||||
FFO | 62,411 | 26,966 | 181,544 | 145,110 | ||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | — | 278 | — | ||||||||||||
Allocation of earnings to participating securities | (560 | ) | (306 | ) | (1,571 | ) | (1,346 | ) | ||||||||
FFO available to common shareholders (1) | $ | 61,851 | $ | 26,660 | $ | 180,251 | $ | 143,764 | ||||||||
As further adjusted for: | ||||||||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | |||||||||||
Make-whole premium due to early extinguishment of debt | — | 34,143 | — | 34,143 | ||||||||||||
Write-off of debt discount and debt origination costs due to early extinguishment of debt | — | 1,483 | — | 1,483 | ||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | — | (249 | ) | — | (254 | ) | ||||||||||
AFFO available to common shareholders (1) | $ | 61,851 | $ | 61,938 | $ | 180,251 | $ | 179,664 | ||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.63 | $ | 0.27 | $ | 1.83 | $ | 1.44 | ||||||||
AFFO available to common shareholders per share - diluted (1) | $ | 0.63 | $ | 0.63 | $ | 1.83 | $ | 1.80 | ||||||||
Weighted Average Shares: | ||||||||||||||||
Basic weighted average common shares | 93,109 | 93,923 | 93,349 | 94,781 | ||||||||||||
Effect of outstanding options and restricted common shares | — | — | — | 23 | ||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 93,109 | 93,923 | 93,349 | 94,804 | ||||||||||||
Exchangeable operating partnership units | 4,995 | 5,028 | 4,995 | 5,028 | ||||||||||||
Diluted weighted average common shares (for FFO and AFFO per share computations) (1) | 98,104 | 98,951 | 98,344 | 99,832 |
(1) | Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (23,031 | ) | $ | (16,034 | ) | $ | 24,944 | $ | 38,427 | ||||||
Adjusted to exclude: | ||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | (1,833 | ) | 5,893 | (6,233 | ) | 1,201 | ||||||||||
Interest expense | 16,367 | 16,489 | 48,348 | 49,496 | ||||||||||||
Gain on sale of assets | — | — | — | (6,943 | ) | |||||||||||
Loss on early extinguishment of debt | — | 35,626 | — | 35,626 | ||||||||||||
Other non-operating income | (261 | ) | (591 | ) | (661 | ) | (683 | ) | ||||||||
Impairment charge | 49,739 | — | 49,739 | — | ||||||||||||
Depreciation and amortization | 32,850 | 30,976 | 98,667 | 95,175 | ||||||||||||
Other non-property expense | 501 | 371 | 1,143 | 993 | ||||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | |||||||||||
Corporate general and administrative expenses | 10,725 | 11,020 | 32,532 | 33,499 | ||||||||||||
Non-cash adjustments(1) | (702 | ) | (1,020 | ) | (2,707 | ) | (2,580 | ) | ||||||||
Lease termination fees | (70 | ) | (162 | ) | (1,134 | ) | (2,796 | ) | ||||||||
Portfolio NOI | 84,285 | 82,469 | 244,638 | 241,943 | ||||||||||||
Non-same center NOI(2) | (4,580 | ) | (1,972 | ) | (13,022 | ) | (6,910 | ) | ||||||||
Same Center NOI | $ | 79,705 | $ | 80,497 | $ | 231,616 | $ | 235,033 |
(1) | Non-cash items include straight-line rent, net above and below market rent amortization and gains or losses on outparcel sales, as applicable. |
(2) | Excluded from Same Center NOI: |
Outlet centers opened: | Outlet centers sold: | Outlet center expansions: | |||||
Fort Worth | October 2017 | Westbrook | May 2017 | Lancaster | September 2017 |
Fair Value | |||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | September 30, 2018 | ||||||||||
Assets (Liabilities): | |||||||||||||||
April 13, 2016 | January 1, 2021 | 175,000 | 1 month LIBOR | 1.03 | % | 6,988 | |||||||||
March 1, 2018 | January 31, 2021 | 40,000 | 1 month LIBOR | 2.47 | % | 335 | |||||||||
August 14, 2018 | January 1, 2021 | 150,000 | 1 month LIBOR | 2.20 | % | 2,117 | |||||||||
Total | $ | 365,000 | $ | 9,440 |
September 30, 2018 | December 31, 2017 | |||||||
Fair value of debt | $ | 1,704,812 | $ | 1,775,540 | ||||
Recorded value of debt | $ | 1,747,660 | $ | 1,763,651 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) | ||||||||||
July 1, 2018 to July 31, 2018 | — | $ | — | — | $ | 55.7 | ||||||||
August 1, 2018 to August 31, 2018 | — | — | — | 55.7 | ||||||||||
September 1, 2018 to September 30, 2018 | — | — | — | 55.7 | ||||||||||
Total | — | — | $ | 55.7 |
Exhibit Number | Exhibit Descriptions | ||
10.1 | |||
10.2 | |||
12.1* | |||
12.2* | |||
31.1* | |||
31.2* | |||
31.3* | |||
31.4* | |||
32.1** | |||
32.2** | |||
32.3** | |||
32.4** | |||
101*** | The following financial statements from Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership's dual Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Other Comprehensive Income (unaudited), (iv) Consolidated Statements of Equity (unaudited), (v) Consolidated Statements of Cash Flows (unaudited), and (vi) Notes to Consolidated Financial Statements (unaudited). | ||
* Filed herewith. | |||
** Furnished herewith. | |||
*** Submitted herewith. |
TANGER FACTORY OUTLET CENTERS, INC. | |
By: | /s/ James F. Williams |
James F. Williams | |
Executive Vice President and Chief Financial Officer | |
TANGER PROPERTIES LIMITED PARTNERSHIP | |
By: TANGER GP TRUST, its sole general partner | |
By: | /s/ James F. Williams |
James F. Williams | |
Vice President and Treasurer (Principal Financial Officer) |
Nine months ended September 30, | |||||||
2018 | 2017 | ||||||
Earnings: | |||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) | $ | 18,711 | $ | 39,628 | |||
Add: | |||||||
Distributed income of unconsolidated joint ventures | 6,081 | 8,128 | |||||
Amortization of capitalized interest | 578 | 533 | |||||
Interest expense | 48,348 | 49,496 | |||||
Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
Total earnings | 75,497 | 99,578 | |||||
Fixed charges: | |||||||
Interest expense | 48,348 | 49,496 | |||||
Capitalized interest and capitalized amortization of debt issue costs | 87 | 2,089 | |||||
Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
Total fixed charges | $ | 50,214 | $ | 53,378 | |||
Ratio of earnings to fixed charges | 1.5 | 1.9 | |||||
Earnings: | |||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) | $ | 18,711 | $ | 39,628 | |||
Add: | |||||||
Distributed income of unconsolidated joint ventures | 6,081 | 8,128 | |||||
Amortization of capitalized interest | 578 | 533 | |||||
Interest expense | 48,348 | 49,496 | |||||
Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
Total Earnings | 75,497 | 99,578 | |||||
Fixed charges and preferred share dividends: | |||||||
Interest expense | 48,348 | 49,496 | |||||
Capitalized interest and capitalized amortization of debt issue costs | 87 | 2,089 | |||||
Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
Preferred share dividends | — | — | |||||
Total combined fixed charges and preferred share dividends | $ | 50,214 | $ | 53,378 | |||
Ratio of earnings to combined fixed charges and preferred share dividends | 1.5 | 1.9 |
(1) | Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended September 30, 2018 includes a $49.7 million impairment charge related to our Jeffersonville, OH outlet center. Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended September 30, 2017, includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut and a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020. |
Nine months ended September 30, | |||||||
2018 | 2017 | ||||||
Earnings: | |||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) | $ | 18,711 | $ | 39,628 | |||
Add: | |||||||
Distributed income of unconsolidated joint ventures | 6,081 | 8,128 | |||||
Amortization of capitalized interest | 578 | 533 | |||||
Interest expense | 48,348 | 49,496 | |||||
Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
Total earnings | 75,497 | 99,578 | |||||
Fixed charges: | |||||||
Interest expense | 48,348 | 49,496 | |||||
Capitalized interest and capitalized amortization of debt issue costs | 87 | 2,089 | |||||
Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
Total fixed charges | $ | 50,214 | $ | 53,378 | |||
Ratio of earnings to fixed charges | 1.5 | 1.9 | |||||
Earnings: | |||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) | $ | 18,711 | $ | 39,628 | |||
Add: | |||||||
Distributed income of unconsolidated joint ventures | 6,081 | 8,128 | |||||
Amortization of capitalized interest | 578 | 533 | |||||
Interest expense | 48,348 | 49,496 | |||||
Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
Total earnings | 75,497 | 99,578 | |||||
Fixed charges and preferred unit distributions: | |||||||
Interest expense | 48,348 | 49,496 | |||||
Capitalized interest and capitalized amortization of debt issue costs | 87 | 2,089 | |||||
Portion of rent expense - interest factor | 1,779 | 1,793 | |||||
Preferred unit distributions | — | — | |||||
Total combined fixed charges and preferred unit distributions | $ | 50,214 | $ | 53,378 | |||
Ratio of earnings to combined fixed charges and preferred unit distributions | 1.5 | 1.9 |
(1) | Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended September 30, 2018 includes a $49.7 million impairment charge related to our Jeffersonville, OH outlet center. Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests for the period ended September 30, 2017, includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut and a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020. |
1. | I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period ended September 30, 2018; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period ended September 30, 2018; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1 | I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended September 30, 2018; | ||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | ||
Date: | November 5, 2018 | ||
/s/ Steven B. Tanger | |||
Steven B. Tanger | |||
Chief Executive Officer | |||
Tanger GP Trust, sole general partner of the Operating Partnership |
1 | I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended September 30, 2018; | ||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | ||
Date: | November 5, 2018 | ||
/s/ James F. Williams | |||
James F. Williams | |||
Vice-President and Treasurer | |||
Tanger GP Trust, sole general partner of the Operating Partnership (Principal Financial Officer) |
Date: | November 5, 2018 | /s/ Steven B. Tanger |
Steven B. Tanger Chief Executive Officer Tanger Factory Outlet Centers, Inc. |
Date: | November 5, 2018 | /s/ James F. Williams |
James F. Williams Executive Vice President and Chief Financial Officer Tanger Factory Outlet Centers, Inc. |
(i) | the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the period ended September 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership. |
Date: | November 5, 2018 | /s/ Steven B. Tanger |
Steven B. Tanger | ||
Chief Executive Officer | ||
Tanger GP Trust, sole general partner of the Operating Partnership |
(i) | the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the period ended September 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership. |
Date: | November 5, 2018 | /s/ James F. Williams |
James F. Williams | ||
Vice President and Treasurer Tanger GP Trust, sole general partner of the Operating Partnership (Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Nov. 01, 2018 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS INC | |
Entity Central Index Key | 0000899715 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 93,907,034 | |
Tanger Properties Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | TANGER PROPERTIES LIMITED PARTNERSHIP | |
Entity Central Index Key | 0001004036 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Tanger Factory Outlet Centers, Inc. [Member] | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized (in shares) | 300,000,000 | 300,000,000 |
Common shares, issued (in shares) | 93,907,034 | 94,560,536 |
Common shares, outstanding (in shares) | 93,907,034 | 94,560,536 |
Tanger Properties Limited Partnership [Member] | ||
General partner units, outstanding (in units) | 1,000,000 | 1,000,000 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | ||
Limited partners units, outstanding (in units) | 4,995,433 | 4,995,433 |
Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member] | ||
Limited partners units, outstanding (in units) | 92,907,034 | 93,560,536 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Tanger Factory Outlet Centers, Inc. [Member] |
Tanger Factory Outlet Centers, Inc. [Member]
Common shares [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Paid in capital [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Accumulated distributions in excess of earnings [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Accumulated other comprehensive loss [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Total parent equity [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Noncontrolling interests [Member]
Limited partners [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Noncontrolling interests [Member]
Other consolidated partnerships [Member]
|
Tanger Properties Limited Partnership [Member] |
Tanger Properties Limited Partnership [Member]
Accumulated other comprehensive loss [Member]
|
Tanger Properties Limited Partnership [Member]
Total parent equity [Member]
|
Tanger Properties Limited Partnership [Member]
Noncontrolling interests [Member]
|
Tanger Properties Limited Partnership [Member]
General partner [Member]
|
Tanger Properties Limited Partnership [Member]
Limited partners [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2016 | $ 705,441 | $ 961 | $ 820,251 | $ (122,701) | $ (28,295) | $ 670,216 | $ 35,066 | $ 159 | ||||||
Beginning Balance at Dec. 31, 2016 | $ (29,834) | $ 705,282 | $ 159 | $ 6,485 | $ 728,631 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2016 | $ 705,441 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 38,427 | 36,507 | 36,507 | 1,920 | 38,427 | 38,427 | 379 | 38,048 | ||||||
Other comprehensive income | 9,038 | 8,582 | 8,582 | 456 | 9,038 | 9,038 | 9,038 | |||||||
Compensation under Incentive Award Plan | 10,891 | 10,891 | 10,891 | 10,891 | 10,891 | 10,891 | ||||||||
Issuance of common shares upon exercise of options | 54 | 54 | 54 | |||||||||||
Issuance of common units upon exercise of options | 54 | 54 | 54 | |||||||||||
Grant of restricted common share awards, net of forfeitures | 4 | (4) | ||||||||||||
Repurchased of common shares including transaction costs | (49,362) | (19) | (49,343) | (49,362) | (49,362) | (49,362) | (49,362) | |||||||
Withholding of common shares/units for employee income taxes | (2,436) | (1) | (2,435) | (2,436) | (2,436) | (2,436) | (2,436) | |||||||
Adjustment for noncontrolling interests in Operating Partnership | 1,606 | 1,606 | (1,606) | |||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | (159) | (159) | (159) | (159) | ||||||||||
Common distributions | (102,859) | (102,859) | (1,010) | (101,849) | ||||||||||
Common dividends | (97,781) | (97,781) | (97,781) | |||||||||||
Distributions to noncontrolling interests | (5,078) | (5,078) | ||||||||||||
Ending Balance at Sep. 30, 2017 | 609,035 | 945 | 781,020 | (183,975) | (19,713) | 578,277 | 30,758 | |||||||
Ending Balance at Sep. 30, 2017 | (20,796) | 609,035 | 5,854 | 623,977 | ||||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Sep. 30, 2017 | 609,035 | |||||||||||||
Beginning Balance at Jun. 30, 2017 | (24,247) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | (16,034) | (16,034) | ||||||||||||
Other comprehensive income | 4,776 | 4,776 | ||||||||||||
Ending Balance at Sep. 30, 2017 | 609,035 | 945 | 781,020 | (183,975) | (19,713) | 578,277 | 30,758 | |||||||
Ending Balance at Sep. 30, 2017 | (20,796) | 609,035 | 5,854 | 623,977 | ||||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Sep. 30, 2017 | 609,035 | |||||||||||||
Beginning Balance at Dec. 31, 2017 | 612,302 | 946 | 784,782 | (184,865) | (19,285) | 581,578 | 30,724 | 0 | ||||||
Beginning Balance at Dec. 31, 2017 | 612,302 | (20,345) | 612,302 | 5,844 | 626,803 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2017 | 612,302 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 24,944 | 23,948 | 23,948 | 1,274 | (278) | 24,944 | 25,222 | (278) | 252 | 24,970 | ||||
Other comprehensive income | 919 | 872 | 872 | 47 | 919 | 919 | 919 | |||||||
Compensation under Incentive Award Plan | 11,654 | 11,654 | 11,654 | 11,654 | 11,654 | 11,654 | ||||||||
Grant of restricted common share awards, net of forfeitures | 3 | (3) | ||||||||||||
Repurchased 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 | 445 | 445 | 445 | 445 | ||||||||||
Adjustment for noncontrolling interests in Operating Partnership | 347 | 347 | (347) | |||||||||||
Common distributions | (103,548) | (103,548) | (1,042) | (102,506) | ||||||||||
Common dividends | (98,341) | (98,341) | (98,341) | |||||||||||
Distributions to noncontrolling interests | (5,374) | (5,207) | (167) | (167) | $ (167) | |||||||||
Ending Balance at Sep. 30, 2018 | 524,483 | 939 | 774,724 | (259,258) | (18,413) | 497,992 | 26,491 | 0 | ||||||
Ending Balance at Sep. 30, 2018 | 524,483 | (19,426) | 524,483 | 5,054 | 538,855 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Sep. 30, 2018 | 524,483 | |||||||||||||
Beginning Balance at Jun. 30, 2018 | (20,722) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | (23,031) | (23,031) | ||||||||||||
Other comprehensive income | 2,433 | 2,433 | ||||||||||||
Ending Balance at Sep. 30, 2018 | $ 524,483 | $ 939 | $ 774,724 | $ (259,258) | $ (18,413) | $ 497,992 | $ 26,491 | $ 0 | ||||||
Ending Balance at Sep. 30, 2018 | 524,483 | $ (19,426) | $ 524,483 | $ 5,054 | $ 538,855 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Sep. 30, 2018 | $ 524,483 |
Business |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of September 30, 2018, we owned and operated 36 consolidated outlet centers, with a total gross leasable area of approximately 12.9 million square feet. We also had partial ownership interests in 8 unconsolidated outlet centers totaling approximately 2.4 million square feet, including 4 outlet centers in Canada. Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term "Company" refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, "Operating Partnership", refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires. The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust is the sole general partner of the Operating Partnership. Tanger LP Trust holds a limited partnership interest. As of September 30, 2018, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 93,907,034 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,995,433 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company. |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company's and the Operating Partnership's combined Annual Report on Form 10-K for the year ended December 31, 2017. The December 31, 2017 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned and properties where we own less than 100% but control such properties. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management agreements and other contractual arrangements. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the joint venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain investments in real estate joint ventures, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in, and our share of net income or loss of, the joint ventures within other liabilities in the consolidated balance sheets because we are committed to provide further financial support to these joint ventures. The carrying amount of our investments in the Charlotte, Galveston/Houston, and Columbus joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization. "Noncontrolling interests in the Operating Partnership" reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. |
Impairment Charge and Disposition of Property |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Charge and Disposition of Property [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charge and Disposition of Property | Impairment Charge and Disposition of Property Impairment Charge 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, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. During the third quarter 2018, we determined that the estimated future undiscounted cash flows of our Jeffersonville, OH outlet center did not exceed the property's carrying value due to a decline of operating results at the center likely resulting from increased competition from the Company's center in Columbus, OH and slower than expected improvement from remerchandising activities. Therefore, we recorded a $49.7 million non-cash impairment charge in our consolidated statement of operations which equaled the excess of the property's carrying value over its estimated fair value, see Note 8, for additional information on the fair market value calculation. Disposition of Property The following table sets forth certain summarized information regarding the property sold during the nine months ended September 30, 2017:
The rental property sold did not meet the criteria to be reported as discontinued operations, thus its results of operations have been reported as part of continuing operations. |
Investments in Unconsolidated Real Estate Joint Ventures |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the "Summary Balance Sheets - Unconsolidated Joint Ventures" shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $4.1 million and $4.2 million as of September 30, 2018 and December 31, 2017, respectively) are amortized over the various useful lives of the related assets. Charlotte In June 2018, the Charlotte joint venture closed on a $100.0 million mortgage loan with a fixed interest rate of 4.3% and a maturity date of July 2028. The proceeds from the loan were used to pay off the $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. RioCan Canada During the third quarter of 2017, the joint venture determined for its Bromont and Saint Sauveur, Quebec outlet centers that the estimated future undiscounted cash flows of those properties did not exceed the properties' carrying values based on the joint venture's expectations of the future performance of the centers. Therefore, the joint venture recorded an $18.0 million non-cash impairment charge in its statement of operations, which equaled the excess of the properties' carrying values over their fair values. The fair values were determined using a market approach considering the prevailing market income capitalization rates for similar assets. Our share of this impairment charge, $9.0 million, was recorded in equity in earnings of unconsolidated joint ventures in our consolidated statement of operations. Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
|
Debt Guaranteed by the Company |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Guaranteed by the Company | Debt Guaranteed by the Company All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries. The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $600.0 million. The Company also guarantees the Operating Partnership's unsecured term loan. The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):
|
Debt of the Operating Partnership |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt of the Operating Partnership | Debt of the Operating Partnership The debt of the Operating Partnership consisted of the following (in thousands):
Certain of our properties, which had a net book value of approximately $183.3 million at September 30, 2018, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $600.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $580.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. As of September 30, 2018, letters of credit totaling approximately $6.0 million were issued under the lines of credit. We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal. The principal guarantees include terms for release or reduction based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. As of September 30, 2018, the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $28.2 million. The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of September 30, 2018, we believe we were in compliance with all of our debt covenants. 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 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. $300.0 Million Unsecured Senior Notes due 2027 In July 2017, we completed an underwritten public offering of $300.0 million of 3.875% senior notes due 2027 (the "2027 Notes"). The 2027 Notes priced at 99.579% of the principal amount to yield 3.926% to maturity. The 2027 Notes pay interest semi-annually at a rate of 3.875% per annum and mature on July 15, 2027. The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $295.9 million. In August 2017, we used the net proceeds from the sale of the 2027 Notes, together with borrowings under our unsecured lines of credit, to redeem all of our 6.125% senior notes due 2020 (the "2020 Notes") (approximately $300.0 million in aggregate principal amount outstanding). The 2020 Notes were redeemed at par plus a “make-whole” premium of approximately $34.1 million. In addition, we wrote off approximately $1.5 million of unamortized debt discount and debt origination costs related to the 2020 Notes. Debt Maturities Maturities of the existing long-term debt as of September 30, 2018 for the next five years and thereafter are as follows (in thousands):
|
Derivative Financial Instruments |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):
The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, each with a separate counterparty. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative, if significant, is recognized directly in earnings. For the three and nine months ended September 30, 2018 and 2017, the ineffective portion was not significant. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):
|
Fair Value Measurements |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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):
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):
During the third quarter 2018, we recorded a $49.7 million impairment charge in our consolidated statement of operations which equaled the excess of the our Jeffersonville outlet center carrying value over its estimated fair value. The estimated fair value is 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. Discount rates and terminal capitalization rates utilized in this approach are 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. The terminal capitalization rate used in the calculation was 10% and the discount rate used was 10%. These inputs are classified under Level 3 in the fair value hierarchy above. Other Fair Value Disclosures The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):
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. |
Share Repurchase Program |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Repurchase Program | Share Repurchase Program In May 2017, we announced that our Board of Directors authorized the repurchase of up to $125.0 million of our outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. Shares repurchased for the three and nine months ended September 30, 2018 are as follows:
The remaining amount authorized to be repurchased under the program as of September 30, 2018 was approximately $55.7 million. |
Partners' Equity of the Operating Partnership |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Equity of the Operating Partnership | Partners' Equity of the Operating Partnership All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the grant of restricted common share awards, or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP Trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases a corresponding Class B common limited partnership unit held by Tanger LP Trust. The following table sets forth the changes in outstanding partnership units for the nine months ended September 30, 2018 and September 30, 2017:
|
Earnings Per Share of the Company |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share of the Company | Earnings Per Share of the Company The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts):
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. 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 both the three and nine months ended September 30, 2018, 1,013,383 notional units were excluded from the computation and for both the three and nine months ended September 30, 2017, 858,116 notional units were excluded from the computation because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or as they were anti-dilutive. With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For both the three and nine months ended September 30, 2018, 547,000 options were excluded from the computation as they were anti-dilutive. For the three months ended September 30, 2017, 235,700 options were excluded from the computation, and for the nine months ended September 30, 2017, 173,500 options were excluded from the computation 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 Operating Partnership |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit of the Operating Partnership | Earnings Per Unit of the Operating Partnership The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):
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. 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 shares would be issuable if the end of the reporting period were the end of the contingency period. For the three and nine months ended September 30, 2018, 1,013,383 notional units were excluded from the computation and for both the three and nine months ended September 30, 2017, 858,116 units were excluded from the computation because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For both the three and nine months ended September 30, 2018, 547,000 options were excluded from the computation as they were anti-dilutive. For the three months ended September 30, 2017, 235,700 options were excluded from the computation and for the nine months ended September 30, 2017, 173,500 options were excluded from the computation, as they were anti-dilutive. Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method. |
Equity-Based Compensation of the Company |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-Based Compensation of the Company | Equity-Based Compensation of the Company We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (as amended and restated on April 4, 2014, (the "Plan"), which covers our non-employee directors, officers, employees and consultants. For each common share issued by the Company, the Operating Partnership issues one corresponding unit of partnership interest to the Company's wholly-owned subsidiaries. Therefore, when the Company grants an equity-based award, the Operating Partnership treats each award as having been granted by the Operating Partnership. In the discussion below, the term "we" refers to the Company and the Operating Partnership together and the term "shares" is meant to also include corresponding units of the Operating Partnership. We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):
Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):
Option Awards 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 is $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. Restricted Common Share and Restricted Share Unit Awards During February 2018, the Company granted 407,156 in restricted common shares and restricted share units to the Company's non-employee directors and the Company's senior executive officers. The grant date fair value of the awards ranged from $18.65 to $21.94 per share. The non-employee directors' restricted common shares generally vest ratably over a three year period and the senior executive officers' restricted shares (other than our chief executive officer's) generally vest ratably over a three or five year period. Our chief executive officer’s restricted shares generally vest ratably over a two year period and his restricted share units generally vest on the third anniversary of the grant date. For the restricted shares and units issued to our chief executive officer, the award agreements generally require him to hold shares or units issued to him for a minimum of three years following vesting or the share issuance date, as applicable. Compensation expense related to the amortization of the deferred compensation is being recognized in accordance with the vesting schedule of the restricted shares. For certain shares that vest during the period, we withhold shares with value equivalent up to the employees' maximum statutory obligation (minimum obligation during 2017) for the applicable income and other employment taxes, and remit cash to the appropriate taxing authorities. The total number of shares withheld upon vesting was 89,437 and 69,886 for the nine months ended September 30, 2018 and 2017, respectively. No shares were withheld for the three months ended September 30, 2018 and 2017. The total number of shares withheld was based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date. Total amounts paid for the employees' tax obligation to taxing authorities was $2.1 million for the nine months ended September 30, 2018 and was $2.4 million for the nine months ended September 30, 2017. These amounts are reflected as financing activities within the consolidated statements of cash flows. 2018 Outperformance Plan In February 2018, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approved the terms of the Tanger Factory Outlet Centers, Inc. 2018 Outperformance Plan (the “2018 OPP"), a long-term incentive compensation plan. Recipients receive notional units which may convert, subject to the achievement of the goals described below, into common shares of the Company based on the Company’s absolute total shareholder return and its total shareholder return relative to its peer group 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 issued immediately following such measurement period, but are restricted and remain subject to a time-based vesting schedule, 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 (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 2018 OPP performance targets and other relevant information about the 2018 OPP:
The fair values of the 2018 OPP awards granted during the nine months ended September 30, 2018 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
|
Accumulated Other Comprehensive Income (Loss) of the Company |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) of the Company | Accumulated Other Comprehensive Income (Loss) of the Company The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and nine months ended September 30, 2018 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and nine months ended September 30, 2017 (in thousands):
We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $3.1 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of September 30, 2018. |
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | Accumulated Other Comprehensive Income (Loss) of the Operating Partnership The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and nine months ended September 30, 2018 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and nine months ended September 30, 2017 (in thousands):
We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $3.1 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of September 30, 2018. |
Supplemental Cash Flow Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows (in thousands):
Interest paid, net of interest capitalized was as follows (in thousands):
|
New Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently adopted accounting standards In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. We adopted this pronouncement on January 1, 2018, and the pronouncement did not result in changes to our consolidated statements of cash flows as there were no restricted cash amounts included in the beginning-of-period and end-of-period cash and cash equivalents totals. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We adopted ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach only to contracts that are not completed contracts as of January 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606, as amended, (collectively, Topic 606). Topic 606 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Topic 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of September 30, 2018, the Company has no outstanding contract assets or contract liabilities and we did not have a cumulative catch-up upon the adoption of this standard. The adoption of this standard did not result in any material changes to our revenue recognition as compared to the previous guidance. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016-02, Leases (Topic 842). The revenues which were impacted by the initial adoption of Topic 606 include revenues from management, leasing and other services provided to our unconsolidated joint ventures that we manage and other income earned at our properties. We receive management, leasing and other services revenue for services provided to our unconsolidated joint ventures that we manage and recognize this revenue as the services are transferred. Our other income earned at our properties consist primarily of revenues from vending and other on-site services or products provided to shoppers or tenants. The other income earned at our properties is recorded as the goods are transferred at a point in time or as the service is transferred over time. We have elected to disaggregate our revenue streams into the following line items on our Consolidated Statements of Operations: base rentals; percentage rentals; expense reimbursements; management, leasing and other services; and other income. We believe that these are the proper disaggregated categories as they are the best depiction of our revenue streams both qualitatively and quantitatively. Recently issued accounting standards to be adopted In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments can be adopted immediately in any interim or annual period (including the current period). The mandatory effective date for calendar year-end public companies is January 1, 2019. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13 and January 2018 within ASU 2018-01 (collectively, Topic 842). Topic 842, amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Topic 842 will be effective beginning in the first quarter of 2019. Early adoption of Topic 842 as of its issuance is permitted. We will adopt Topic 842 effective January 1, 2019. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Based on a preliminary assessment, we expect our significant operating lease commitments, primarily ground leases at seven of our outlet centers, will be required to be recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an increase in the assets and liabilities on our consolidated balance sheets. Information about our undiscounted future lease payments and the timing of those payments is in Note 23, Commitments and Contingencies of Consolidated Properties, in our Form 10-K for the year ended December 31, 2017. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. For the nine months ended September 30, 2018 and for the year ended December 31, 2017, based on existing accounting guidance, we capitalized approximately $4.3 million and $6.1 million, respectively, of internal leasing and legal payroll and related costs. Upon adoption of this ASU in 2019, we will only be able to capitalize the portion of these types of costs incurred that are a direct result of an executed lease. Within the terms of our leases where we are the lessor, we are entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016-12 Revenue from Contracts with Customers (Topic 606). We are continuing our evaluation of the effect that this adoption will have on our CAM reimbursement revenue; however, we currently do not believe that the adoption will significantly affect the timing of our revenue recognition. We are continuing our evaluation of Topic 842, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. |
Subsequent Events |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In October 2018, the Company's Board of Directors declared a $0.35 cash dividend per common share payable on November 15, 2018 to each shareholder of record on October 31, 2018, and the Trustees of Tanger GP Trust declared a $0.35 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. 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 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. |
Basis of Presentation Accounting Policies (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company's and the Operating Partnership's combined Annual Report on Form 10-K for the year ended December 31, 2017. The December 31, 2017 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. |
Consolidation | The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned and properties where we own less than 100% but control such properties. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management agreements and other contractual arrangements. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the joint venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain investments in real estate joint ventures, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in, and our share of net income or loss of, the joint ventures within other liabilities in the consolidated balance sheets because we are committed to provide further financial support to these joint ventures. The carrying amount of our investments in the Charlotte, Galveston/Houston, and Columbus joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization. "Noncontrolling interests in the Operating Partnership" reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. |
New Accounting Pronouncements (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Recently adopted accounting standards In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. We adopted this pronouncement on January 1, 2018, and the pronouncement did not result in changes to our consolidated statements of cash flows as there were no restricted cash amounts included in the beginning-of-period and end-of-period cash and cash equivalents totals. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We adopted ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach only to contracts that are not completed contracts as of January 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606, as amended, (collectively, Topic 606). Topic 606 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Topic 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of September 30, 2018, the Company has no outstanding contract assets or contract liabilities and we did not have a cumulative catch-up upon the adoption of this standard. The adoption of this standard did not result in any material changes to our revenue recognition as compared to the previous guidance. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016-02, Leases (Topic 842). The revenues which were impacted by the initial adoption of Topic 606 include revenues from management, leasing and other services provided to our unconsolidated joint ventures that we manage and other income earned at our properties. We receive management, leasing and other services revenue for services provided to our unconsolidated joint ventures that we manage and recognize this revenue as the services are transferred. Our other income earned at our properties consist primarily of revenues from vending and other on-site services or products provided to shoppers or tenants. The other income earned at our properties is recorded as the goods are transferred at a point in time or as the service is transferred over time. We have elected to disaggregate our revenue streams into the following line items on our Consolidated Statements of Operations: base rentals; percentage rentals; expense reimbursements; management, leasing and other services; and other income. We believe that these are the proper disaggregated categories as they are the best depiction of our revenue streams both qualitatively and quantitatively. Recently issued accounting standards to be adopted In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments can be adopted immediately in any interim or annual period (including the current period). The mandatory effective date for calendar year-end public companies is January 1, 2019. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13 and January 2018 within ASU 2018-01 (collectively, Topic 842). Topic 842, amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Topic 842 will be effective beginning in the first quarter of 2019. Early adoption of Topic 842 as of its issuance is permitted. We will adopt Topic 842 effective January 1, 2019. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Based on a preliminary assessment, we expect our significant operating lease commitments, primarily ground leases at seven of our outlet centers, will be required to be recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an increase in the assets and liabilities on our consolidated balance sheets. Information about our undiscounted future lease payments and the timing of those payments is in Note 23, Commitments and Contingencies of Consolidated Properties, in our Form 10-K for the year ended December 31, 2017. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. For the nine months ended September 30, 2018 and for the year ended December 31, 2017, based on existing accounting guidance, we capitalized approximately $4.3 million and $6.1 million, respectively, of internal leasing and legal payroll and related costs. Upon adoption of this ASU in 2019, we will only be able to capitalize the portion of these types of costs incurred that are a direct result of an executed lease. Within the terms of our leases where we are the lessor, we are entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016-12 Revenue from Contracts with Customers (Topic 606). We are continuing our evaluation of the effect that this adoption will have on our CAM reimbursement revenue; however, we currently do not believe that the adoption will significantly affect the timing of our revenue recognition. We are continuing our evaluation of Topic 842, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. |
Impairment Charge and Disposition of Property (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposition of Property | The following table sets forth certain summarized information regarding the property sold during the nine months ended September 30, 2017:
|
Investments in Unconsolidated Real Estate Joint Ventures (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | We have an ownership interest in the following unconsolidated real estate joint ventures:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs | Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Financial Information of Unconsolidated JVs Balance Sheet | Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Financial Information Of Unconsolidated JVs Statements of Operations |
|
Debt Guaranteed by the Company (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):
|
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The debt of the Operating Partnership consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of September 30, 2018 for the next five years and thereafter are as follows (in thousands):
|
Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):
|
Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):
|
Share Repurchase Program Share Repurchase Program (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase program | Shares repurchased for the three and nine months ended September 30, 2018 are as follows:
|
Partners' Equity of the Operating Partnership (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nine months ended September 30, 2018 and September 30, 2017:
|
Earnings Per Share of the Company (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts):
|
Earnings Per Unit of the Operating Partnership (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):
|
Equity-Based Compensation of the Company (Tables) - Tanger Factory Outlet Centers, Inc. [Member] |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):
Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2018 OPP performance targets and other relevant information about the 2018 OPP:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the 2018 OPP awards granted during the nine months ended September 30, 2018 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
|
Accumulated Other Comprehensive Income (Loss) of the Company (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and nine months ended September 30, 2018 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and nine months ended September 30, 2017 (in thousands):
|
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and nine months ended September 30, 2018 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and nine months ended September 30, 2017 (in thousands):
|
Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Expenditures included in accounts payable and accrued expenses were as follows (in thousands):
Interest paid, net of interest capitalized was as follows (in thousands):
|
Impairment Charge and Disposition of Property (Details) ft² in Thousands, $ in Thousands |
1 Months Ended | 3 Months Ended |
---|---|---|
May 31, 2017
USD ($)
ft²
|
Sep. 30, 2018
USD ($)
|
|
Westbrook [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] | ||
Area of Real Estate Property | ft² | 290 | |
Net proceeds from sale of assets | $ 39,213 | |
Gain on sale of assets | $ 6,943 | |
Jeffersonville [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Impairment charge | $ 49,700 |
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Management, Leasing and other services [Line Items] | ||||
Fees received | $ 583 | $ 588 | $ 1,826 | $ 1,776 |
Management and Marketing Fee [Member] | ||||
Management, Leasing and other services [Line Items] | ||||
Fees received | 571 | 564 | 1,704 | 1,676 |
Leasing and other fees [Member] | ||||
Management, Leasing and other services [Line Items] | ||||
Fees received | $ 12 | $ 24 | $ 122 | $ 100 |
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Assets | ||
Land | $ 94,118 | $ 95,686 |
Buildings, improvements and fixtures | 503,430 | 505,618 |
Construction in progress | 3,169 | 3,005 |
Rental property, at cost, total | 600,717 | 604,309 |
Accumulated depreciation | (110,213) | (93,837) |
Total rental property, net | 490,504 | 510,472 |
Cash and cash equivalents | 13,366 | 25,061 |
Deferred lease costs and other intangibles, net | 9,387 | 10,985 |
Prepaids and other assets | 18,142 | 15,073 |
Total assets | 531,399 | 561,591 |
Liabilities and Owners' Equity | ||
Mortgages payable, net | 360,600 | 351,259 |
Accounts payable and other liabilities | 11,114 | 14,680 |
Total liabilities | 371,714 | 365,939 |
Owners' equity | 159,685 | 195,652 |
Total liabilities and owners' equity | $ 531,399 | $ 561,591 |
Investments in Unconsolidated Real Estate Joint Ventures (Summary Statements of Operations for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Unconsolidated Properties [Member] | ||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
Revenues | $ 23,538 | $ 25,241 | $ 70,940 | $ 72,588 |
Expenses: | ||||
Property operating | 9,147 | 8,987 | 28,032 | 27,242 |
General and administrative | 49 | 72 | 301 | 289 |
Asset impairment | 0 | 18,042 | 0 | 18,042 |
Depreciation and amortization | 6,860 | 6,998 | 19,768 | 21,453 |
Total expenses | 16,056 | 34,099 | 48,101 | 67,026 |
Operating income (loss) | 7,482 | (8,858) | 22,839 | 5,562 |
Interest expense | (3,810) | (2,776) | (10,275) | (7,497) |
Other non-operating income (expense) | 68 | 20 | 175 | 23 |
Net income (loss) | 3,740 | (11,614) | 12,739 | (1,912) |
Tanger Factory Outlet Centers, Inc. [Member] | ||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
Revenues | 124,236 | 120,765 | 367,482 | 361,747 |
Expenses: | ||||
Property operating | 39,653 | 37,571 | 119,817 | 115,074 |
General and administrative | 10,752 | 10,934 | 32,861 | 33,846 |
Asset impairment | 49,739 | 0 | 49,739 | 0 |
Depreciation and amortization | 32,850 | 30,976 | 98,667 | 95,175 |
Total expenses | 132,994 | 79,382 | 301,084 | 244,623 |
Operating income (loss) | (8,758) | 41,383 | 66,398 | 117,124 |
Interest expense | (16,367) | (16,489) | (48,348) | (49,496) |
Other non-operating income (expense) | 261 | 591 | 661 | 683 |
Net income (loss) | (23,031) | (16,034) | 24,944 | 38,427 |
The Company and Operating Partnership's share of: | ||||
Net income (loss) | 1,833 | (5,893) | 6,233 | (1,201) |
Depreciation and amortization and asset impairments (real estate related) | $ 3,466 | $ 12,604 | $ 10,020 | $ 19,992 |
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 5 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
May 31, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Schedule of Equity Method Investments [Line Items] | |||||||
Differences in basis | $ 4,100 | $ 4,100 | $ 4,200 | ||||
Unconsolidated Properties [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Asset impairment | $ 0 | $ 18,042 | $ 0 | $ 18,042 | |||
Unconsolidated Properties [Member] | Charlotte [Member] | Mortgages [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Principal | $ 100,000 | $ 90,000 | |||||
Interest rate | 4.30% | ||||||
Basis spread on variable rate | 1.45% | ||||||
Net loan proceeds | $ 9,300 | ||||||
Unconsolidated Properties [Member] | Bromont and Les Factories St. Sauveur [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Asset impairment | 18,000 | ||||||
Our share of impairment charge | $ 9,000 |
Debt Guaranteed by the Company (Details) - Debt [Member] - USD ($) |
Sep. 30, 2018 |
Jan. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit borrowing capacity | $ 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 obligation | 203,100,000 | 208,100,000 | |
Tanger Factory Outlet Centers, Inc. [Member] | Unsecured Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Guarantor obligation | $ 325,000,000 | $ 325,000,000 |
Debt of the Operating Partnership (Debt Maturities) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of Maturities of Debt [Line Items] | ||
2018 | $ 813 | |
2019 | 3,369 | |
2020 | 3,566 | |
2021 | 585,293 | |
2022 | 4,436 | |
Thereafter | 1,167,114 | |
Subtotal | 1,764,591 | $ 1,780,562 |
Net discount and debt origination costs | (16,931) | |
Total debt | $ 1,747,660 | $ 1,763,651 |
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain recognized in OCI on derivative | $ 512 | $ 39 | $ 4,095 | $ 217 |
Fair Value Measurements (Nonrecurring) (Details) - Fair Value, Measurements, Nonrecurring [Member] $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
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 | $ 50,000 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | $ 50,000 |
Fair Value Measurements Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Jeffersonville [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset impairment | $ 49.7 |
Terminal capitalization rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Real Estate Owned, Measurement Input | 10.00% |
Discount rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Real Estate Owned, Measurement Input | 10.00% |
Fair Value Measurements (Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 1,704,812 | $ 1,775,540 |
Recorded value of debt | 1,747,660 | 1,763,651 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 1,086,988 | 1,139,064 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 617,824 | $ 636,476 |
Share Repurchase Program (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
May 31, 2017 |
|
Authorized amount of share repurchase | $ 125,000,000 | ||||
Total number of shares purchased | 0 | 1,265,404 | 919,249 | 1,911,585 | |
Average price paid per share | $ 0.00 | $ 25.61 | $ 21.74 | $ 25.80 | |
Total price paid exclusive of commissions and related fees | $ 0 | $ 32,407,000 | $ 19,980,000 | $ 49,324,000 | |
Remaining authorized repurchase amount | $ 55,700,000 | $ 55,700,000 |
Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 3,407 | $ 3,318 | $ 10,814 | $ 10,114 |
Restricted common shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 2,275 | 2,302 | 7,359 | 7,039 |
Notional unit performance awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 1,040 | 939 | 3,141 | 2,870 |
Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 92 | $ 77 | $ 314 | $ 205 |
Equity-Based Compensation of the Company (Equity-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Tanger Factory Outlet Centers, Inc. [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense capitalized | $ 652 | $ 267 | $ 840 | $ 777 |
Equity-Based Compensation of the Company (Outperformance Plan Assumptions) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - 2018 OPP [Member] |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Risk Free Interest Rate | 2.40% |
Expected Dividend Rate | 4.80% |
Expected Volatility Rate | 27.00% |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Supplemental Cash Flow Information [Abstract] | ||
Costs relating to construction included in accounts payable and accrued expenses | $ 14,307 | $ 27,090 |
Interest paid, net of interest capitalized | $ 46,154 | $ 43,102 |
New Accounting Pronouncements New Accounting Pronouncements (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
New Accounting Pronouncements [Abstract] | ||
Deferred lease costs amount related to salaries and related costs | $ 4.3 | $ 6.1 |
TM4M,F-]ID",\YD[Q)"IF !&D:F8(N9C*H;-DCFL&XG7C=Q9
MT)X%,E'G>\;NF-6.L8G1FLSY!<>RE#"7G'$RD88N'XX-FO5C$\)= TXZF9'9
M'W$LM8D49 &,.:9,DA+JAE/"9#CF"L=<=\5H&194Z1!5EPK)F:)@1DO7'L
ML\_[]<:95#L2R2GH3[HTM.8T'K\&XR<7?JZ[UIS7D<$=F9T1Y76DL8446TB!
MJR0FYWO&?%XV3M.T< 6HU"2$&D518TZ)C*;I/,JM(HJ: ,J2]3-%EA+M<+@M
M#K?EX18TW);UDR6*)-AK#CE#KXI1##3FD#:T C
MXR,=&L.8$VC;91D#\&).(@6,(:EHRMQM#(-. -"1XZY%8"B)Q'_>).:-M'EC
MSULO&ESYPFY-VW?Y2"KHS+Q)3#%)/H\?R+Y%"#5I9,R64I)$X9FG(IB-$NRN
MV)4"DT2*"^;-\7#&KGH1CS:"-T D>?10[Q:*>#QZYT5#QQ@R$NQZV+'+EA@R
M\H)=C\0XD&C7$X]["YC!C@V:Q-4M076SRRJN;GE!=2M:0R*;).$,FD0)EI4F1&7Z9]4#G(,_A%
MRJ0@D;65D1FB&2"J3(H,7I$V*4!EFQ29$9II-U4F AE6\F!2(C$<@,Y$R.
MDDP$LD8MF!2@LDV*S#S.24\Q%M*SX9Z3#R1AD A"=.#MSWI@S.V(IXYY.WWGLI>++/V"4(S9CCA.$K
M3+(@F%=?0O"M$$=^1>?;]-O-#&\C/5W3/V_STTU^>LV_JG +\W\0MFJI!M/$
M8;*DQ*&+@[SR+O/ZP..3_(-/P_XD3",[2\[H_,/&]M>(#GPJNQL_0:W_7XNA
MH';A^,F?S31ED^&PGS\06WYQ\1=02P,$% @ VXIE3
&UL;5/;;MP@$/T5Q <$+W$N
M6MF6LHFB5&JE5:JVSZP]OBA<',#K].\[8,>QNGX!9CCGS(4A&XU]Y5? F+['SA
M[V@\TT_X^%I^,--P9=%).W\SXOG56COP5C97WDOK'^@<"*A=F-[XN1FOZ1@X
MW4TOD,R_@>(O4$L#!!0 ( -N*94U2,5M&L@$ -$# 9 >&PO=V]R
M:W-H965T5WS+$R-WI$9KK[GH4GWAZHOYLJ..-5Q#,O
MWGKOI:3[74XN@6B..4XQ=!6S72*(9U]2T%2*(_T'3M/P75+A+L+W'Q2F\?LD
M?A_QNP_X_^C/D@190L#G*TK%?%9)5F\BP;2Q&RVJ]*#B)*R\2\/?T/BF?\.G
M:7EDIN7*HK-VOC/B^S5:._!2-E=>2^<'=#$$-"YL?4,A,[7I9#C=SQ-(EM]
M^0=02P,$% @ VXIE34*.&-&U 0 T@, !D !X;"]W;W)K
27/D1ZOP'6PP!C0O'+_YLIC&;#*?[^0>1
MY1N7?P%02P,$% @ VXIE38X/6&NR 0 T@, !D !X;"]W;W)K_,KC;F/5H"!I6VT\3,Y70KIT"+?GYP\/+JY7\ 4$L#!!0 (
M -N*94U4X4BZP0$ !($ 9 >&PO=V]R:W-H965T
U9=N5<40WJ;S1
B_#]02P,$% @ VXIE39'I@D8G @ 1P8 !D !X;"]W;W)K
M
9-NRWVHCM-A=T6&Y:DSOVQ<+QQ ZJ.7"&P#L6*_;' .A1HKK/:$EOUQJ@M
M".9F"U:U *J.7#5A'8H5N^@(ZS ",V)DOD^)[%TTX597'J&F=(+9N_'A8\6?
M6?.65ZWW6G==78XOPT]UW
4):/T)O03 &--X&81!;-\PB:&\,C0X*==3_PNQ2
M-=PY4B'/''TR%)0*D++>@\RZE+?+T"%0"-5,99OU1VS?$;0UUP<:[K#\/U!+
M P04 " #;BF5-P$$^M]H$ #8&P &0 'AL+W=OPZ#+G.$3^YV?"CD.M"8.]B:(XZLKN3
MU)<%MC>&)FGFH8"=B>^8I1CV'89\YXCN3DNHXUW42,?#'L;08'6D=T>KM^,)
M;'0"&=U' 9N3W#%<">P[ OEN*+X%92,=3]S1ZNE%XOD/#,W5H>P6!!?298DN
M[@[Z,O>#BGU1M\$KE^H:8BX+.\XE4W3Q@RKWH.Z/_:)D.ZE?,_4NNDM4MY"\
ML1?$J+^EKOX#4$L#!!0 ( -N*94WXF8 -_0$ %L& 9 >&PO=V]R
M:W-H965T