EX-99 3 tfocsup03312005.txt EXHIBIT 99.2 SUPPLEMENTAL Exhibit 99.2 Tanger Factory Outlet Centers, Inc. Supplemental Operating and Financial Data for the Quarter Ended 3/31/05 Tanger Factory Outlet Centers, Inc. Supplemental Operating and Financial Data March 31, 2005 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, 2004. This Supplemental Operating and Financial Data is not an offer to sell or a solicitation to buy any securities of the Company. Any offers to sell or solicitations to buy any securities of the Company shall be made only by means of a prospectus. 2 Table of Contents Section Portfolio Data: Geographic Diversification.............................................4 Property Summary ......................................................5 Portfolio Occupancy at the End of Each Period..........................6 Major Tenants .........................................................7 Lease Expirations as of March 31, 2005.................................8 Leasing Activity.......................................................9 Financial Data: Consolidated Balance Sheets............................................10 Consolidated Statements of Operations..................................11 FFO and FAD Analysis...................................................12 Per Weighted Average Gross Leasable Area (GLA) Analysis................13 Unconsolidated Joint Venture Information...............................14 Debt Outstanding Summary...............................................15 Future Scheduled Principal Payments....................................16 Investor Information.....................................................17 3 Geographic Diversification As of March 31,2005 State # of Centers GLA % of GLA --------------------------- ---------------- -------------- ---------------- South Carolina (1) (2) 3 1,222,474 14% Georgia 3 775,760 9% New York 1 729,378 9% Texas 2 620,000 7% Alabama (2) 2 615,089 7% Delaware (2) 1 568,873 7% Tennessee 2 513,732 6% Michigan 2 437,051 5% Utah (2) 1 300,602 4% Connecticut (2) 1 291,051 3% Missouri 1 277,883 3% Iowa 1 277,230 3% Oregon (2) 1 270,280 3% Illinois (2) 1 256,514 3% Pennsylvania 1 255,152 3% Louisiana 1 245,199 3% New Hampshire (2) 1 227,998 3% Florida 1 198,924 2% North Carolina 2 187,510 2% Minnesota 1 134,480 2% California 1 108,950 1% Maine 2 84,313 1% --------------------------- ---------------- -------------- ---------------- Total 32 8,598,443 100% --------------------------- ---------------- -------------- ---------------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. (2) Includes nine centers from the Charter Oak portfolio acquired on December 19, 2003 of which Tanger owns a one-third interest through a joint venture arrangement. 4
Property Summary - Occupancy at End of Each Period Shown % % % % % Total GLA Occupied Occupied Occupied Occupied Occupied Location 03/31/05 03/31/05 12/31/04 09/30/04 06/30/04 03/31/04 ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- Riverhead, NY 729,378 99% 99% 99% 99% 99% Rehoboth, DE (2) 568,873 99% 99% 99% 99% 99% Foley, AL (2) 535,514 95% 99% 99% 99% 97% San Marcos, TX 442,510 98% 100% 97% 96% 92% Myrtle Beach, SC (2) 427,388 92% 92% 96% 97% 96% Sevierville, TN 419,038 99% 100% 100% 100% 100% Myrtle Beach, SC (1) 401,992 97% 99% 100% 100% 100% Hilton Head, SC (2) 393,094 89% 92% 91% 89% 88% Commerce II, GA 342,556 96% 99% 98% 97% 92% Howell, MI 324,631 96% 100% 100% 100% 100% Park City, UT (2) 300,602 98% 97% 97% 97% 95% Westbrook, CT (2) 291,051 92% 93% 93% 90% 89% Branson, MO 277,883 100% 100% 100% 100% 97% Williamsburg, IA 277,230 96% 100% 97% 96% 96% Lincoln City, OR (2) 270,280 91% 96% 95% 93% 93% Tuscola, IL (2) 256,514 75% 78% 76% 77% 78% Lancaster, PA 255,152 99% 100% 99% 96% 95% Locust Grove, GA 247,454 97% 100% 98% 99% 98% Gonzales, LA 245,199 100% 100% 97% 93% 93% Tilton, NH (2) 227,998 91% 99% 98% 98% 96% Fort Myers, FL 198,924 92% 91% 87% 82% 86% Commerce I, GA 185,750 76% 82% 68% 68% 69% Terrell, TX 177,490 100% 100% 97% 97% 96% North Branch, MN 134,480 98% 100% 100% 99% 100% West Branch, MI 112,420 98% 98% 100% 100% 100% Barstow, CA 108,950 100% 100% 100% 95% 88% Blowing Rock, NC 105,332 100% 100% 100% 100% 93% Pigeon Forge, TN 94,694 93% 96% 96% 93% 88% Nags Head, NC 82,178 100% 100% 100% 100% 100% Boaz, AL 79,575 95% 95% 95% 97% 97% Kittery I, ME 59,694 100% 100% 100% 100% 100% Kittery II, ME 24,619 100% 100% 100% 100% 100% Seymour, IN n/a n/a 89% 85% 82% 80% Dalton, GA n/a n/a n/a n/a 79% 79% LL Bean, NH n/a n/a n/a n/a n/a 100% Clover, NH n/a n/a n/a n/a n/a 100% ----------------------------- --------------- -------------- -------------- --------------- -------------- -------------- Total 8,598,443 95% 97% 96% 95% 94% ----------------------------- --------------- -------------- -------------- --------------- -------------- --------------
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. (2) Includes nine centers from the Charter Oak portfolio acquired on December 19, 2003 of which Tanger owns a one-third interest through a joint venture arrangement. 5 Portfolio Occupancy at the End of Each Period (1) 03/05 12/04 09/04 06/04 03/04 12/03 09/03 06/03 03/03 95% 97% 96% 95% 94% 96% 95% 96% 95% (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and the nine centers in the Charter Oak portfolio of which Tanger owns a one-third interest through a joint venture arrangement. 6 Major Tenants (1) Ten Largest Tenants As of March 31, 2005 (1) # of % of Tenant Stores GLA Total GLA ----------------------------------- ----------- -------------- ----------- The Gap, Inc. 57 576,410 6.7% Phillips-Van Heusen 95 457,877 5.3% Liz Claiborne 43 354,629 4.1% VF Factory Outlet 35 297,064 3.5% Reebok International 30 231,752 2.7% Dress Barn, Inc. 30 220,119 2.6% Retail Brand Alliance, Inc. 35 209,985 2.4% Polo Ralph Lauren 23 187,569 2.2% Jones Retail Corporation 67 189,877 2.2% Brown Group Retail, Inc. 37 168,680 2.0% ----------------------------------- ----------- -------------- ----------- Total of All Listed Above 452 2,893,962 33.7% ----------------------------------- ----------- -------------- ----------- (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and the nine centers in the Charter Oak portfolio of which Tanger owns a one-third interest through a joint venture arrangement. 7 Lease Expirations as of March 31, 2005 Percentage of Total Gross Leasable Area (1) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015+ 13.00% 21.00% 19.00% 15.00% 15.00% 8.00% 3.00% 3.00% 1.00% 1.00% 1.00% Percentage of Total Annualized Base Rent (1) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015+ 12.00% 21.00% 19.00% 16.00% 15.00% 9.00% 3.00% 2.00% 1.00% 1.00% 1.00% (1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and the nine centers in the Charter Oak portfolio of which Tanger owns a one-third interest through a joint venture arrangement. 8
Leasing Activity (1) Prior Year to Year to 03/31/05 06/30/05 09/30/05 12/31/05 Date Date ----------------------------------------------- ------------- ------------- ------------- ------------ ------------ ------------- Re-tenanted Space: Number of leases 42 42 31 Gross leasable area 204,830 204,830 130,808 New base rent per square foot $17.25 $17.25 $17.09 Prior base rent per square foot $16.60 $16.60 $16.42 Percent increase in rent per square foot 3.9% 3.9% 4.1% Renewed Space: Number of leases 169 169 169 Gross leasable area 739,494 739,494 755,832 New base rent per square foot $17.35 $17.35 $14.96 Prior base rent per square foot $15.97 $15.97 $13.86 Percent increase in rent per square foot 8.6% 8.6% 7.9% Total Re-tenanted and Renewed Space: Number of leases 211 211 200 Gross leasable area 944,324 944,324 886,640 New base rent per square foot $17.33 $17.33 $15.27 Prior base rent per square foot $16.10 $16.10 $14.24 Percent increase in rent per square foot 7.6% 7.6% 7.2% ----------------------------------------------- ------------- ------------- ------------- ------------ ------------ ------------- Prior Year to Year to 03/31/05 06/30/05 09/30/05 12/31/05 Date Date ----------------------------------------------- ------------- ------------- ------------- ------------ ------------ ------------- Stores Opening: Number of stores 13 13 23 Gross leasable area 50,994 50,994 84,162 Base rent per square foot $15.05 $15.05 $17.26 Stores Closing: Number of stores 32 32 52 Gross leasable area 103,163 103,163 170,909 Base rent per square foot $18.02 $18.02 $16.43 Percent increase in rent per square foot (16.5%) (16.5%) 5.1% ----------------------------------------------- ------------- ------------- ------------- ------------ ------------ -------------
(1) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement and the nine centers in the Charter Oak portfolio of which Tanger owns a one-third interest through a joint venture arrangement. 9
Consolidated Balance Sheets (dollars in thousands) 03/31/05 12/31/04 09/30/04 06/30/04 03/31/04 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Assets Rental property Land $113,355 $113,830 $113,869 $115,541 $118,933 Buildings 955,931 963,563 956,109 965,394 965,948 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total rental property 1,069,286 1,077,393 1,069,978 1,080,935 1,084,881 Accumulated depreciation (228,252) (224,622) (215,172) (209,359) (202,454) -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total rental property - net 841,034 852,771 854,806 871,576 882,427 Cash 6,531 4,103 27,135 8,694 10,781 Deferred charges - net 55,611 58,851 60,958 64,747 67,114 Other assets 21,536 20,653 19,595 26,963 19,565 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total assets $924,712 $936,378 $962,494 $971,980 $979,887 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Liabilities, minority interests & shareholders'equity Liabilities Debt Senior, unsecured notes $100,000 $100,000 $147,509 $147,509 $147,509 Mortgages payable 305,983 308,342 310,483 366,065 368,087 Unsecured note 53,500 53,500 53,500 -- -- Lines of credit 33,455 26,165 -- -- 4,825 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total debt 492,938 488,007 511,492 513,574 520,421 Construction trade payables 9,781 11,918 10,361 6,300 5,816 Accounts payable & accruals 25,753 17,026 17,488 18,579 18,507 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total liabilities 528,472 516,951 539,341 538,453 544,744 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Minority interests Consolidated joint venture 223,895 222,673 221,400 220,225 220,337 Operating partnership 31,045 35,621 36,533 38,731 39,524 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total minority interests 254,940 258,294 257,933 258,956 259,861 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Shareholders' equity Common shares 276 274 274 274 270 Paid in capital 277,857 274,340 274,286 272,322 264,952 Distributions in excess of net income (129,917) (109,506) (105,116) (94,603) (89,916) Deferred compensation (6,844) (3,975) (4,224) (3,406) -- Accum. other comprehensive loss (72) -- -- (16) (24) -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total shareholders' equity 141,300 161,133 165,220 174,571 175,282 -------------------------------------------------- -------------- --------------- -------------- -------------- --------------- Total liabilities, minority interests & shareholders' equity $924,712 $936,378 $962,494 $971,980 $979,887 -------------------------------------------------- -------------- --------------- -------------- -------------- ---------------
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Consolidated Statements of Operations (dollars and shares in thousands) Three Months Ended YTD 03/05 12/04 09/04 06/04 03/04 03/05 03/04 --------------------------------- -------------------- ------------ ------------ ------------ ------------ ------------ ------------ Revenues Base rentals $31,861 $33,504 $32,879 $32,041 $31,460 $31,861 $31,460 Percentage rentals 886 2,380 1,289 958 711 886 711 Expense reimbursements 14,297 14,629 13,060 13,010 11,886 14,297 11,886 Other income 947 1,692 1,816 2,388 850 947 850 --------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Total revenues 47,991 52,205 49,044 48,397 44,907 47,991 44,907 --------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Expenses Property operating 16,240 16,664 14,953 14,719 13,423 16,240 13,423 General & administrative 3,044 3,063 3,346 3,254 3,157 3,044 3,157 Depreciation & amortization 12,930 12,292 14,042 12,955 12,157 12,930 12,157 --------------------------------- -------------------- ------------ ------------ ------------ ------------ ------------ ------------ Total expenses 32,214 32,019 32,341 30,928 28,737 32,214 28,737 --------------------------------- -------------------- ------------ ------------ ------------ ------------ ------------ ------------ Operating income 15,777 20,186 16,703 17,469 16,170 15,777 16,170 Interest expense 8,228 8,433 8,919 8,901 8,864 8,228 8,864 --------------------------------- -------------------- ------------ ------------ ------------ ------------ ------------ ------------ Income before equity in earnings of unconsolidated joint ventures, minority interests, discontinued operations and loss on sale of real estate 7,549 11,753 7,784 8,568 7,306 7,549 7,306 Equity in earnings of unconsolidated joint ventures 191 243 359 274 166 191 166 Minority interests: Consolidated joint venture (6,624) (6,734) (7,198) (6,619) (6,593) (6,624) (6,593) Operating partnership (202) (958) (175) (408) (160) (202) (160) ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Income from continuing operations 914 4,304 770 1,815 719 914 719 Discontinued operations (1) -- -- (2,785) 1,930 293 -- 293 ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Income before loss on sale of real estate 914 4,304 (2,015) 3,745 1,012 914 1,012 Loss on sale of real estate (3,843) -- -- -- -- (3,843) -- ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Net income (loss) $(2,929) $ 4,304 $ (2,015) $ 3,745 $ 1,012 $ (2,929) $ 1,012 ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Basic earnings per common share: ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Income from continuing operations $ .03 $ .16 $ .03 $.07 $.03 $ .03 $.03 ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Net income (loss) $ (.11) $ .16 $ (.07) $.14 $.04 $ (.11) $.04 ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Diluted earnings per common share: ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Income from continuing operations $ .03 $ .16 $ .03 $.07 $.03 $ .03 $.03 ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Net income (loss) $(.11) $ .16 $ (.07) $.14 $.04 $(.11) $.04 ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------ Weighted average common shares: Basic 27,304 27,266 27,224 27,008 26,674 27,304 26,674 Diluted 27,516 27,520 27,366 27,188 26,975 27,516 26,975 ---------------------------------- ------------------- ------------ ------------ ------------ ------------ ------------ ------------
(1) In accordance with SFAS No. 144 "Accounting for the Impairment or Disposal of Long Lived Assets", the results of operations for properties sold, including any gain or loss on such sales have been reported above as discontinued operations for both the current and prior periods presented. 11
FFO and FAD Analysis (dollars and shares in thousands) Three Months Ended YTD 03/05 12/04 09/04 06/04 03/04 03/05 03/04 --------------------------------------------------- ------------ ------------ ----------- ------------- ------------- ------------ Net income $ (2,929) $ 4,304 $(2,015) $3,745 $1,012 $ (2,929) $1,012 Adjusted for - Minority interest in operating partnership 202 958 175 408 160 202 160 Minority interest adjustment consolidated joint venture 169 (198) 314 (329) 33 169 33 Minority interest, depreciation and amortization in discontinued operations -- -- (518) 662 289 -- 289 Depreciation and amortization uniquely significant to real estate - wholly owned 12,876 12,239 13,986 12,900 12,099 12,876 12,099 Depreciation and amortization uniquely significant to real estate - joint ventures 369 379 351 304 300 369 300 (Gain) loss on sale of real estate 3,843 -- 3,544 (2,084) -- 3,843 -- --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ Funds from operations $ 14,530 $17,682 $15,837 $15,606 $13,893 $ 14,530 $13,893 --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ Funds from operations per share $.43 $.53 $.47 $.47 $.42 $.43 $.42 --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ Funds available for distribution: Funds from operations $ 14,530 $17,682 $15,837 $15,606 $13,893 $14,530 $13,893 Adjusted For - Corporate depreciation excluded above 55 53 56 55 58 55 58 Amortization of finance costs 355 350 383 365 367 355 367 Amortization of share compensation 242 237 236 989 14 242 14 Straight line rent adjustment (112) (90) (81) (134) (84) (112) (84) Below market rent adjustment (46) (418) (277) (310) (60) (46) (60) Market rate interest adjustment (629) (631) (634) (635) (610) (629) (610) 2nd generation tenant allowances (4,462) (2,839) (1,413) (1,595) (1,521) (4,462) (1,521) Capital improvements (952) (2,080) (1,583) (2,047) (1,335) (959) (1,335) --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ Funds available for distribution $ 8,981 $12,264 $12,523 $12,294 $10,722 $8,974 $10,722 --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ Funds available for distribution per share $.27 $.37 $.37 $.37 $.32 $.27 $.32 --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ Dividends paid per share $.3125 $.3125 $.3125 $.3125 $.3075 $.3125 $.3075 --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ FFO payout ratio 73% 59% 66% 66% 73% 73% 73% --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------ FAD payout ratio 116% 84% 84% 84% 96% 116% 96% Diluted weighted average common shares 33,583 33,587 33,432 33,254 33,042 33,583 33,042 --------------------------------------------------- ------------ ------------ ------------ ------------ ------------- ------------
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Per Weighted Average Gross Leasable Area (GLA) Analysis Three Months Ended YTD 03/05 12/04 09/04 06/04 03/04 03/05 03/04 ---------------------------------------- ----------------------------------------------------------------- ------------------------- GLA open at end of period - (000's) Wholly owned 4,925 5,066 5,066 5,240 5,302 4,925 5,302 Partially owned consolidated (1) 3,271 3,271 3,271 3,273 3,273 3,271 3,273 Partially owned unconsolidated(2) 402 402 391 374 324 402 324 Managed properties 65 105 432 434 434 65 434 Total GLA open at end of period 8,663 8,844 9,160 9,321 9,333 8,663 9,333 Weighted average GLA (000's) (3) 8,281 8,337 8,338 8,339 8,339 8,281 8,339 End of period occupancy (1) (2) 95% 97% 96% 95% 94% 95% 94% PER SQUARE FOOT Revenues Base rentals $3.85 $4.02 $3.95 $3.84 $3.77 $3.85 $3.77 Percentage rentals .11 .29 .15 .11 .09 .11 .09 Expense reimbursements 1.73 1.75 1.56 1.56 1.43 1.73 1.43 Other income .11 .20 .22 .29 .10 .11 .10 ---------------------------------------- --------- ------------ ------------ ------------ ------------ ------------ ------------- Total revenues 5.80 6.26 5.88 5.80 5.39 5.80 5.39 ---------------------------------------- --------- ------------ ------------ ------------ ------------ ------------ ------------- Expenses Property operating 1.96 2.00 1.79 1.77 1.61 1.96 1.61 General & administrative .37 .37 .40 .39 .38 .37 .38 Depreciation & amortization 1.56 1.47 1.69 1.55 1.46 1.56 1.46 ---------------------------------------- --------- ------------ ------------ ------------ ------------ ------------ ------------- Total expenses 3.89 3.84 3.88 3.71 3.45 3.89 3.45 ---------------------------------------- --------- ------------ ------------ ------------ ------------ ------------ ------------- Operating income 1.91 2.42 2.00 2.09 1.94 1.91 1.94 ---------------------------------------- --------- ------------ ------------ ------------ ------------ ------------ ------------- Interest expense .99 1.01 1.07 1.07 1.06 .99 1.06 ---------------------------------------- --------- ------------ ------------ ------------ ------------ ------------ ------------- Income before equity in earnings of unconsolidated joint ventures, minority interest, discontinued operations and loss on sale of real estate $.92 $1.41 $.93 $1.02 $.88 $.92 $.88 ---------------------------------------- ------------- ------------ ------------ ------------ ------------ --------- ------------- Total revenues less property operating and general & administrative expenses ("NOI") $3.47 $3.89 $3.69 $3.64 $3.40 $3.47 $3.40 ---------------------------------------- ------------- ------------ ------------ ------------ ------------ --------- -------------
(1) Includes the nine centers from the Charter Oak portfolio acquired on December 19, 2003 of which Tanger owns a one-third interest through a joint venture arrangement. (2) Includes one center in Myrtle Beach, SC of which Tanger owns a 50% interest through a joint venture arrangement. (3) Represents GLA of wholly owned and partially owned consolidated operating properties weighted by months of operation. GLA is not adjusted for fluctuations in occupancy that may occur subsequent to the original opening date. Excludes GLA of properties for which their results are included in discontinued operations. 13 Unconsolidated Joint Venture Information -
Summary Balance Sheets (dollars in thousands) Tanger's Share as of 03/31/05 12/31/04 9/30/04 6/30/04 3/31/04 03/31/05(1) ------------------------------------------------- -------------- ------------ ------------ ------------ ------------ -------------- Assets Investment properties at cost - net $67,399 $69,865 $68,615 $69,955 $67,051 $29,256 Cash and cash equivalents 4,319 2,449 2,184 1,381 2,078 1,716 Deferred charges - net 1,305 1,973 2,076 1,535 1,596 652 Other assets 3,869 2,826 3,168 3,879 3,334 1,554 ------------------------------------------------- -------------- ------------ ------------ ------------ ------------ -------------- Total assets $76,892 $77,113 $76,043 $76,750 $74,059 $33,178 ------------------------------------------------- -------------- ------------ ------------ ------------ ------------ -------------- Liabilities & Owners' Equity Mortgage payable $60,254 $59,708 $59,233 $57,156 $54,811 $25,925 Construction trade payables 426 578 1,328 3,090 2,501 213 Accounts payable & other liabilities 828 702 730 508 603 392 ------------------------------------------------- -------------- ------------ ------------ ------------ ------------ -------------- Total liabilities 61,508 60,988 61,291 60,754 57,915 26,530 Owners' equity 15,384 16,125 14,752 15,996 16,144 6,648 ------------------------------------------------- -------------- ------------ ------------ ------------ ------------ -------------- Total liabilities & owners' equity $76,892 $77,113 $76,043 $76,750 $74,059 $33,178 ------------------------------------------------- -------------- ------------ ------------ ------------ ------------ --------------
(1) Tanger's portion of investment properties at cost - net, includes $8.9 million associated with a development property that generates net income considered incidental to its intended future operation as an outlet center. As such, the net income generated from this property is recorded as a reduction to the carrying value of the property and is therefore not included in the summary statement of operations below.
Summary Statements of Operations (dollars in thousands) Three Months Ended YTD 03/05 12/04 09/04 06/04 03/04 03/05 03/04 --------------------------------------- ------------- ------------ ------------ ------------ ------------- ------------ ------------ Revenues $2,511 $2,557 $2,682 $2,507 $2,075 $2,511 $2,075 --------------------------------------- ------------- ------------ ------------ ------------ ------------- ------------ ------------ Expenses Property operating 974 900 918 946 775 974 775 General & administrative -- 10 8 12 1 -- 1 Depreciation & amortization 767 765 723 631 623 767 623 --------------------------------------- ------------- ------------ ------------ ------------ ------------- ------------ ------------ Total expenses 1,741 1,675 1,649 1,589 1,399 1,741 1,399 --------------------------------------- ------------- ------------ ------------ ------------ ------------- ------------ ------------ Operating income 770 882 1,033 918 676 770 676 Interest expense 417 401 346 405 380 417 380 --------------------------------------- ------------- ------------ ------------ ------------ ------------- ------------ ------------ Net income $353 $481 $687 $513 $296 $353 $296 --------------------------------------- ------------- ------------ ------------ ------------ ------------- ------------ ------------ Tanger's share of: --------------------------------------- ------------- ------------ ------------ ------------ ------------- ------------ ------------ Total revenues less property operating and general & administrative expenses ("NOI") $769 $824 $878 $774 $650 $769 $650 Net income $191 $244 $359 $274 $165 $191 $165 Depreciation (real estate related) $369 $379 $351 $304 $300 $369 $300 --------------------------------------- ------------- ------------ ------------ ------------ ------------- ------------ ------------
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Debt Outstanding Summary (dollars in thousands) As of March 31, 2005 Principal Interest Maturity Balance Rate Date ----------------------------------------------- -------------- ---------------------- ---------------- Mortgage debt Lancaster, PA $13,709 9.770% 04/10/05 Commerce I, GA 7,153 9.125% 09/10/05 Kittery I, ME 60,073 7.875% 04/01/09 San Marcos I, TX West Branch, MI Williamsburg, IA San Marcos II, TX 18,350 7.980% 04/01/09 Blowing Rock, NC 9,326 8.860% 09/01/10 Nags Head, NC 6,329 8.860% 09/01/10 Consolidated JV Debt 182,485 6.590% 07/10/08 Premium on Consolidated JV Debt (1) 8,558 ----------------------------------------------- -------------- ---------------------- ---------------- Total mortgage debt 305,983 ----------------------------------------------- -------------- ---------------------- ---------------- Corporate debt Unsecured term loan 53,500 Libor + 1.45% 03/26/06 Unsecured credit facilities 33,455 Libor + 1.40% 06/30/07 2001 Senior unsecured notes 100,000 9.125% 02/15/08 ----------------------------------------------- -------------- ---------------------- ---------------- Total corporate debt 186,955 ----------------------------------------------- -------------- ---------------------- ---------------- Total debt $492,938 ----------------------------------------------- -------------- ---------------------- ----------------
(1) Represents a premium on mortgage debt with an imputed interest rate of 4.97% assumed in the Charter Oak acquisition joint venture, which is consolidated on Tanger's balance sheet. 15 Future Scheduled Principal Payments (dollars in thousands) As of March 31, 2005 Scheduled Total Amoritzation Balloon Scheduled Year Payments Payments Payments ---------------------- ---------------------- ----------------- --------------- 2005 4,270 20,577 24,847 2006 5,715 53,500 59,215 2007 6,140 33,455 39,595 2008 4,872 270,351 275,223 2009 967 70,474 71,441 2010 181 13,878 14,059 2011 -- -- -- 2012 -- -- -- 2013 -- -- -- 2014 ---------------------- ---------------------- ----------------- --------------- 2015 & thereafter -- -- -- ---------------------- ---------------------- ----------------- --------------- $22,145 $462,235 $484,380 Premium on Consolidated JV Debt (1) 8,558 ---------------------------------------------- ----------------- --------------- $492,938 ---------------------- ----------------------- ----------------- --------------- (1) Represents a premium on mortgage debt assumed in the Charter Oak acquisition joint venture, which is consolidated on Tanger's balance sheet. 16 Investor Information Tanger Outlet Centers welcomes any questions or comments from shareholders, analysts, investment managers, media and prospective investors. Please address all inquiries to our Investor Relations Department. Tanger Factory Outlet Centers, Inc. Investor Relations Phone: (336) 292-3010 ext 6825 Fax: (336) 297-0931 e-mail: tangermail@tangeroutlet.com --------------------------- Mail: Tanger Factory Outlet Centers, Inc. 3200 Northline Avenue Suite 360 Greensboro, NC 27408 17