North Carolina | 1-11986 | 56-1815473 | ||||||||
(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
3200 Northline Avenue, Greensboro, North Carolina 27408 | ||||
(Address of principal executive offices) (Zip Code) |
(336) 292-3010 | ||||
(Registrants' telephone number, including area code) |
N/A | ||||
(former name or former address, if changed since last report) |
Exhibit 99.1 | Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended September 30, 2012. |
Exhibit 99.2 | Supplemental operating and financial information of the Company as of and for the quarter ended September 30, 2012. |
Exhibit No. | ||
99.1 | Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended September 30, 2012. | |
99.2 | Supplemental operating and financial information of the Company as of and for the quarter ended September 30, 2012. |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
FFO as reported | $ | 41,914 | $ | 37,896 | $ | 116,141 | $ | 97,115 | |||||||
As adjusted for: | |||||||||||||||
Acquisition costs | — | 978 | — | 2,519 | |||||||||||
Abandoned development costs | — | — | — | 158 | |||||||||||
AFFO adjustments from unconsolidated joint ventures (1) | — | — | 892 | — | |||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | — | (8 | ) | (9 | ) | (25 | ) | ||||||||
Adjusted FFO ("AFFO") | $ | 41,914 | $ | 38,866 | $ | 117,024 | $ | 99,767 | |||||||
Diluted weighted average common shares | 98,699 | 97,811 | 98,599 | 94,869 | |||||||||||
AFFO per share | $ | 0.42 | $ | 0.40 | $ | 1.19 | $ | 1.05 |
• | 5.6% increase in same center net operating income during the quarter, 6.5% year to date |
• | 31.3% blended increase in average base rental rates on renewed and released space during the quarter, 24.9% year to date |
• | 98.6% period-end consolidated portfolio occupancy rate at September 30, 2012, up from 98.3% at September 30, 2011 and 98.0% at June 30, 2012 |
• | 7.0% increase in reported tenant comparable sales for the quarter, 5.4% increase for the rolling twelve months ended September 30, 2012 to $381 per square foot |
• | 24.8% debt-to-total market capitalization ratio as of September 30, 2012 |
• | 4.37 times interest coverage for the third quarter ended September 30, 2012 |
• | On October 18, 2012, announced a site in the Charlotte, North Carolina market for the development of a new Tanger Outlet Center |
• | On October 19, 2012, opened the company's newest outlet center in the Houston, Texas market through the company's 50/50 joint venture with Simon Property Group, Inc. |
• | On October 30, 2012, announced the acquisition of two existing outlet centers in Montreal, Quebec through the company's 50/50 co-ownership agreement with RioCan Real Estate Investment Trust |
For the twelve months ended December 31, 2012: | |||
Low Range | High Range | ||
Estimated diluted net income per share | $0.56 | $0.58 | |
Noncontrolling interest, gain/loss on acquisition of real | |||
estate, depreciation and amortization uniquely | |||
significant to real estate including noncontrolling | |||
interest share and our share of joint ventures | $1.05 | $1.05 | |
Estimated diluted FFO per share | $1.61 | $1.63 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
REVENUES | ||||||||||||||||
Base rentals (a) | $ | 59,662 | $ | 55,018 | $ | 175,464 | $ | 149,630 | ||||||||
Percentage rentals | 3,180 | 2,684 | 6,542 | 5,212 | ||||||||||||
Expense reimbursements | 24,646 | 22,973 | 73,111 | 64,794 | ||||||||||||
Other income | 2,995 | 2,568 | 6,944 | 6,447 | ||||||||||||
Total revenues | 90,483 | 83,243 | 262,061 | 226,083 | ||||||||||||
EXPENSES | ||||||||||||||||
Property operating | 27,614 | 25,181 | 81,679 | 73,054 | ||||||||||||
General and administrative | 9,018 | 7,943 | 27,737 | 21,895 | ||||||||||||
Acquisition costs (b) | — | 978 | — | 2,519 | ||||||||||||
Abandoned development costs (c) | — | — | — | 158 | ||||||||||||
Depreciation and Amortization | 24,809 | 22,964 | 75,247 | 58,787 | ||||||||||||
Total expenses | 61,441 | 57,066 | 184,663 | 156,413 | ||||||||||||
Operating income | 29,042 | 26,177 | 77,398 | 69,670 | ||||||||||||
Interest expense | 12,317 | 11,958 | 37,062 | 32,996 | ||||||||||||
Income before equity in losses of unconsolidated joint ventures | 16,725 | 14,219 | 40,336 | 36,674 | ||||||||||||
Equity in losses of unconsolidated joint ventures | (555 | ) | (27 | ) | (2,874 | ) | (823 | ) | ||||||||
Net income | 16,170 | 14,192 | 37,462 | 35,851 | ||||||||||||
Noncontrolling interests in Operating Partnership | (836 | ) | (1,730 | ) | (2,315 | ) | (4,569 | ) | ||||||||
Noncontrolling interests in other consolidated partnerships | (7 | ) | 2 | 25 | 2 | |||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | 15,327 | 12,464 | 35,172 | 31,284 | ||||||||||||
Allocation of earnings to participating securities | (209 | ) | (164 | ) | (576 | ) | (521 | ) | ||||||||
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | 15,118 | $ | 12,300 | $ | 34,596 | $ | 30,763 | ||||||||
Basic earnings per common share: | ||||||||||||||||
Net income | $ | 0.16 | 0.14 | $ | 0.38 | $ | 0.38 | |||||||||
Diluted earnings per common share: | ||||||||||||||||
Net income | $ | 0.16 | 0.14 | $ | 0.37 | $ | 0.37 | |||||||||
a. | Includes straight-line rent and market rent adjustments of $1,181 and $1,168 for the three months ended and $3,696 and $3,557 for the nine months ended September 30, 2012 and 2011, respectively. |
b. | Represents potential acquisition related expenses incurred during the three and nine months ended September 30, 2011. |
c. | Represents the write-off of costs associated with abandoned development projects for the nine months ended September 30, 2011. |
September 30, | December 31, | ||||||
2012 | 2011 | ||||||
ASSETS | |||||||
Rental property | |||||||
Land | $ | 148,002 | $ | 148,002 | |||
Buildings, improvements and fixtures | 1,793,963 | 1,764,494 | |||||
Construction in progress | — | 3,549 | |||||
1,941,965 | 1,916,045 | ||||||
Accumulated depreciation | (565,521 | ) | (512,485 | ) | |||
Total rental property, net | 1,376,444 | 1,403,560 | |||||
Cash and cash equivalents | 9,511 | 7,894 | |||||
Investments in unconsolidated joint ventures, net | 82,676 | 28,481 | |||||
Deferred lease costs and other intangibles, net | 104,496 | 120,636 | |||||
Deferred debt origination costs, net | 9,619 | 8,861 | |||||
Prepaids and other assets | 56,211 | 52,383 | |||||
Total assets | $ | 1,638,957 | $ | 1,621,815 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities | |||||||
Debt | |||||||
Senior, unsecured notes (net of discount of $2,036 and $2,237, respectively) | $ | 547,964 | $ | 547,763 | |||
Unsecured term loans (net of discount of $584 and $692, respectively) | 259,416 | 9,308 | |||||
Mortgages payable (including premium of $6,631 and $7,434, respectively) | 108,672 | 111,379 | |||||
Unsecured lines of credit | 136,769 | 357,092 | |||||
Total debt | 1,052,821 | 1,025,542 | |||||
Construction trade payables | 10,525 | 13,656 | |||||
Accounts payable and accrued expenses | 46,087 | 37,757 | |||||
Other liabilities | 16,429 | 16,428 | |||||
Total liabilities | 1,125,862 | 1,093,383 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Tanger Factory Outlet Centers, Inc. | |||||||
Common shares, $.01 par value, 300,000,000 shares authorized, 93,892,588 and 86,727,656 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively (1) | 939 | 867 | |||||
Paid in capital (1) | 762,821 | 720,073 | |||||
Accumulated distributions in excess of net income | (283,943 | ) | (261,913 | ) | |||
Accumulated other comprehensive income | 1,252 | 1,535 | |||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 481,069 | 460,562 | |||||
Equity attributable to noncontrolling interests | |||||||
Noncontrolling interests in Operating Partnership (1) | 25,218 | 61,027 | |||||
Noncontrolling interests in other consolidated partnerships | 6,808 | 6,843 | |||||
Total equity | 513,095 | 528,432 | |||||
Total liabilities and equity | $ | 1,638,957 | $ | 1,621,815 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
FUNDS FROM OPERATIONS (a) | ||||||||||||||||
Net income | $ | 16,170 | $ | 14,192 | $ | 37,462 | $ | 35,851 | ||||||||
Adjusted for: | ||||||||||||||||
Depreciation and amortization uniquely significant to real estate - consolidated | 24,532 | 22,763 | 74,543 | 58,256 | ||||||||||||
Depreciation and amortization uniquely significant to real estate - unconsolidated joint ventures | 1,641 | 1,280 | 5,109 | 3,922 | ||||||||||||
Impairment charge - unconsolidated joint venture | — | — | 140 | — | ||||||||||||
Funds from operations (FFO) | 42,343 | 38,235 | 117,254 | 98,029 | ||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | (4 | ) | (19 | ) | 10 | (19 | ) | |||||||||
Allocation of earnings to participating securities | (425 | ) | (320 | ) | (1,123 | ) | (895 | ) | ||||||||
Funds from operations available to common shareholders | $ | 41,914 | $ | 37,896 | $ | 116,141 | $ | 97,115 | ||||||||
Funds from operations available to common shareholders per share - diluted | $ | 0.42 | $ | 0.39 | $ | 1.18 | $ | 1.02 | ||||||||
WEIGHTED AVERAGE SHARES | ||||||||||||||||
Basic weighted average common shares | 92,674 | 85,171 | 91,359 | 82,020 | ||||||||||||
Effect of notional units | 880 | 631 | 865 | 631 | ||||||||||||
Effect of exchangeable notes | — | 118 | — | 118 | ||||||||||||
Effect of outstanding options | 93 | 72 | 78 | 73 | ||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 93,647 | 85,992 | 92,302 | 82,842 | ||||||||||||
Exchangeable operating partnership units (b) | 5,052 | 11,819 | 6,297 | 12,027 | ||||||||||||
Diluted weighted average common shares (for funds from operations per share computations) | 98,699 | 97,811 | 98,599 | 94,869 | ||||||||||||
OTHER INFORMATION | ||||||||||||||||
Gross leasable area open at end of period - | ||||||||||||||||
Consolidated | 10,733 | 10,680 | 10,733 | 10,680 | ||||||||||||
Partially owned - unconsolidated | 1,184 | 948 | 1,184 | 948 | ||||||||||||
Outlet centers in operation at end of period - | ||||||||||||||||
Consolidated | 36 | 36 | 36 | 36 | ||||||||||||
Partially owned - unconsolidated | 3 | 2 | 3 | 2 | ||||||||||||
States operated in at end of period (c) | 24 | 24 | 24 | 24 | ||||||||||||
Occupancy at end of period (c) (d) | 98.6 | % | 98.3 | % | 98.6 | % | 98.3 | % |
a. | FFO is a non-GAAP financial measure. The most directly comparable GAAP measure is net income (loss), to which it is reconciled. We believe that for a clear understanding of our operating results, FFO should be considered along with net income as presented elsewhere in this report. FFO is presented because it is a widely accepted financial indicator used by certain investors and analysts to analyze and compare one equity REIT with another on the basis of operating performance. FFO is generally defined as net income (loss), computed in accordance with generally accepted accounting principles, before extraordinary items and gains (losses) on sale or disposal of depreciable operating properties, plus depreciation and amortization uniquely significant to real estate, impairment losses on depreciable real estate of consolidated real estate, impairment losses on investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and after adjustments for unconsolidated partnerships and joint ventures. We caution that the calculation of FFO may vary from entity to entity and as such the presentation of FFO by us may not be comparable to other similarly titled measures of other reporting companies. FFO does not represent net income or cash flow from operations as defined by accounting principles generally accepted in the United States of America and should not be considered an alternative to net income as an indication of operating performance or to cash flows from operations as a measure of liquidity. FFO is not necessarily indicative of cash flows available to fund dividends to shareholders and other cash needs. |
b. | The exchangeable operating partnership units (noncontrolling interest in operating partnership) are not dilutive on earnings per share computed in accordance with generally accepted accounting principles. |
c. | Excludes the Wisconsin Dells, Wisconsin, Deer Park, New York and Cookstown, Ontario properties which we have ownership interests in but are held in unconsolidated joint ventures. |
d. | Excludes for the 2011 periods our wholly-owned, non-stabilized center in Hilton Head I, South Carolina, which opened on March 31, 2011. |
Section | ||
Portfolio Data: | ||
Geographic Diversification | 4 | |
Property Summary - Occupancy at End of Each Period Shown | 5 | |
Portfolio Occupancy at the End of Each Period | 7 | |
Major Tenants | 8 | |
Lease Expirations as of September 30, 2012 | 9 | |
Leasing Activity | 10 | |
Financial Data: | ||
Consolidated Balance Sheets | 11 | |
Consolidated Statements of Operations | 12 | |
FFO and FAD Analysis | 13 | |
Unconsolidated Joint Venture Information | 14 | |
Debt Outstanding Summary | 17 | |
Future Scheduled Principal Payments | 18 | |
Senior Unsecured Notes Financial Covenants | 18 | |
Investor Information | 19 |
As of September 30, 2012 | ||||||||
State | # of Centers | GLA | % of GLA | |||||
South Carolina | 5 | 1,576,873 | 15 | % | ||||
Pennsylvania | 3 | 874,422 | 8 | % | ||||
New York | 1 | 729,734 | 7 | % | ||||
Georgia | 2 | 691,582 | 6 | % | ||||
Texas | 2 | 619,729 | 6 | % | ||||
Delaware | 1 | 568,975 | 5 | % | ||||
Alabama | 1 | 557,228 | 5 | % | ||||
North Carolina | 3 | 505,225 | 5 | % | ||||
New Jersey | 1 | 489,762 | 5 | % | ||||
Michigan | 2 | 437,202 | 4 | % | ||||
Tennessee | 1 | 419,038 | 4 | % | ||||
Ohio | 1 | 406,830 | 4 | % | ||||
Missouri | 1 | 302,922 | 3 | % | ||||
Utah | 1 | 298,391 | 3 | % | ||||
Connecticut | 1 | 289,898 | 3 | % | ||||
Iowa | 1 | 277,230 | 2 | % | ||||
Oregon | 1 | 270,212 | 2 | % | ||||
Louisiana | 1 | 270,208 | 2 | % | ||||
Illinois | 1 | 250,439 | 2 | % | ||||
New Hampshire | 1 | 245,698 | 2 | % | ||||
Maryland | 1 | 199,243 | 2 | % | ||||
Florida | 1 | 198,877 | 2 | % | ||||
California | 1 | 171,300 | 2 | % | ||||
Maine | 2 | 82,286 | 1 | % | ||||
Total (1) | 36 | 10,733,304 | 100 | % |
(1) | Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, Wisconsin and a 155,522 square foot center in Cookstown, Ontario). Also, excludes one 741,981 square foot shopping center and one 29,253 square foot warehouse in Deer Park, New York, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures. |
Consolidated properties | |||||||||||||||||
Location | Total GLA 9/30/12 | % Occupied 9/30/12 | % Occupied 6/30/12 | % Occupied 3/31/12 | % Occupied 12/31/11 | % Occupied 9/30/11 | |||||||||||
Riverhead, NY | 729,734 | 99 | % | 100 | % | 98 | % | 99 | % | 99 | % | ||||||
Rehoboth Beach, DE | 568,975 | 100 | % | 99 | % | 100 | % | 100 | % | 99 | % | ||||||
Foley, AL | 557,228 | 98 | % | 97 | % | 98 | % | 97 | % | 96 | % | ||||||
Atlantic City, NJ | 489,762 | 96 | % | 97 | % | 98 | % | 99 | % | 99 | % | ||||||
San Marcos, TX | 441,929 | 100 | % | 100 | % | 99 | % | 100 | % | 100 | % | ||||||
Myrtle Beach Hwy 501, SC | 425,247 | 99 | % | 99 | % | 97 | % | 99 | % | 98 | % | ||||||
Sevierville, TN | 419,038 | 100 | % | 99 | % | 99 | % | 100 | % | 100 | % | ||||||
Jeffersonville, OH | 406,830 | 100 | % | 99 | % | 95 | % | 99 | % | 99 | % | ||||||
Myrtle Beach Hwy 17, SC | 402,791 | 99 | % | 100 | % | 99 | % | 99 | % | 99 | % | ||||||
Washington, PA | 372,972 | 100 | % | 99 | % | 98 | % | 99 | % | 99 | % | ||||||
Commerce II, GA | 370,512 | 100 | % | 100 | % | 98 | % | 100 | % | 100 | % | ||||||
Charleston, SC | 365,107 | 99 | % | 96 | % | 97 | % | 99 | % | 99 | % | ||||||
Howell, MI | 324,632 | 96 | % | 94 | % | 97 | % | 98 | % | 98 | % | ||||||
Locust Grove, GA | 321,070 | 100 | % | 99 | % | 98 | % | 100 | % | 100 | % | ||||||
Mebane, NC | 318,910 | 100 | % | 100 | % | 100 | % | 100 | % | 99 | % | ||||||
Branson, MO | 302,922 | 99 | % | 97 | % | 98 | % | 100 | % | 100 | % | ||||||
Park City, UT | 298,391 | 100 | % | 100 | % | 99 | % | 100 | % | 100 | % | ||||||
Westbrook, CT | 289,898 | 99 | % | 97 | % | 98 | % | 100 | % | 98 | % | ||||||
Williamsburg, IA | 277,230 | 100 | % | 99 | % | 98 | % | 99 | % | 99 | % | ||||||
Lincoln City, OR | 270,212 | 98 | % | 97 | % | 95 | % | 96 | % | 95 | % | ||||||
Gonzales, LA | 270,208 | 100 | % | 100 | % | 99 | % | 100 | % | 99 | % | ||||||
Lancaster, PA | 254,002 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||
Tuscola, IL | 250,439 | 91 | % | 90 | % | 90 | % | 90 | % | 90 | % | ||||||
Hershey, PA (2) | 247,448 | 99 | % | 100 | % | 97 | % | 100 | % | 100 | % | ||||||
Tilton, NH | 245,698 | 100 | % | 99 | % | 99 | % | 100 | % | 100 | % | ||||||
Hilton Head II, SC | 206,529 | 100 | % | 100 | % | 100 | % | 98 | % | 96 | % | ||||||
Ocean City, MD | 199,243 | 93 | % | 89 | % | 91 | % | 92 | % | 92 | % | ||||||
Fort Myers, FL | 198,877 | 93 | % | 89 | % | 92 | % | 92 | % | 85 | % | ||||||
Terrell, TX | 177,800 | 94 | % | 94 | % | 94 | % | 94 | % | 94 | % | ||||||
Hilton Head I, SC | 177,199 | 100 | % | 100 | % | 100 | % | 98 | % | 96 | % | ||||||
Barstow, CA | 171,300 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||
West Branch, MI | 112,570 | 100 | % | 100 | % | 96 | % | 96 | % | 100 | % | ||||||
Blowing Rock, NC | 104,154 | 97 | % | 97 | % | 98 | % | 100 | % | 100 | % | ||||||
Nags Head, NC | 82,161 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||
Kittery I, ME | 57,667 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||
Kittery II, ME | 24,619 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||
Total | 10,733,304 | 99 | % | 98 | % | 97 | % | 99 | % | 98% (1) | |||||||
Unconsolidated joint venture properties | |||||||||||||||||
Deer Park, NY (3) | 771,234 | 92 | % | 91 | % | 91 | % | 90 | % | 89 | % | ||||||
Wisconsin Dells, WI | 265,086 | 98 | % | 99 | % | 98 | % | 98 | % | 98 | % | ||||||
Cookstown, ON (4) | 155,522 | 100 | % | 99 | % | 91 | % | 100 | % | N/A |
(1) | Excludes the occupancy rate at our Hilton Head I, South Carolina center which opened March 31, 2011 and had not |
(2) | Center acquired in September 2011. |
(3) | Includes a 29,253 square foot warehouse adjacent to the shopping center. |
(4) | Center acquired in December 2011 and located in Ontario, Canada. |
(1) | Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, WI and a 155,522 square foot center in Cookstown, ON). Also, excludes one 741,981 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures. |
(2) | Excludes the occupancy rate at our Hilton Head I, SC center which opened during the first quarter of 2011 and had not yet stabilized. |
Ten Largest Tenants as of September 30, 2012 | ||||||||
Tenant | # of Stores | GLA | % of Total GLA | |||||
The Gap, Inc. | 79 | 846,025 | 7.9 | % | ||||
Phillips-Van Heusen | 130 | 675,400 | 6.3 | % | ||||
Dress Barn, Inc. | 87 | 516,625 | 4.8 | % | ||||
Nike | 35 | 367,667 | 3.4 | % | ||||
Adidas | 42 | 325,546 | 3.0 | % | ||||
VF Outlet, Inc. | 32 | 323,049 | 3.0 | % | ||||
Ann Taylor | 43 | 300,871 | 2.8 | % | ||||
Polo Ralph Lauren | 29 | 286,851 | 2.7 | % | ||||
Carter's | 59 | 276,641 | 2.6 | % | ||||
Hanesbrands Direct, LLC | 43 | 245,663 | 2.3 | % | ||||
Total of All Listed Above | 579 | 4,164,338 | 38.8 | % |
(1) | Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, WI and a 155,522 square foot center in Cookstown, ON). Also, excludes one 741,981 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures. |
3/31/2012 | 6/30/2012 | 9/30/2012 | 12/31/2012 | Year to Date | Prior Year to Date | ||||||||||||
Re-tenanted Space: | |||||||||||||||||
Number of leases | 60 | 32 | 38 | 130 | 147 | ||||||||||||
Gross leasable area | 220,237 | 98,393 | 121,232 | 439,862 | 520,733 | ||||||||||||
New initial base rent per square foot | 30.01 | 28.07 | 28.24 | 29.09 | $ | 26.20 | |||||||||||
Prior expiring base rent per square foot | 0.02 | 21.25 | 20.75 | 20.91 | $ | 19.18 | |||||||||||
Percent increase | 44.0 | % | 32.1 | % | 36.1 | % | 39.1 | % | 36.6 | % | |||||||
New straight line base rent per square foot | 32.53 | 30.52 | 30.57 | 31.54 | $ | 28.49 | |||||||||||
Prior straight line base rent per square foot | 20.60 | 20.78 | 20.06 | 20.49 | $ | 18.83 | |||||||||||
Percent increase | 57.9 | % | 46.9 | % | 52.4 | % | 53.9 | % | 51.3 | % | |||||||
Renewed Space: | |||||||||||||||||
Number of leases | 188 | 54 | 35 | 277 | 272 | ||||||||||||
Gross leasable area | 920,436 | 268,841 | 168,560 | 1,357,837 | 1,323,531 | ||||||||||||
New initial base rent per square foot | 21.27 | 20.19 | 19.92 | 20.89 | $ | 20.26 | |||||||||||
Prior expiring base rent per square foot | 19.38 | 18.49 | 18.18 | 19.06 | $ | 18.84 | |||||||||||
Percent increase | 9.7 | % | 9.2 | % | 9.6 | % | 9.6 | % | 7.5 | % | |||||||
New straight line base rent per square foot | 21.97 | 20.94 | 20.30 | 21.56 | $ | 20.83 | |||||||||||
Prior straight line base rent per square foot | 19.18 | 18.14 | 17.78 | 18.80 | $ | 18.31 | |||||||||||
Percent increase | 14.5 | % | 15.4 | % | 14.2 | % | 14.7 | % | 13.8 | % | |||||||
Total Re-tenanted and Renewed Space: | |||||||||||||||||
Number of leases | 248 | 86 | 73 | 407 | 419 | ||||||||||||
Gross leasable area | 1,140,673 | 367,234 | 289,792 | 1,797,699 | 1,844,264 | ||||||||||||
New initial base rent per square foot | 22.96 | 22.30 | 23.40 | 22.89 | $ | 21.94 | |||||||||||
Prior expiring base rent per square foot | 19.66 | 19.23 | 19.26 | 19.51 | $ | 18.94 | |||||||||||
Percent increase | 16.7 | % | 16.0 | % | 21.5 | % | 17.3 | % | 15.9 | % | |||||||
New straight line base rent per square foot | 24.01 | 23.51 | 24.60 | 24.00 | $ | 22.99 | |||||||||||
Prior straight line base rent per square foot | 19.46 | 18.85 | 18.73 | 19.22 | $ | 18.46 | |||||||||||
Percent increase | 23.4 | % | 24.7 | % | 31.3 | % | 24.9 | % | 24.6 | % |
(1) | Excludes two unconsolidated outlet centers in which Tanger has a 50% ownership interest (a 265,086 square foot center in Wisconsin Dells, WI and a 155,522 square foot center in Cookstown, ON). Also, excludes one 741,981 square foot shopping center and one 29,253 square foot warehouse in Deer Park, NY, in which Tanger has a 33.3% ownership interest through unconsolidated joint ventures. |
9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | |||||||||||||||
ASSETS | |||||||||||||||||||
Rental property | |||||||||||||||||||
Land | $ | 148,002 | $ | 148,002 | $ | 148,002 | $ | 148,002 | $ | 148,002 | |||||||||
Buildings, improvements and fixtures | 1,793,963 | 1,787,050 | 1,773,055 | 1,764,494 | 1,747,149 | ||||||||||||||
Construction in progress | — | — | 4,545 | 3,549 | 1,800 | ||||||||||||||
1,941,965 | 1,935,052 | 1,925,602 | 1,916,045 | 1,896,951 | |||||||||||||||
Accumulated depreciation | (565,521 | ) | (547,167 | ) | (530,150 | ) | (512,485 | ) | (494,518 | ) | |||||||||
Total rental property, net | 1,376,444 | 1,387,885 | 1,395,452 | 1,403,560 | 1,402,433 | ||||||||||||||
Cash and cash equivalents | 9,511 | 11,855 | 10,787 | 7,894 | 3,694 | ||||||||||||||
Investments in unconsolidated joint ventures, net | 82,676 | 72,394 | 48,483 | 28,481 | 9,447 | ||||||||||||||
Deferred lease costs and other intangibles, net | 104,496 | 109,850 | 115,157 | 120,636 | 120,933 | ||||||||||||||
Deferred debt origination costs, net | 9,619 | 10,219 | 10,775 | 8,861 | 6,327 | ||||||||||||||
Prepaids and other assets | 56,211 | 50,172 | 54,304 | 52,383 | 50,856 | ||||||||||||||
Total assets | $ | 1,638,957 | $ | 1,642,375 | $ | 1,634,958 | $ | 1,621,815 | $ | 1,593,690 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Debt | |||||||||||||||||||
Senior, unsecured notes, net of discounts | $ | 547,964 | $ | 547,896 | $ | 547,829 | $ | 547,763 | $ | 547,698 | |||||||||
Unsecured term loans, net of discounts | 259,416 | 259,380 | 259,344 | 9,308 | — | ||||||||||||||
Unsecured bridge loan | — | — | — | — | 150,000 | ||||||||||||||
Mortgages payable, including premiums | 108,672 | 109,583 | 110,483 | 111,379 | 112,235 | ||||||||||||||
Unsecured lines of credit | 136,769 | 141,224 | 121,073 | 357,092 | 172,300 | ||||||||||||||
Total debt | 1,052,821 | 1,058,083 | 1,038,729 | 1,025,542 | 982,233 | ||||||||||||||
Construction trade payables | 10,525 | 14,746 | 15,698 | 13,656 | 19,331 | ||||||||||||||
Accounts payable & accruals | 46,087 | 38,011 | 43,165 | 37,757 | 44,127 | ||||||||||||||
Other liabilities | 16,429 | 16,283 | 16,399 | 16,428 | 16,249 | ||||||||||||||
Total liabilities | 1,125,862 | 1,127,123 | 1,113,991 | 1,093,383 | 1,061,940 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Equity | |||||||||||||||||||
Tanger Factory Outlet Centers, Inc. | |||||||||||||||||||
Common shares | 939 | 935 | 926 | 867 | 867 | ||||||||||||||
Paid in capital | 762,821 | 758,381 | 751,633 | 720,073 | 718,318 | ||||||||||||||
Accumulated distributions in excess of net income | (283,943 | ) | (279,657 | ) | (271,941 | ) | (261,913 | ) | (257,930 | ) | |||||||||
Accumulated other comprehensive income | 1,252 | 1,405 | 1,449 | 1,535 | 1,516 | ||||||||||||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 481,069 | 481,064 | 482,067 | 460,562 | 462,771 | ||||||||||||||
Equity attributable to noncontrolling interests | |||||||||||||||||||
Noncontrolling interests in Operating Partnership | 25,218 | 27,386 | 32,068 | 61,027 | 61,344 | ||||||||||||||
Noncontrolling interest in other consolidated partnerships | 6,808 | 6,802 | 6,832 | 6,843 | 7,635 | ||||||||||||||
Total equity | 513,095 | 515,252 | 520,967 | 528,432 | 531,750 | ||||||||||||||
Total liabilities and equity | $ | 1,638,957 | $ | 1,642,375 | $ | 1,634,958 | $ | 1,621,815 | $ | 1,593,690 |
Three Months Ended | YTD | |||||||||||||||||||||||||||
9/30/12 | 6/30/12 | 3/31/12 | 12/31/11 | 9/30/11 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||||
Base rentals | $ | 59,662 | $ | 58,583 | $ | 57,219 | $ | 58,007 | $ | 55,018 | $ | 175,464 | $ | 149,630 | ||||||||||||||
Percentage rentals | 3,180 | 1,618 | 1,744 | 3,872 | 2,684 | 6,542 | 5,212 | |||||||||||||||||||||
Expense reimbursements | 24,646 | 24,989 | 23,476 | 24,826 | 22,973 | 73,111 | 64,794 | |||||||||||||||||||||
Other income | 2,995 | 2,145 | 1,804 | 2,435 | 2,568 | 6,944 | 6,447 | |||||||||||||||||||||
Total revenues | 90,483 | 87,335 | 84,243 | 89,140 | 83,243 | 262,061 | 226,083 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Property operating | 27,614 | 27,977 | 26,088 | 27,192 | 25,181 | 81,679 | 73,054 | |||||||||||||||||||||
General & administrative | 9,018 | 8,699 | 10,020 | 8,237 | 7,943 | 27,737 | 21,895 | |||||||||||||||||||||
Acquisition costs | — | — | — | 217 | 978 | — | 2,519 | |||||||||||||||||||||
Abandoned development costs | — | — | — | — | — | — | 158 | |||||||||||||||||||||
Depreciation and amortization | 24,809 | 24,923 | 25,515 | 25,228 | 22,964 | 75,247 | 58,787 | |||||||||||||||||||||
Total expenses | 61,441 | 61,599 | 61,623 | 60,874 | 57,066 | 184,663 | 156,413 | |||||||||||||||||||||
Operating income | 29,042 | 25,736 | 22,620 | 28,266 | 26,177 | 77,398 | 69,670 | |||||||||||||||||||||
Interest expense | 12,317 | 12,411 | 12,334 | 12,386 | 11,958 | 37,062 | 32,996 | |||||||||||||||||||||
Income before equity in losses of unconsolidated joint ventures | 16,725 | 13,325 | 10,286 | 15,880 | 14,219 | 40,336 | 36,674 | |||||||||||||||||||||
Equity in losses of unconsolidated joint ventures | (555 | ) | (867 | ) | (1,452 | ) | (742 | ) | (27 | ) | (2,874 | ) | (823 | ) | ||||||||||||||
Net income | 16,170 | 12,458 | 8,834 | 15,138 | 14,192 | 37,462 | 35,851 | |||||||||||||||||||||
Noncontrolling interests in Operating Partnership | (836 | ) | (766 | ) | (713 | ) | (1,787 | ) | (1,730 | ) | (2,315 | ) | (4,569 | ) | ||||||||||||||
Noncontrolling interests in other consolidated partnerships | (7 | ) | 25 | 7 | 6 | 2 | 25 | 2 | ||||||||||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | 15,327 | 11,717 | 8,128 | 13,357 | 12,464 | 35,172 | 31,284 | |||||||||||||||||||||
Allocation to participating securities | (209 | ) | (209 | ) | (158 | ) | (163 | ) | (164 | ) | (576 | ) | (521 | ) | ||||||||||||||
Net income available to common shareholders | $ | 15,118 | $ | 11,508 | $ | 7,970 | $ | 13,194 | $ | 12,300 | $ | 34,596 | $ | 30,763 | ||||||||||||||
Basic earnings per common share: | ||||||||||||||||||||||||||||
Net income | $ | 0.16 | $ | 0.13 | $ | 0.09 | $ | 0.15 | $ | 0.14 | $ | 0.38 | $ | 0.38 | ||||||||||||||
Diluted earnings per common share: | ||||||||||||||||||||||||||||
Net income | $ | 0.16 | $ | 0.12 | $ | 0.09 | $ | 0.15 | $ | 0.14 | $ | 0.37 | $ | 0.37 | ||||||||||||||
Weighted average common shares: | ||||||||||||||||||||||||||||
Basic | 92,674 | 91,717 | 89,671 | 85,891 | 85,171 | 91,359 | 82,020 | |||||||||||||||||||||
Diluted | 93,647 | 92,816 | 90,832 | 86,917 | 85,992 | 92,302 | 82,842 |
Three Months Ended | YTD | |||||||||||||||||||||||||||
9/30/12 | 6/30/12 | 3/31/12 | 12/31/11 | 9/30/11 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||
Funds from operations: | ||||||||||||||||||||||||||||
Net income | $ | 16,170 | $ | 12,458 | $ | 8,834 | $ | 15,138 | $ | 14,192 | $ | 37,462 | $ | 35,851 | ||||||||||||||
Adjusted for - | ||||||||||||||||||||||||||||
Depreciation and amortization uniquely significant to real estate - consolidated properties | 24,532 | 24,710 | 25,301 | 25,019 | 22,763 | 74,543 | 58,256 | |||||||||||||||||||||
Depreciation and amortization uniquely significant to real estate - unconsolidated joint ventures | 1,641 | 1,653 | 1,815 | 1,253 | 1,280 | 5,109 | 3,922 | |||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | 140 | — | 300 | — | 140 | — | |||||||||||||||||||||
Funds from operations | 42,343 | 38,961 | 35,950 | 41,710 | 38,235 | 117,254 | 98,029 | |||||||||||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | (4 | ) | 16 | (2 | ) | (18 | ) | (19 | ) | 10 | (19 | ) | ||||||||||||||||
Allocation to participating securities | (425 | ) | (391 | ) | (308 | ) | (345 | ) | (320 | ) | (1,123 | ) | (895 | ) | ||||||||||||||
Funds from operations available to common shareholders | $ | 41,914 | $ | 38,586 | $ | 35,640 | $ | 41,347 | $ | 37,896 | $ | 116,141 | $ | 97,115 | ||||||||||||||
Funds from operations per share | $ | 0.42 | $ | 0.39 | $ | 0.36 | $ | 0.42 | $ | 0.39 | $ | 1.18 | $ | 1.02 | ||||||||||||||
Funds available for distribution to common shareholders: | ||||||||||||||||||||||||||||
Funds from operations | $ | 41,914 | $ | 38,586 | $ | 35,640 | $ | 41,347 | $ | 37,896 | $ | 116,141 | $ | 97,115 | ||||||||||||||
Adjusted for - | ||||||||||||||||||||||||||||
Corporate depreciation excluded above | 276 | 214 | 214 | 209 | 201 | 704 | 531 | |||||||||||||||||||||
Amortization of finance costs | 576 | 585 | 561 | 603 | 592 | 1,722 | 1,540 | |||||||||||||||||||||
Amortization of net debt discount (premium) | (253 | ) | (252 | ) | (248 | ) | (262 | ) | (97 | ) | (753 | ) | (52 | ) | ||||||||||||||
Amortization of share-based compensation | 2,339 | 2,313 | 3,306 | 1,756 | 1,887 | 7,958 | 5,300 | |||||||||||||||||||||
Straight line rent adjustment | (1,009 | ) | (860 | ) | (997 | ) | (787 | ) | (1,009 | ) | (2,866 | ) | (3,042 | ) | ||||||||||||||
Market rent adjustment | (59 | ) | (196 | ) | (234 | ) | (176 | ) | 79 | (489 | ) | (278 | ) | |||||||||||||||
2nd generation tenant allowances | (1,297 | ) | (3,179 | ) | (5,537 | ) | (2,796 | ) | (5,766 | ) | (10,013 | ) | (11,188 | ) | ||||||||||||||
Capital improvements | (2,951 | ) | (2,500 | ) | (891 | ) | (1,181 | ) | (3,419 | ) | (6,342 | ) | (9,351 | ) | ||||||||||||||
Adjustments from unconsolidated joint ventures | 257 | 78 | 168 | (62 | ) | (87 | ) | 503 | (136 | ) | ||||||||||||||||||
Funds available for distribution | $ | 39,793 | $ | 34,789 | $ | 31,982 | $ | 38,651 | $ | 30,277 | $ | 106,565 | $ | 80,439 | ||||||||||||||
Funds available for distribution per share | $ | 0.40 | $ | 0.35 | $ | 0.32 | $ | 0.39 | $ | 0.31 | $ | 1.08 | $ | 0.85 | ||||||||||||||
Dividends paid per share | $ | 0.21 | $ | 0.21 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.62 | $ | 0.59 | ||||||||||||||
FFO payout ratio | 50 | % | 54 | % | 56 | % | 48 | % | 51 | % | 53 | % | 58 | % | ||||||||||||||
FAD payout ratio | 53 | % | 60 | % | 63 | % | 51 | % | 65 | % | 57 | % | 70 | % | ||||||||||||||
Diluted weighted average common shs. | 98,699 | 98,812 | 98,690 | 98,409 | 97,811 | 98,599 | 94,869 |
Joint Venture | Center Location | Ownership % | Square Feet | Tanger's Share of Total Assets | Tanger's Share of NOI | Tanger's Share of Debt | ||||||||||||||
Deer Park | Deer Park, Long Island NY | 33.3 | % | 741,981 | $ | 87.8 | $ | 4.6 | $ | 82.3 | ||||||||||
Deer Park Warehouse | Deer Park, Long Island NY | 33.3 | % | 29,253 | $ | 0.6 | $ | — | $ | 0.6 | ||||||||||
Galveston/Houston (1) | Texas City, TX | 50.0 | % | 352,705 | $ | 33.0 | $ | — | $ | — | ||||||||||
National Harbor (2) | Washington D.C. Metro Area | 50.0 | % | — | $ | 0.9 | $ | — | $ | — | ||||||||||
RioCan Canada (3) | Various | 50.0 | % | 155,522 | $ | 32.9 | $ | 1.0 | $ | — | ||||||||||
Westgate (4) | Phoenix, AZ | 58.0 | % | — | $ | 29.8 | $ | — | $ | 9.3 | ||||||||||
Wisconsin Dells | Wisconsin Dells, Wisconsin | 50.0 | % | 265,086 | $ | 16.4 | $ | 1.6 | $ | 12.1 | ||||||||||
Other | $ | 0.3 | $ | — | $ | — | ||||||||||||||
Total | $ | 201.7 | $ | 7.2 | $ | 104.3 |
9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | Tanger's Share as of 9/30/12 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Land | $ | 78,531 | $ | 77,479 | $ | 78,850 | $ | 77,864 | $ | 58,142 | $ | 31,554 | ||||||||||||
Buildings, improvements and fixtures | 295,593 | 295,020 | 296,605 | 288,934 | 268,574 | 108,304 | ||||||||||||||||||
Construction in progress, including land | 113,169 | 85,100 | 31,941 | 23,545 | 5,545 | 60,543 | ||||||||||||||||||
487,293 | 457,599 | 407,396 | 390,343 | 332,261 | 200,401 | |||||||||||||||||||
Accumulated depreciation | (57,067 | ) | (53,192 | ) | (50,039 | ) | (46,245 | ) | (42,943 | ) | (21,333 | ) | ||||||||||||
Total rental property, net | 430,226 | 404,407 | 357,357 | 344,098 | 289,318 | 179,068 | ||||||||||||||||||
Assets held for sale (1) | 1,821 | 1,800 | — | — | — | 607 | ||||||||||||||||||
Cash and cash equivalents | 10,778 | 16,855 | 9,621 | 7,582 | 16,141 | 4,994 | ||||||||||||||||||
Deferred lease costs, net | 13,586 | 13,514 | 14,294 | 14,815 | 2,840 | 6,505 | ||||||||||||||||||
Deferred debt origination costs, net | 5,773 | 6,566 | 6,626 | 7,566 | 724 | 2,131 | ||||||||||||||||||
Prepaids and other assets | 21,396 | 16,386 | 15,663 | 11,687 | 9,969 | 8,382 | ||||||||||||||||||
Total assets | $ | 483,580 | $ | 459,528 | $ | 403,561 | $ | 385,748 | $ | 318,992 | $ | 201,687 | ||||||||||||
Liabilities & Owners' Equity | ||||||||||||||||||||||||
Mortgages payable | $ | 288,978 | $ | 273,034 | $ | 273,534 | $ | 303,230 | $ | 293,534 | $ | 104,301 | ||||||||||||
Construction trade payables | 14,506 | 23,135 | 7,719 | 2,669 | 4,958 | 7,537 | ||||||||||||||||||
Accounts payable & other liabilities | 26,125 | 25,641 | 24,788 | 27,246 | 5,378 | 11,540 | ||||||||||||||||||
Total liabilities | 329,609 | 321,810 | 306,041 | 333,145 | 303,870 | 123,378 | ||||||||||||||||||
Owners' equity | 153,971 | 137,718 | 97,520 | 52,603 | 15,122 | 78,309 | ||||||||||||||||||
Total liabilities & owners' equity | $ | 483,580 | $ | 459,528 | $ | 403,561 | $ | 385,748 | $ | 318,992 | $ | 201,687 |
Three Months Ended | YTD | |||||||||||||||||||||||||||
9/30/2012 | 6/30/12 | 3/31/12 | 12/31/11 | 9/30/11 | 9/30/12 | 9/30/11 | ||||||||||||||||||||||
Revenues | $ | 11,985 | $ | 11,606 | $ | 11,658 | $ | 10,045 | $ | 9,488 | $ | 35,249 | $ | 28,802 | ||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Property operating | 5,521 | 5,083 | 4,891 | 4,742 | 4,718 | 15,495 | 13,292 | |||||||||||||||||||||
General & administrative | 365 | 237 | 163 | 136 | 58 | 765 | 114 | |||||||||||||||||||||
Acquisition costs | — | — | 704 | — | — | 704 | — | |||||||||||||||||||||
Abandoned development costs | — | 436 | 954 | — | — | 1,390 | — | |||||||||||||||||||||
Impairment charge | — | 420 | — | 900 | — | 420 | — | |||||||||||||||||||||
Depreciation & amortization | 4,283 | 4,300 | 4,608 | 3,470 | 3,534 | 13,191 | 10,772 | |||||||||||||||||||||
Total expenses | 10,169 | 10,476 | 11,320 | 9,248 | 8,310 | 31,965 | 24,178 | |||||||||||||||||||||
Operating income | 1,816 | 1,130 | 338 | 797 | 1,178 | 3,284 | 4,624 | |||||||||||||||||||||
Interest expense | 3,540 | 3,598 | 3,829 | 3,146 | 1,381 | 10,967 | 7,310 | |||||||||||||||||||||
Net loss | $ | (1,724 | ) | $ | (2,468 | ) | $ | (3,491 | ) | $ | (2,349 | ) | $ | (203 | ) | $ | (7,683 | ) | $ | (2,686 | ) | |||||||
Tanger's share of: | ||||||||||||||||||||||||||||
Total revenues less property operating and general & administrative expenses ("NOI") | $ | 2,303 | $ | 2,379 | $ | 2,526 | $ | 2,196 | $ | 1,751 | $ | 7,208 | $ | 5,647 | ||||||||||||||
Net loss | $ | (555 | ) | $ | (867 | ) | $ | (1,452 | ) | $ | (742 | ) | $ | (27 | ) | $ | (2,874 | ) | $ | (823 | ) | |||||||
Depreciation and impairments (real estate related) | $ | 1,641 | $ | 1,793 | $ | 1,815 | $ | 1,553 | $ | 1,280 | $ | 5,249 | $ | 3,922 |
As of September 30, 2012 | ||||||||||
Principal Balance | Stated Interest Rate | Effective Interest Rate | Maturity Date | |||||||
Unsecured debt: | ||||||||||
Unsecured lines of credit (1) | $ | 136,769 | Libor + 1.25% | 11/10/2015 | ||||||
2015 Senior unsecured notes | 250,000 | 6.15% | 11/15/2015 | |||||||
2020 Senior unsecured notes | 300,000 | 6.125% | 6/1/2020 | |||||||
Unsecured term loan | 250,000 | Libor + 1.80% | 2/23/2019 | |||||||
Unsecured note | 10,000 | 1.50% | 3.153 | % | 6/30/2016 | |||||
Net debt discounts | (2,620 | ) | ||||||||
Total unsecured debt | 944,149 | |||||||||
Secured mortgage debt: (2) | ||||||||||
Atlantic City, NJ (including premium of $4,596) | 57,220 | 5.14% - 7.65% | 5.05 | % | 11/15/2021 - 12/8/2026 | |||||
Ocean City, MD (including premium of $308) | 18,933 | 5.24% | 4.68 | % | 1/6/2016 | |||||
Hershey, PA (including premium of $1,727) | 32,519 | 5.17% - 8.00% | 3.40 | % | 8/1/2015 | |||||
Total secured mortgage debt | 108,672 | |||||||||
Tanger's share of unconsolidated JV debt: | ||||||||||
Deer Park | 82,315 | Libor + 3.50 - 5.00% | 5/17/2014 | |||||||
Deer Park Warehouse (3) | 614 | Prime + 5.5% | 5/17/2011 | |||||||
Westgate (4) | 9,247 | Libor + 1.75% | 6/27/2015 | |||||||
Wisconsin Dells | 12,125 | Libor + 3.00% | 12/18/2012 | |||||||
Total Tanger's share of unconsolidated JV debt | $ | 104,301 |
(1) | The Company has an unsecured, syndicated credit line with a borrowing capacity totaling $500.0 million and a separate cash management line of credit with a borrowing capacity of $20.0 million with one of the participants in the syndication. Both lines expire on November 10, 2015. Facility fees of 25 basis points annually are charged in arrears based on the amount of the commitment. |
(2) | Represents mortgages assumed in the acquisitions of various properties owned by joint ventures which are consolidated for financial reporting purposes. |
(3) | The interest only mortgage loan secured by the warehouse matured on May 17, 2011 and the joint venture did not qualify for the one year extension option. As a result, on June 1, 2012 the joint venture reduced the outstanding principal balance by $500,000 to $1.8 million and entered into a Loan Forbearance Agreement with the lender whereby the lender agreed that it will not enforce its rights under the Loan Documents until the Trigger Date of October 1, 2012 unless extended. Extension of the Trigger Date was contingent among other things upon delivering a fully executed contract to sell the property to an unaffiliated third-party purchaser. Although the joint venture did not meet all of the requirements for extending the Trigger Date for the Forbearance Termination Date, it has delivered a fully executed contract to sell the property which has been approved by the lender. Through closing, the joint venture is committed to make monthly debt service payments pursuant to the Forbearance and Loan Documents at a pay rate of Libor + 1.85%. Additional interest accrues at a rate of Prime + 5.5% less the amount paid. |
(4) | On June 27, 2012, the joint venture closed on a construction loan with the ability to borrow up to $43.8 million (our share $25.4 million), which carries an interest rate of LIBOR + 1.75%. As of September 30, 2012, the balance on the loan was $15.9 million (our share $9.2 million). |
As of September 30, 2012 | |||||||||||
Year | Tanger Consolidated Payments | Tanger's Share of Unconsolidated JV Payments | Total Scheduled Payments | ||||||||
2012 | $ | 657 | $ | 12,739 | $ | 13,396 | |||||
2013 | 4,633 | — | 4,633 | ||||||||
2014 | 3,600 | 82,315 | 85,915 | ||||||||
2015 | 419,108 | 9,247 | 428,355 | ||||||||
2016 | 30,279 | — | 30,279 | ||||||||
2017 | 3,004 | — | 3,004 | ||||||||
2018 | 3,179 | — | 3,179 | ||||||||
2019 | 253,365 | — | 253,365 | ||||||||
2020 | 303,561 | — | 303,561 | ||||||||
2021 | 5,788 | — | 5,788 | ||||||||
2022 & thereafter | 21,636 | — | 21,636 | ||||||||
$ | 1,048,810 | $ | 104,301 | $ | 1,153,111 | ||||||
Net Premiums on Debt | 4,011 | — | 4,011 | ||||||||
$ | 1,052,821 | $ | 104,301 | $ | 1,157,122 |
As of September 30, 2012 | ||||||
Required | Actual | Compliance | ||||
Total Consolidated Debt to Adjusted Total Assets | <60% | 46 | % | Yes | ||
Total Secured Debt to Adjusted Total Assets | <40% | 5 | % | Yes | ||
Total Unencumbered Assets to Unsecured Debt | >135% | 205 | % | Yes | ||
Consolidated Income Available for Debt Service to Annual Debt Service Charge | >1.5 | 4.45 | Yes |
(1) | For a complete listing of all Debt Covenants related to the Company's Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. |
Tanger Factory Outlet Centers, Inc. | |
Investor Relations | |
Phone: | (336) 834-6892 |
Fax: | (336) 297-0931 |
e-mail: | tangermail@tangeroutlet.com |
Mail: | Tanger Factory Outlet Centers, Inc. |
3200 Northline Avenue | |
Suite 360 | |
Greensboro, NC 27408 |
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