EX-99 3 tfocform8k102803ex1.txt TFOC EXHIBIT 99.1 Tanger Factory Outlet Centers, Inc. Supplemental Operating and Financial Data for the Quarter Ended 09/30/03 Tanger Factory Outlet Centers, Inc. Supplemental Operating and Financial Data September 30, 2003 1 Notice For a more detailed discussion of the factors that affect our operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2002. This Supplemental Operating and Financial Data is not an offer to sell or a solicitation to buy any securities of the Company. Any offers to sell or solicitations to buy any securities of the Company shall be made only by means of a prospectus. 2 Table of Contents Section Portfolio Data: Geographic Diversification 4 Property Summary - Occupancy at End of Each Period Shown 5 Major Tenants 6 Lease Expirations 7 Leasing Activity 8 Financial Data: Consolidated Balance Sheets 9 Consolidated Statements of Operations 10 FFO and FAD Analysis 11 Per Weighted Average Gross Leasable Area (GLA) Analysis 12 Joint Venture Information 13 Debt Outstanding Summary 14 Future Scheduled Principal Payments 15 Investor Information 16 3 Geographic Diversification ------------------------------------------------------------------------------- As of Setpember 3, 2003 ------------------------------------------------------------------------------- State # of Centers GLA % of GLA ------------------------ ------------------- --------------- ------------------ Georgia 4 949,190 16% New York 1 729,238 13% Texas 2 619,976 11% Tennessee 2 513,581 9% Michigan 2 437,651 8% South Carolina (1) 1 318,133 6% Missouri 1 277,407 5% Iowa 1 277,230 5% Pennsylvania 1 255,059 4% Louisiana 1 245,199 4% Florida 1 198,789 3% North Carolina 2 187,702 3% Arizona 1 184,768 3% Indiana 1 141,051 2% Minnesota 1 134,480 2% California 1 105,950 2% Maine 2 84,313 2% Alabama 1 79,575 1% New Hampshire 2 61,745 1% ------------------------ ------------------- --------------- ------------------ Total 28 5,801,037 100% ------------------------ ------------------- --------------- ------------------ (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. 4
Property Summary - Occupancy at End of Each Period Shown --------------------------- --------------- -------------- -------------- --------------- -------------- -------------- % % % % % Total GLA Occupied Occupied Occupied Occupied Occupied Location 09/30/03 09/30/03 06/30/03 03/31/03 12/31/02 09/30/02 --------------------------- --------------- -------------- -------------- --------------- -------------- -------------- Riverhead, NY 729,238 99% 100% 98% 100% 99% San Marcos, TX 442,486 98% 96% 100% 100% 98% Sevierville, TN 419,023 99% 100% 100% 100% 100% Commerce II, GA 342,556 94% 97% 93% 99% 96% Howell, MI 325,231 99% 99% 99% 100% 100% Branson, MO 277,407 100% 99% 97% 99% 100% Williamsburg, IA 277,230 96% 98% 97% 100% 99% Myrtle Beach, SC (1) 318,133 100% 100% 100% 100% 100% Lancaster, PA 255,059 98% 96% 94% 98% 96% Locust Grove, GA 247,454 100% 99% 99% 100% 100% Gonzales, LA 245,199 95% 99% 97% 99% 98% Fort Myers, FL 198,789 86% 89% 97% 99% 97% Commerce I, GA 185,750 74% 71% 79% 90% 87% Casa Grande, AZ 184,768 79% 88% 89% 96% 90% Terrell, TX 177,490 97% 97% 96% 100% 100% Dalton, GA 173,430 82% 95% 93% 98% 98% Seymour, IN 141,051 75% 74% 74% 80% 80% North Branch, MN 134,480 100% 99% 99% 100% 100% West Branch, MI 112,420 100% 98% 95% 100% 100% Barstow, CA 105,950 87% 80% 72% 62% 57% Blowing Rock, NC 105,448 100% 90% 94% 100% 100% Pigeon Forge, TN 94,558 97% 97% 95% 97% 94% Nags Head, NC 82,254 100% 100% 100% 100% 100% Boaz, AL 79,575 97% 92% 95% 97% 91% Kittery I, ME 59,694 100% 100% 100% 100% 100% LL Bean, NH 50,745 91% 91% 91% 100% 100% Kittery II, ME 24,619 100% 100% 100% 94% 94% Clover, NH 11,000 100% 100% 100% 100% 100% Martinsburg, WV n/a n/a n/a 61% 69% 51% Bourne, MA n/a n/a n/a n/a n/a 100% --------------------------- --------------- -------------- -------------- --------------- -------------- -------------- Total 5,801,037 95% 96% 95% 98% 96% --------------------------- --------------- -------------- -------------- --------------- -------------- -------------- [GRAGH APPEARS HERE] '09/03 '06/03 '03/03 '12/02 '09/02 '06/02 '03/02 '12/01 '09/01 95% 96% 95% 98% 96% 96% 95% 96% 95% Portfolio Occupancy at the End of Each Period (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement.
5 Major Tenants --------------------------------------------------------------------------- Ten Largest Tenants as of September 30, 2003 --------------------------------------------------------------------------- State # of Centers GLA % of GLA ------------------------------ ------------ --------------- --------------- The Gap, Inc. 37 374,396 6.4% Phillips-Van Heusen 70 318,664 5.5% Liz Claiborne 38 312,655 5.5% Reebok International 25 180,761 3.1% VF Factory Outlet 21 179,299 3.1% Dress Barn, Inc. 20 143,512 2.5% Brown Group Retail 25 120,446 2.1% Sara Lee Corporation 31 120,040 2.0% Polo Ralph Lauren 16 116,716 2.0% Mikasa Factory Store 14 110,436 1.9% ------------------------------ ----------- -------------- ---------------- Total of All Listed Above 297 1,976,925 34.1% ------------------------------ ----------- -------------- ---------------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. Lease Expirations as of September 30, 2003 6 Percentage of Total Gross Leasable Area (1) [GRAPH APPEARS HERE] 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013+ 3.00% 21.00% 16.00% 16.00% 16.00% 14.00% 5.00% 1.00% 2.00% 3.00% 3.00% Percentage of Total Annualized Base Rent (1) [GRAPH APPEARS HERE] 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013+ 2.00% 17.00% 16.00% 18.00% 19.00% 16.00% 5.00% 1.00% 2.00% 2.00% 2.00% (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. 7
Leasing Activity ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ Year to 03/31/03 06/30/03 09/30/03 12/31/03 Date ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------ Re-tenanted Space: Number of leases 35 25 15 75 Gross leasable area 138,468 68,903 43,662 251,033 New base rent per square foot $16.89 $17.39 $19.43 $17.47 Prior base rent per square foot $16.38 $17.04 $17.36 $16.73 Percent increase in rent per square foot 3.1% 2.1% 11.9% 4.4% Renewed Space: Number of leases 117 56 17 190 Gross leasable area 538,506 238,833 53,893 831,232 New base rent per square foot $13.35 $13.67 $12.71 $13.40 Prior base rent per square foot $13.19 $13.51 $15.07 $13.40 Percent increase in rent per square foot 1.2% 1.2% (15.6%) 0.0% Total Re-tenanted and Renewed Space: Number of leases 152 81 32 265 Gross leasable area 676,974 307,736 97,555 1,082,265 New base rent per square foot $14.07 $14.50 $15.72 $14.34 Prior base rent per square foot $13.84 $14.30 $16.09 $14.17 Percent increase in rent per square foot 1.7% 1.4% (2.3%) 1.2% ---------------------------------------------------- ------------- -------------- ------------- ------------ ------------
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Consolidated Balance Sheets (dollars in thousands) ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- 09/30/03 06/30/03 03/31/03 12/31/03 09/30/02 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Assets Rental Property Land $50,474 $50,474 $51,274 $51,274 $52,345 Buildings 583,269 578,665 581,766 571,125 571,826 Developments under construction -- 2,490 -- -- -- ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Total rental property 633,743 631,629 633,040 622,399 624,171 Accumulated depreciation (191,628) (185,071) (180,996) (174,199) (168,327) ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Total rental property - net 442,115 446,558 452,044 448,200 455,844 Cash 209 203 209 1,072 209 Deferred charges - net 9,398 9,389 9,648 10,104 10,494 Other assets 13,666 12,822 13,424 18,299 13,543 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Total assets $465,388 $468,972 $475,325 $477,675 $480,090 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Liabilities & Shareholders' Equity Liabilities Debt Senior, unsecured notes $147,509 $147,509 $148,009 $150,109 $155,609 Mortgages payable 172,552 173,188 173,811 174,421 175,018 Lines of credit 7,272 11,890 19,319 20,475 16,269 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Total debt 327,333 332,587 341,139 345,005 346,896 Construction trade payables 7,188 8,010 7,560 3,310 4,041 Accounts payable & accruals 13,949 13,328 12,070 15,095 14,743 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Total liabilities 348,470 353,925 360,769 363,410 365,680 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Minority interest 26,202 26,231 23,245 23,630 23,727 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Shareholders' equity Preferred shares -- -- 1 1 1 Common shares 105 103 93 90 90 Paid in capital 171,747 167,034 165,641 161,192 160,589 Distributions in excess of net income (81,063) (78,224) (74,324) (70,485) (69,672) Accum. other comprehensive loss (73) (97) (100) (163) (325) ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Total shareholders' equity 90,716 88,816 91,311 90,635 90,683 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- -------------- Total liabilities & shareholders' equity $465,388 $468,972 $475,325 $477,675 $480,090 ----------------------------------------------- ---------------- ----------------- ---------------- --------------- --------------
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Consolidated Statements of Operations (dollars and shares in thousands) -------------------------------------- ----------------------------------------------------------------- -------------------------- Three Months Ended YTD -------------------------------------- ----------------------------------------------------------------- -------------------------- 09/03 06/03 03/03 12/02 09/02 09/03 09/02 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Revenues Base rentals $20,070 $19,806 $19,622 $20,498 $18,673 $59,498 $55,058 Percentage rentals 793 555 395 1,602 778 1,743 1,956 Expense reimbursements 8,419 8,456 8,430 8,601 7,361 25,305 21,876 Other income 1,073 803 671 1,115 1,044 2,547 2,358 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Total revenues 30,355 29,620 29,118 31,816 27,856 89,093 81,248 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Expenses Property operating 10,073 10,109 9,953 10,169 8,582 30,135 25,729 General & administrative 2,492 2,453 2,430 2,237 2,623 7,375 6,989 Interest 6,427 6,556 6,724 7,042 7,171 19,707 21,418 Depreciation & amortization 7,084 7,099 7,280 7,355 7,133 21,463 21,365 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Total expenses 26,076 26,217 26,387 26,803 25,509 78,680 75,501 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income before equity in earnings of unconsolidated joint ventures, minority interest, discontinued operations and extraordinary item 4,279 3,403 2,731 5,013 2,347 10,413 5,747 Equity in earnings of unconsolidated joint ventures 267 280 92 142 317 639 250 Minority interest (1,026) (798) (591) (1,184) (596) (2,415) (1,270) -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations 3,520 2,885 2,232 3,971 2,068 8,637 4,727 Discontinued operations (1) -- (578) (41) 1,189 240 (619) 1,120 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Net income 3,520 2,307 2,191 5,160 2,308 8,018 5,847 Less applicable preferred share dividends -- (363) (443) (442) (443) (806) (1,329) -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Net income available to common shareholders $ 3,520 $ 1,944 $ 1,748 $ 4,718 $ 1,865 $ 7,212 $ 4,518 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Basic earnings per common share: -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations $.34 $.26 $.19 $.39 $.20 $.80 $.42 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Net income $.34 $.20 $.19 $.52 $.22 $.74 $.56 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Diluted earnings per common share: -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Income from continuing operations $.33 $.26 $.19 $.38 $.19 $.79 $.41 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Net income $.33 $.20 $.19 $.51 $.22 $.72 $.55 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- Weighted average common shares: Basic 10,404 9,590 9,181 9,047 8,269 9,729 8,078 Diluted 10,623 9,809 9,408 9,279 8,490 9,958 8,254 -------------------------------------- ------------- ------------ ------------ ------------ ------------ ------------ ------------- (1) In accordance with SFAS No. 144 "Accounting for the Impairment or Disposal of Long Lived Assets", the results of operations for property disposed of during the year have been reported above as discontinued operations for both the current and prior periods presented. Includes a gain on the sale of a previously leased out parcel of land of $243 for the three and nine months ended September 30, 2002, a loss on the sale of one real estate property of $735 for the nine months ended September 30, 2003 and a gain on the sale of one real estate property of $460 for the nine months ended September 30, 2002.
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FFO and FAD Analysis (dollars and shares in thousands) ------------------------------------------ ------------------------------------------------------------- -------------------------- Three Months Ended YTD ------------------------------------------ ------------------------------------------------------------- -------------------------- 09/03 06/03 03/03 12/02 09/02 09/03 09/02 ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- Funds from operations: Net income $3,520 $2,307 $2,191 $5,160 $2,308 $8,018 $5,847 Adjusted for - Minority interest 1,026 798 591 1,184 596 2,415 1,270 Minority interest, depreciation and amortization in discontinued operations -- (143) 36 460 156 (107) 796 Depreciation and amortization uniquely significant to real estate - wholly owned 7,021 7,026 7,206 7,284 7,056 21,252 20,973 Depreciation and amortization uniquely significant to real estate - joint ventures 287 266 254 255 168 808 168 Loss (Gain) on sale of real estate -- 735 (1,242) -- 735 (460) ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- Funds from operations $11,854 $10,989 $10,278 $13,101 $10,284 $33,121 $28,594 ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- Funds from operations per share $.87 $.82 $.78 $1.01 $ .84 $2.47 $2.38 ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- Funds available for distribution: Funds from operations $11,854 $10,989 $10,278 $13,101 $10,284 $33,121 $28,594 Plus - Corporate depreciation excluded above 64 73 74 71 77 211 224 Amortization of finance costs 332 309 317 312 313 958 898 Straight line rent adjustment 35 55 57 55 91 147 193 Less - 2nd generation tenant allowances (1,860) (387) (1,417) (455) (136) (3,664) (1,771) Capital improvements (241) (1,568) (1,045) (737) (899) (2,854) (1,847) ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- Funds available for distribution $10,184 $9,471 $8,264 $12,347 $9,730 $27,919 $26,291 ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- Funds available for distribution per share $.75 $.71 $.63 $.95 $.79 $2.08 $2.19 ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- Dividends paid per share $.615 $.615 $.6125 $.6125 $.6125 $1.8425 $1.8350 ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- FFO payout ratio 71% 75% 79% 61% 73% 75% 77% ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ ------------- FAD payout ratio 82% 87% 97% 64% 78% 89% 84% Diluted weighted average common Shares 13,656 13,432 13,164 13,035 12,245 13,426 12,011 ------------------------------------------ ----------- ----------- ----------- ------------ ------------ ------------ -------------
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Per Weighted Average Gross Leasable Area (GLA) Analysis -------------------------------------------- --------------------------------------------------------- ---------------------- Three Months Ended YTD -------------------------------------------- --------------------------------------------------------- ---------------------- 09/03 06/03 03/03 12/02 09/02 09/03 09/02 -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- ----------- GLA open at end of period - Wholly owned (000's) 5,483 5,449 5,497 5,469 5,493 5,483 5,493 Partially owned (000's) (1) 318 309 260 260 260 318 260 Managed properties (000's) 457 457 457 457 434 457 434 Total GLA open at end of period 6,258 6,215 6,214 6,186 6,187 6,258 6,187 Weighted average GLA (000's) (2) 5,471 5,448 5,443 5,420 5,173 5,454 5,121 End of period occupancy (1) 95% 96% 95% 98% 96% 95% 96% PER SQUARE FOOT Revenues Base rentals $3.67 $3.64 $3.61 $3.78 $3.61 $10.91 $10.75 Percentage rentals .14 .10 .07 .30 .15 .32 .38 Expense reimbursements 1.54 1.55 1.55 1.59 4.64 4.27 1.42 Other income .20 .15 .12 .20 .20 .47 .46 -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- ----------- Total revenues 5.55 5.44 5.35 5.87 5.38 16.34 15.86 -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- ----------- Expenses Property operating 1.84 1.86 1.83 1.88 1.66 5.53 5.02 General & administrative .46 .45 .45 .41 .51 1.35 1.36 Interest 1.17 1.20 1.23 1.30 1.38 3.61 4.18 Depreciation & amortization 1.30 1.30 1.34 1.36 1.38 3.94 4.17 -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- ----------- Total expenses 4.77 4.81 4.85 4.95 4.93 14.43 14.73 -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- ----------- Income before equity in earnings of unconsolidated joint ventures, minority interest, discontinued operations and extraordinary item $.78 $.63 $.50 $.92 $.45 $1.91 $1.13 -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- ----------- Total revenues less property operating and general & administrative expenses ("NOI") $3.25 $3.13 $3.07 $3.58 $3.21 $9.46 $9.48 -------------------------------------------- ----------- ---------- ------------ ---------- ---------- ---------- ----------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. (2) Represents GLA of wholly owned operating properties weighted by months of operation. GLA is not adjusted for fluctuations in occupancy that may occur subsequent to the original opening date. Excludes GLA of properties for which their results are included in discontinued operations.
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Joint Venture Information - Summary Balance Sheets (dollars in thousands) ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ 09/30/03 06/30/03 03/31/03 12/31/02 09/30/02 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Assets Investment properties at cost - net $35,200 $35,439 $34,670 $32,153 $31,560 Cash and cash equivalents 1,377 634 100 514 510 Deferred charges - net 1,767 1,872 1,790 1,751 1,676 Other assets 2,900 1,995 1,500 1,491 1,503 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total assets $41,244 $39,940 $38,060 $35,909 $35,249 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Liabilities & Owners' Equity Mortgage payable $29,248 $28,692 $25,705 $25,513 $21,555 Construction trade payables 751 1,026 1,729 1,644 4,222 Accounts payable & other liabilities 743 828 868 522 756 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total liabilities 30,742 30,546 28,302 27,679 26,533 Owners' equity 10,502 9,394 9,758 8,230 8,716 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------ Total liabilities & owners' equity $41,244 $39,940 $38,060 $35,909 $35,249 ---------------------------------------------------- ------------- ------------ ------------- ------------- ------------
Summary Statements of Operations (dollars in thousands) ----------------------------------------- ------------------------------------------------------------- ------------------------ Three Months Ended YTD ----------------------------------------- ------------------------------------------------------------- ----------------------- 09/03 06/03 03/03 12/02 09/02 09/03 09/02 ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- Revenues $2,195 $2,158 $1,727 $1,685 $2,178 $6,080 $2,434 ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- Expenses Property operating 726 782 704 579 963 2,211 1,345 General & administrative 1 3 17 4 1 21 9 Interest 372 294 325 322 256 991 256 Depreciation & amortization 599 552 528 537 347 1,679 347 ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- Total expenses 1,697 1,631 1,574 1,442 1,567 4,902 1,957 ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- Net income $498 $527 $153 $243 $611 $1,178 $477 ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- Tanger Factory Outlet Centers, Inc. Share of: ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- ----------- Total revenues less property operating and general & administrative expenses ("NOI") $735 $687 $503 $624 $607 $1,925 $540 Net income $267 $280 $92 $142 $317 $639 $250 Depreciation (real estate related) $287 $266 $254 $255 $168 $807 $168 ----------------------------------------- ------------ ----------- ----------- ----------- ------------ ----------- -----------
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Debt Outstanding Summary (dollars in thousands) -------------------------------------------------------------------------------------------------------- As of September 30, 2003 -------------------------------------------------------------------------------------------------------- Principal Interest Maturity Balance Rate Date ----------------------------------------- -------------- ------------------------------ ---------------- Mortgage debt Lancaster, PA $14,266 9.770% 04/10/05 Commerce I, GA 7,935 9.125% 09/10/05 Branson, MO 24,000 Libor + 1.75% 03/26/06 Commerce II, GA 29,500 Libor + 1.75% 03/26/06 Dalton, GA 10,977 7.875% 04/01/09 Kittery I, ME 6,246 7.875% 04/01/09 San Marcos I, TX 18,645 7.875% 04/01/09 San Marcos II, TX 18,821 7.980% 04/01/09 West Branch, MI 6,968 7.875% 04/01/09 Williamsburg, IA 19,158 7.875% 04/01/09 Blowing Rock, NC 9,553 8.860% 09/01/10 Nags Head, NC 6,482 8.860% 09/01/10 ----------------------------------------- -------------- ------------------------------ ---------------- Total mortgage debt 172,552 ----------------------------------------- -------------- ------------------------------ ---------------- Corporate debt Unsecured credit facilities 7,272 Libor + (1.60% to 1.75%) 06/30/05 1997 Senior unsecured notes 47,509 7.875% 10/24/04 2001 Senior unsecured notes 100,000 9.125% 02/15/08 ----------------------------------------- -------------- ------------------------------ ---------------- Total corporate debt 154,781 ----------------------------------------- -------------- ------------------------------ ---------------- Total debt $327,333 ----------------------------------------- -------------- ------------------------------ ----------------
14 Future Scheduled Principal Payments (dollars in thousands) ------------------------------------------------------------------------ As of September 30, 2003 ------------------------------------------------------------------------ Scheduled Total Amortization Balloon Scheduled Year Payments Payments Payments ---------------------- ----------------- --------------- --------------- 2003 $650 -- $650 2004 2,740 47,509 50,249 2005 (1) 2,524 27,848 30,372 2006 2,168 53,500 55,668 2007 2,349 -- 2,349 2008 2,545 100,000 102,545 2009 967 70,474 71,441 2010 181 13,878 14,059 2011 -- -- -- 2012 -- -- -- 2013 & thereafter -- -- -- ---------------------- ----------------- --------------- --------------- $14,124 $313,209 $327,333 ---------------------- ----------------- --------------- --------------- (1) Balloon payments in 2005 include $7,272 relating to amounts outstanding under the unsecured credit facilities. 15 Investor Information Tanger Outlet Centers welcomes any questions or comments from shareholders, analysts, investment managers, media and prospective investors. Please address all inquiries to our Investor Relations Department. Tanger Factory Outlet Centers, Inc. Investor Relations Phone: (336) 292-3010 ext 6865 Fax: (336) 297-0931 e-mail: tangermail@tangeroutlet.com --------------------------- Mail: Tanger Factory Outlet Centers, Inc. 3200 Northline Avenue Suite 360 Greensboro, NC 27408 16