0000899715-14-000078.txt : 20140429 0000899715-14-000078.hdr.sgml : 20140429 20140429163104 ACCESSION NUMBER: 0000899715-14-000078 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20140429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140429 DATE AS OF CHANGE: 20140429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TANGER FACTORY OUTLET CENTERS INC CENTRAL INDEX KEY: 0000899715 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 561815473 STATE OF INCORPORATION: NC FISCAL YEAR END: 0101 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11986 FILM NUMBER: 14794337 BUSINESS ADDRESS: STREET 1: 3200 NORTHLINE AVENUE SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 BUSINESS PHONE: 3362923010 MAIL ADDRESS: STREET 1: 3200 NORTHLINE AVENUE SUITE 360 CITY: GREENSBORO STATE: NC ZIP: 27408 8-K 1 a8kpressreleasemarch312014.htm 8-K 8K Press Release March 31 2014


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549
___________

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): April 29, 2014

TANGER FACTORY OUTLET CENTERS, INC.
_________________________________________
(Exact name of registrant as specified in its charter)
 
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)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 2.02   Results of Operations and Financial Condition

On April 29, 2014, Tanger Factory Outlet Centers, Inc. (the "Company") issued a press release announcing its results of operations and financial condition as of and for the quarter ended March 31, 2014. A copy of the Company's press release is hereby furnished as Exhibit 99.1 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise.

Item 7.01   Regulation FD Disclosure

On April 29, 2014, the Company made publicly available on its website, www.tangeroutlet.com, certain supplemental operating and financial information for the quarter ended March 31, 2014. This supplemental operating and financial information is hereby attached to this current report as Exhibit 99.2. The information contained in this report on Form 8-K, including Exhibit 99.2, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise. The information found on, or otherwise accessible through, the Company's website is not incorporated into, and does not form a part of, this current report on Form 8-K or any other report or document the Company files with or furnishes to the United States Securities and Exchange Commission.

Item 9.01   Financial Statements and Exhibits

(d) Exhibits

The following exhibits are included with this Report:

Exhibit 99.1
Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended March 31, 2014.

Exhibit 99.2
Supplemental operating and financial information of the Company as of and for the quarter ended March 31, 2014.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 29, 2014


TANGER FACTORY OUTLET CENTERS, INC.

By:    /s/ Frank C. Marchisello, Jr.
Frank C. Marchisello, Jr.
Executive Vice President, Chief Financial Officer





EXHIBIT INDEX

Exhibit No.
 
 
99.1
 
Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended March 31, 2014.
 
 
 
99.2
 
Supplemental operating and financial information of the Company as of and for the quarter ended March 31, 2014.



EX-99.1 2 skt8kex991march312014.htm EXHIBIT SKT 8K EX 99.1 March 31 2014


EXHIBIT 99.1

News Release
TANGER REPORTS FIRST QUARTER 2014 RESULTS
Adjusted Funds From Operations Per Share Increases 7.1%
Same Center Net Operating Income Increases 3.3%
Greensboro, NC, April 29, 2014, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) today reported its financial results for the three months ended March 31, 2014. Funds from operations (“FFO”) available to common shareholders, a widely accepted supplemental measure of REIT performance, increased 4.5% to $42.8 million, or $0.43 per share, for the three months ended March 31, 2014, compared to FFO of $41.0 million, or $0.42 per share for the three months ended March 31, 2013. Adjusted funds from operations (“AFFO”) increased 7.1% to $0.45 per share for the three months ended March 31, 2014, compared to $0.42 per share for the three months ended March 31, 2013.

"For the first quarter of 2014, weather-related outlet center closures within our consolidated portfolio were nearly five times greater than in the first quarter of last year. Snow removal expense for the same period was more than double the prior year. In spite of these extraordinary headwinds, our diversified portfolio generated same center net operating income growth of 3.3%. AFFO per share for the quarter was in line with our internal expectations, and represented a healthy 7.1% increase. The primary drivers were related to the properties developed and acquired during 2013, and same center net operating income growth," commented Steven B. Tanger, President & Chief Executive Officer. "AFFO growth creates incremental cash flow that we intend to continue to reinvest in our business. From 2010 to 2013, the excess cash flow above our common dividend increased at a compounded annual growth rate of 35.5%. Our excess cash flow last year was over $100 million, which represents substantial growth compared to a decade prior, when it was only a little more than $1 million per month. Our low cost of occupancy and the long-term nature of our leases, which are not impacted by short-term fluctuations in tenant sales, allow us to continue to grow our cash flow," he added.
In thousands, except per share amounts:
Three months ended
 
March 31,
 
2014
2013
FFO as reported
$
42,843

$
41,013

As adjusted for:
 
 
 
Acquisition costs
7

179

 
Abandoned pre-development costs
1,596


 
AFFO adjustments from unconsolidated joint ventures (1)

211

 
Impact of above adjustments to the allocation of earnings to participating securities
(33
)
(5
)
Adjusted FFO ("AFFO")
$
44,413

$
41,398

Diluted weighted average common shares
98,789

98,798

FFO per share
$
0.43

$
0.42

AFFO per share
$
0.45

$
0.42

(1)
Includes acquisition costs and abandoned pre-development costs.

As adjusted for the charges above, net income available to common shareholders for the three months ended March 31, 2014 increased 0.8% to $15.8 million, or $0.16 per share, as compared to net income of $15.6 million, or $0.16 per share for the three months ended March 31, 2013.


1




Net income, FFO and AFFO per share are on a diluted basis. FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. Complete reconciliations containing adjustments from GAAP net income to FFO and to AFFO are included in this release.
First Quarter Highlights
Same center net operating income increased 3.3%
Blended increase in average base rental rates on space renewed and released throughout the consolidated portfolio of 22.8%, up from 21.2% last year
Period-end consolidated portfolio occupancy rate of 97.2% at March 31, 2014
Comparable tenant sales for the consolidated portfolio increased 1.2% to $387 per square foot for the rolling twelve months ended March 31, 2014
Total market capitalization increased to $4.9 billion at March 31, 2014
Debt-to-total market capitalization ratio of 27.8% as of March 31, 2014
Raised common share cash dividend by 6.7%, marking the 21st consecutive year of increased cash dividends
Interest coverage ratio of 3.76 times
Announced plans to develop Tanger Outlets Savannah in Pooler, Georgia through a joint venture agreement
Announced plans to develop a new Tanger Outlet Center in the greater Hartford market in Cheshire, Connecticut through a joint venture agreement
Cash Dividend Increased
On April 10, 2014, Tanger announced that its Board of Directors approved a 6.7% increase in the annual cash dividend on its common shares from $0.90 per share to $0.96 per share. Simultaneously, the Board of Directors declared a quarterly dividend of $0.24 per share for the first quarter ended March 31, 2014, which will be payable May 15, 2014 to holders of record on April 30, 2014. The company has paid cash dividends each quarter and has raised its dividend each year since becoming a public company in May 1993.
North American Portfolio Drives Operating Results
During the three months ended March 31, 2014, Tanger executed 259 leases totaling 1,143,000 square feet throughout its consolidated portfolio. Lease renewals accounted for 870,000 square feet, which generated a 17.9% increase in average base rental rates and represents 52.4% of the space originally scheduled to expire in 2014. Base rental rate increases on space re-tenanted during the three months ended March 31, 2014 averaged 35.9% and accounted for the remaining 273,000 square feet.

Consolidated portfolio same center net operating income increased 3.3% during the three months ended March 31, 2014. For the twelve months ended March 31, 2014, consolidated portfolio comparable tenant sales increased 1.2% to $387 per square foot.

Investment Activities Provide Potential Future Growth
By the end of 2014, Tanger expects to complete three of the five projects currently under construction. The company and its 50/50 joint venture partner expect to open a new upscale outlet center in time for the back to school shopping season in the Charlotte, North Carolina market, approximately eight miles southwest of uptown Charlotte at the interchange of I-485 and Steele Creek Road. The approximately 400,000 square foot project will feature about 90 brand name and designer stores when complete. Grand opening is currently scheduled for July 31, 2014.

2



Tanger and its 50/50 Canadian co-owner expect to complete and open two development projects in time for the 2014 holiday shopping season. The first ground up development of a Tanger Outlet Center in Canada, Tanger Outlets Ottawa, is located in suburban Kanata off the TransCanada Highway. The approximately 303,000 square foot center will feature about 80 brand name and designer outlet stores when complete. Originally acquired by the co-owners in December 2011, Tanger Outlets Cookstown is located on the northern end of the Greater Toronto Area directly off Highway 400 at Highway 89, the gateway to Southern Ontario's cottage country, known for its high concentration of vacation homes. The property is currently undergoing a major expansion and renovation project that will expand the approximately 155,000 square foot property, to approximately 310,000 square feet when complete. The expansion will add about 35 new brand name and designer outlet stores, while creating an updated exterior for the existing space consistent with that of the expansion.
In addition, Tanger intends to expand Tanger Outlets Westgate in Glendale, Arizona by approximately 65,000 square feet, Tanger Outlets Branson by approximately 25,000 square feet, and Tanger Outlets Park City by approximately 21,000 square feet. Each of these expansions is currently expected to open in time for the 2014 holiday season.
The company intends to complete the two other projects currently under construction, Tanger Outlets Savannah and Tanger Outlets at Foxwoods, in the first half of 2015. Other previously announced projects with planned 2015 openings include new developments in Columbus, Ohio and Grand Rapids, Michigan. The company's most recently announced pre-development site is in the Hartford market in Cheshire, Connecticut.
During the quarter, the company decided to abandon pre-development projects in Clarksburg, Maryland and Scottsdale, Arizona. As a result of Tanger no longer pursuing these projects, the company recorded a $1.6 million charge in the first quarter of 2014, representing the cumulative related costs.
Balance Sheet Summary
As of March 31, 2014, Tanger had a total market capitalization of approximately $4.9 billion including $1.4 billion of debt outstanding, equating to a 27.8% debt-to-total market capitalization ratio. The company had $46.9 million outstanding on its $520.0 million in available unsecured lines of credit and 77.6% of Tanger's debt was at fixed rates. For the three months ended March 31, 2014, Tanger maintained an interest coverage ratio of 3.76 times.
Tanger Expects Solid FFO Per Share In 2014
Based on Tanger's internal budgeting process, the company's view on current market conditions, and the strength and stability of its core portfolio, management currently believes its net income available to common shareholders, funds from operations, and adjusted funds from operations for 2014 will be as follows:
For the year ended December 31, 2014:
 
 
 
Low Range
High Range
Estimated diluted net income per share
$0.76
$0.82
Noncontrolling interest, depreciation and amortization
 
 
 
uniquely significant to real estate including
 
 
 
noncontrolling interest share and our share
 
 
 
of joint ventures
1.15
1.15
Estimated diluted FFO per share
$1.91
$1.97
AFFO adjustments
0.02
0.02
Estimated diluted AFFO per share
$1.93
$1.99

The company's earnings estimates reflect the incremental interest expense of approximately $0.07 per share related to the company's November 2013 Senior Notes offering, a projected increase in same-center net operating income of approximately 3%, and average general and administrative expense of approximately $10.5 million to $11.0 million per quarter.  The company's estimates do not include the impact of any additional rent termination fees, any potential refinancing transactions, the sale of any out parcels of land, or the sale or acquisition of any properties.


3



First Conference Call

Tanger will host a conference call to discuss its first quarter results for analysts, investors and other interested parties on Wednesday, April 30, 2014, at 10 a.m. Eastern Time. To access the conference call, listeners should dial 1-877-277-5113 and provide conference ID # 34699249 to be connected to the Tanger Factory Outlet Centers First Quarter 2014 Financial Results call. Alternatively, the call will be web cast by SNL IR Solutions and can be accessed at Tanger Factory Outlet Centers, Inc.'s web site by clicking the Investor Relations link at www.tangeroutlet.com. A telephone replay of the call will be available from April 30, 2014 at 1:00 p.m. through 11:59 p.m., May 15, 2014 by dialing 1-855-859-2056, conference ID # 34699249. An online archive of the broadcast will also be available through May 15, 2014.
About Tanger Factory Outlet Centers

Tanger Factory Outlet Centers, Inc. (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers in 26 states coast to coast and in Canada, totaling approximately 13.3 million square feet leased to over 2,700 stores operated by more than 440 different brand name companies. More than 180 million shoppers visit Tanger Factory Outlet Centers, Inc. annually. Tanger is filing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter ended March 31, 2014. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the company's web site at www.tangeroutlet.com.

This news release contains forward-looking statements within the meaning of federal securities laws. These statements include, but are not limited to, estimates of future net income per share, FFO and AFFO per share, same center net operating income and general and administrative expenses, as well as other statements regarding plans for new developments and expansions, plans regarding reinvestment of incremental cash flow, the expected timing of the commencement of construction and the openings of the current and new developments, the renewal and re-tenanting of space, tenant sales and sales trends, plans, estimates, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. 

These forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and real estate conditions in the United States and Canada, the company's ability to meet its obligations on existing indebtedness or refinance existing indebtedness on favorable terms, the availability and cost of capital, whether projects in our pipeline convert into successful developments, the company's ability to lease its properties, the company's ability to implement its plans and strategies for joint venture properties that it does not fully control, the company's inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, and competition. 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, 2013.

4



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
 
 
Three months ended
 
 
March 31,
 
 
2014
 
2013
REVENUES
 
 
 
 
Base rentals (a)
 
$
66,976

 
$
59,244

Percentage rentals
 
2,083

 
2,017

Expense reimbursements
 
31,542

 
25,306

Other income
 
2,241

 
2,122

Total revenues
 
102,842

 
88,689

EXPENSES
 
 
 
 
Property operating
 
36,027

 
28,135

General and administrative
 
10,722

 
9,572

Abandoned pre-development costs (b)
 
1,596

 

Acquisition costs
 
7

 
179

Depreciation and amortization
 
26,063

 
22,288

Total expenses
 
74,415

 
60,174

Operating income
 
28,427

 
28,515

Interest expense
 
(14,920
)
 
(12,876
)
Income before equity in earnings of unconsolidated joint ventures
 
13,507

 
15,639

Equity in earnings of unconsolidated joint ventures
 
1,933

 
590

Net income
 
15,440

 
16,229

Noncontrolling interests in Operating Partnership
 
(803
)
 
(789
)
Noncontrolling interests in other consolidated partnerships
 
(21
)
 
(1
)
Net income attributable to Tanger Factory Outlet Centers, Inc.
 
14,616

 
15,439

Allocation of earnings to participating securities
 
(429
)
 
(194
)
Net income available to common shareholders of
Tanger Factory Outlet Centers, Inc.
 
$
14,187

 
$
15,245

 
 
 
 
 
Basic earnings per common share:
 
 
 
 
Net income
 
$
0.15

 
$
0.16

 
 
 
 
 
Diluted earnings per common share:
 
 
 
 
Net income
 
$
0.15

 
$
0.16

 
 
 
 
 

a.
Includes straight-line rent and market rent adjustments of $394 and $1,228 for the three months ended March 31, 2014 and 2013, respectively.

b.
Represents costs related to pre-development projects in Clarksburg, Maryland and Scottsdale, Arizona.





5



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
 
March 31,
 
December 31,
 
2014
 
2013
ASSETS
 
 
 
   Rental property
 
 
 
   Land
$
230,415

 
$
230,415

   Buildings, improvements and fixtures
2,013,520

 
2,009,971

   Construction in progress
20,848

 
9,433

 
2,264,783

 
2,249,819

   Accumulated depreciation
(671,807
)
 
(654,631
)
      Total rental property, net
1,592,976

 
1,595,188

   Cash and cash equivalents
16,906

 
15,241

   Investments in unconsolidated joint ventures
171,040

 
140,214

   Deferred lease costs and other intangibles, net
157,627

 
163,581

   Deferred debt origination costs, net
10,276

 
10,818

   Prepaids and other assets
81,068

 
81,414

         Total assets
$
2,029,893

 
$
2,006,456

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Liabilities
 
 
 
   Debt
 
 
 
     Senior, unsecured notes (net of discount of $5,593 and $5,752, respectively)
$
794,407

 
$
794,248

 Unsecured term loans (net of discount of $359 and $396, respectively)
267,141

 
267,104

     Mortgages payable (including premium of $3,611 and $3,799, respectively)
249,418

 
250,497

   Unsecured lines of credit
46,900

 
16,200

      Total debt
1,357,866

 
1,328,049

   Construction trade payables
13,471

 
9,776

   Accounts payable and accrued expenses
46,401

 
49,686

Deferred financing obligation
28,388

 
28,388

   Other liabilities
31,942

 
32,962

         Total liabilities
1,478,068

 
1,448,861

Commitments and contingencies

 

Equity
 
 
 
Tanger Factory Outlet Centers, Inc.
 
 
 
Common shares, $.01 par value, 300,000,000 shares authorized, 95,845,714 and 94,505,685 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively
958

 
945

   Paid in capital
793,059

 
788,984

   Accumulated distributions in excess of net income
(272,085
)
 
(265,242
)
   Accumulated other comprehensive income
(5,515
)
 
(2,428
)
         Equity attributable to Tanger Factory Outlet Centers, Inc.
516,417

 
522,259

Equity attributable to noncontrolling interests
 
 
 
Noncontrolling interests in Operating Partnership
27,606

 
28,432

Noncontrolling interests in other consolidated partnerships
7,802

 
6,904

         Total equity
551,825

 
557,595

            Total liabilities and equity
$
2,029,893

 
$
2,006,456



6



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(in thousands, except per share, state and center information)
(Unaudited)
 
 
Three months ended
 
 
March 31,
 
 
2014
 
2013
FUNDS FROM OPERATIONS (a)
 
 
 
 
Net income
 
$
15,440

 
$
16,229

Adjusted for:
 
 
 
 
Depreciation and amortization uniquely significant to real estate - consolidated
 
25,702

 
22,043

Depreciation and amortization uniquely significant to real estate - unconsolidated joint ventures
 
2,605

 
3,173

Funds from operations (FFO)
 
43,747

 
41,445

FFO attributable to noncontrolling interests in other consolidated partnerships
 
(40
)
 
(7
)
Allocation of earnings to participating securities
 
(864
)
 
(425
)
Funds from operations available to common shareholders
 
$
42,843

 
$
41,013

Funds from operations available to common shareholders per share - diluted
 
$
0.43

 
$
0.42

 
 
 
 
 
WEIGHTED AVERAGE SHARES
 
 
 
 
Basic weighted average common shares
 
93,580

 
93,132

Effect of notional units (b)
 

 
805

Effect of outstanding options and restricted common shares
 
69

 
106

Diluted weighted average common shares (for earnings per share computations)
 
93,649

 
94,043

Exchangeable operating partnership units (c)
 
5,140

 
4,755

Diluted weighted average common shares (for funds from operations per share computations)
 
98,789

 
98,798

 
 
 
 
 
OTHER INFORMATION
 
 
 
 
Gross leasable area open at end of period -
 
 
 
 
Consolidated
 
11,537

 
10,784

Partially owned - unconsolidated
 
1,721

 
2,127

 
 
 
 
 
Outlet centers in operation at end of period -
 
 
 
 
Consolidated
 
37

 
36

Partially owned - unconsolidated
 
7

 
7

 
 
 
 
 
States operated in at end of period (d)
 
24

 
24

Occupancy at end of period (d)
 
97.2
%
 
98.0
%

7





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 and after adjustments for unconsolidated partnerships and joint ventures, including depreciation and amortization, and 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. 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.
Notional units granted in 2010 were converted into 933,769 restricted common shares in January 2014. The restricted common shares vest on December 31, 2014 and will be considered participating securities through the vesting date.

c.
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.

d.
Excludes the centers in which we have ownership interests in but are held in unconsolidated joint ventures.



    


8
EX-99.2 3 skt8kex992march312014.htm EXHIBIT SKT 8K EX 99.2 March 31 2014


Exhibit 99.2
Tanger Factory Outlet Centers, Inc.
  
Supplemental Operating and Financial Data
March 31, 2014


1                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



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, 2013.
  
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                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Table of Contents
Section
 
 
 
Portfolio Data:
 
 
 
Geographic Diversification
Property Summary - Occupancy at End of Each Period Shown
Portfolio Occupancy at the End of Each Period
Major Tenants
Lease Expirations as of March 31, 2014
Leasing Activity
 
 
 
 
Financial Data:
 
 
 
Consolidated Balance Sheets
Consolidated Statements of Operations
FFO and FAD Analysis
Unconsolidated Joint Venture Information
Pro Rata Balance Sheet
Pro Rata Statement of Operations
Development Summary
Debt Outstanding Summary
Future Scheduled Principal Payments
Senior Unsecured Notes Financial Covenants
 
 
Investor Information


3                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Geographic Diversification

Consolidated Properties
As of March 31, 2014
State
# of Centers
 
GLA
 
% of GLA
South Carolina
5

 
1,576,888

 
14
%
New York
2

 
1,471,715

 
13
%
Pennsylvania
3

 
874,474

 
8
%
Georgia
2

 
691,582

 
6
%
Texas
2

 
619,621

 
5
%
Delaware
1

 
564,593

 
5
%
Alabama
1

 
557,014

 
5
%
North Carolina
3

 
505,225

 
4
%
New Jersey
1

 
489,762

 
4
%
Tennessee
1

 
438,335

 
4
%
Michigan
2

 
437,222

 
4
%
Ohio
1

 
411,776

 
4
%
Louisiana
1

 
318,666

 
3
%
Missouri
1

 
302,922

 
3
%
Utah
1

 
298,391

 
2
%
Connecticut
1

 
289,898

 
2
%
Iowa
1

 
277,230

 
2
%
Oregon
1

 
270,212

 
2
%
Illinois
1

 
250,439

 
2
%
New Hampshire
1

 
245,698

 
2
%
Florida
1

 
198,877

 
2
%
Maryland
1

 
198,840

 
2
%
California
1

 
171,300

 
1
%
Maine
2

 
76,356

 
1
%
Total
37

 
11,537,036

 
100
%
Unconsolidated Joint Venture Properties
 
# of Centers
 
GLA
 
Ownership %
Texas City, TX
1

 
352,705

 
50.00
%
Washington D.C.
1

 
338,786

 
50.00
%
Glendale, AZ
1

 
331,739

 
58.00
%
Wisconsin Dells, WI
1

 
265,086

 
50.00
%
Bromont, QC
1

 
161,449

 
50.00
%
Cookstown, ON
1

 
155,302

 
50.00
%
Saint-Sauveur, QC
1

 
115,697

 
50.00
%
Total
7

 
1,720,764

 
 

4                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Property Summary - Occupancy at End of Each Period Shown

Consolidated properties
 
 
 
 
 
 
 
 
 
 
Location
Total GLA
3/31/14
 
% Occupied
3/31/14
 
% Occupied
12/31/13
 
% Occupied
9/30/13
 
% Occupied
6/30/13
 
% Occupied
3/31/13
Deer Park, NY
741,981

 
92
%
 
95
%
 
95
%
 
N/A

 
N/A

Riverhead, NY
729,734

 
98
%
 
100
%
 
100
%
 
99
%
 
98
%
Rehoboth Beach, DE
564,593

 
98
%
 
100
%
 
100
%
 
97
%
 
98
%
Foley, AL
557,014

 
96
%
 
97
%
 
98
%
 
95
%
 
96
%
Atlantic City, NJ
489,762

 
93
%
 
96
%
 
95
%
 
94
%
 
94
%
San Marcos, TX
441,821

 
100
%
 
100
%
 
99
%
 
99
%
 
99
%
Sevierville, TN
438,335

 
99
%
 
99
%
 
99
%
 
99
%
 
98
%
Myrtle Beach Hwy 501, SC
425,247

 
98
%
 
99
%
 
100
%
 
100
%
 
99
%
Jeffersonville, OH
411,776

 
95
%
 
100
%
 
100
%
 
100
%
 
99
%
Myrtle Beach Hwy 17, SC
402,791

 
99
%
 
100
%
 
99
%
 
99
%
 
100
%
Pittsburgh, PA
372,972

 
96
%
 
100
%
 
100
%
 
100
%
 
100
%
Commerce II, GA
370,512

 
94
%
 
99
%
 
99
%
 
99
%
 
100
%
Charleston, SC
365,107

 
98
%
 
100
%
 
100
%
 
98
%
 
97
%
Howell, MI
324,652

 
98
%
 
99
%
 
99
%
 
100
%
 
98
%
Locust Grove, GA
321,070

 
99
%
 
100
%
 
99
%
 
100
%
 
100
%
Mebane, NC
318,910

 
99
%
 
100
%
 
100
%
 
100
%
 
100
%
Gonzales, LA
318,666

 
98
%
 
100
%
 
100
%
 
99
%
 
99
%
Branson, MO
302,922

 
99
%
 
100
%
 
100
%
 
100
%
 
100
%
Park City, UT
298,391

 
97
%
 
100
%
 
99
%
 
99
%
 
100
%
Westbrook, CT
289,898

 
99
%
 
100
%
 
99
%
 
98
%
 
98
%
Williamsburg, IA
277,230

 
100
%
 
100
%
 
99
%
 
99
%
 
99
%
Lincoln City, OR
270,212

 
99
%
 
100
%
 
99
%
 
98
%
 
98
%
Lancaster, PA
254,002

 
99
%
 
100
%
 
100
%
 
100
%
 
100
%
Tuscola, IL
250,439

 
90
%
 
92
%
 
95
%
 
95
%
 
94
%
Hershey, PA
247,500

 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
Tilton, NH
245,698

 
98
%
 
100
%
 
100
%
 
100
%
 
100
%
Hilton Head II, SC
206,544

 
97
%
 
100
%
 
100
%
 
98
%
 
97
%
Fort Myers, FL
198,877

 
93
%
 
94
%
 
91
%
 
88
%
 
94
%
Ocean City, MD
198,840

 
97
%
 
100
%
 
100
%
 
97
%
 
89
%
Terrell, TX
177,800

 
97
%
 
99
%
 
99
%
 
97
%
 
97
%
Hilton Head I, SC
177,199

 
98
%
 
98
%
 
99
%
 
100
%
 
100
%
Barstow, CA
171,300

 
100
%
 
100
%
 
100
%
 
95
%
 
94
%
West Branch, MI
112,570

 
98
%
 
100
%
 
98
%
 
98
%
 
95
%
Blowing Rock, NC
104,154

 
100
%
 
100
%
 
100
%
 
99
%
 
99
%
Nags Head, NC
82,161

 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
Kittery I, ME
51,737

 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
Kittery II, ME
24,619

 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
Total
11,537,036

 
97
%
 
99
%
 
99
%
 
98
%
 
98
%




5                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Unconsolidated joint venture properties
 
 
 
 
 
 
 
 
 
 
Location
Total GLA
3/31/14
 
% Occupied
3/31/14
 
% Occupied
12/31/13
 
% Occupied
9/30/13
 
% Occupied
6/30/13
 
% Occupied
3/31/13
Deer Park, NY (1)
741,981

 
N/A

 
N/A

 
N/A

 
94
%
 
92
%
Texas City, TX
352,705

 
99
%
 
100
%
 
100
%
 
97
%
 
97
%
Washington D.C.
338,786

 
97
%
 
99
%
 
N/A

 
N/A

 
N/A

Glendale, AZ
331,739

 
99
%
 
100
%
 
100
%
 
97
%
 
95
%
Wisconsin Dells, WI
265,086

 
97
%
 
100
%
 
100
%
 
100
%
 
100
%
Bromont, QC
161,449

 
81
%
 
84
%
 
93
%
 
92
%
 
89
%
Cookstown, ON
155,302

 
98
%
 
100
%
 
95
%
 
99
%
 
97
%
Saint-Sauveur, QC
115,697

 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
(1)
The Company acquired a controlling interest in the Deer Park, NY center on August 30, 2013. The center is now reported above in the section labeled consolidated properties.





6                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Portfolio Occupancy at End of Each Period (1) 

(1)
Excludes unconsolidated outlet centers. See table on page 4.




7                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Major Tenants (1) 
Ten Largest Tenants as of March 31, 2014
Tenant
# of
Stores

 
GLA

 
% of
Total GLA

The Gap, Inc.
84

 
903,879

 
7.8
%
Dress Barn, Inc.
90

 
525,798

 
4.5
%
Phillips-Van Heusen
95

 
474,627

 
4.1
%
Nike
37

 
392,570

 
3.4
%
VF Outlet, Inc.
44

 
388,798

 
3.4
%
G-III Apparel
68

 
338,197

 
3.0
%
Ann Taylor
47

 
321,229

 
2.8
%
Polo Ralph Lauren
31

 
315,549

 
2.7
%
Adidas
42

 
291,889

 
2.5
%
Carter's
61

 
286,554

 
2.5
%
Total of All Listed Above
599

 
4,239,090

 
36.7
%
(1)
Excludes unconsolidated outlet centers. See table on page 4.





8                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Lease Expirations as of March 31, 2014


(1)
Excludes unconsolidated outlet centers. See table on page 4.

9                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Leasing Activity (1) 
 
3/31/2014
 
6/30/2014
 
9/30/2014
 
12/31/2014
 
Year to Date
 
Prior
Year to
Date
Re-tenanted Space:
 
 
 
 
 
 
 
 
 

 
 

Number of leases
75

 

 

 

 
75

 
90

Gross leasable area
272,801

 

 

 

 
272,801

 
293,535

New initial base rent per square foot
$
29.43

 

 

 

 
$
29.43

 
$
26.97

Prior expiring base rent per square foot
$
23.96

 

 

 

 
$
23.96

 
$
23.35

Percent increase
22.8
%
 

 

 

 
22.8
%
 
15.5
%
 
 
 
 
 
 
 
 
 
 
 
 
New straight line base rent per square foot
$
32.14

 

 

 

 
$
32.14

 
$
29.76

Prior straight line base rent per square foot
$
23.66

 

 

 

 
$
23.66

 
$
22.52

Percent increase
35.9
%
 

 

 

 
35.9
%
 
32.2
%
 
 
 
 
 
 
 
 
 
 
 
 
Renewed Space:
 
 
 
 
 
 
 
 
 
 
 
Number of leases
184

 

 

 

 
184

 
231

Gross leasable area
870,318

 

 

 

 
870,318

 
1,135,107

New initial base rent per square foot
$
22.26

 

 

 

 
$
22.26

 
$
22.37

Prior expiring base rent per square foot
$
20.23

 

 

 

 
$
20.23

 
$
19.99

Percent increase
10.0
%
 

 

 

 
10.0
%
 
11.9
%
 
 
 
 
 
 
 
 
 
 
 
 
New straight line base rent per square foot
$
23.24

 

 

 

 
$
23.24

 
$
23.17

Prior straight line base rent per square foot
$
19.72

 

 

 

 
$
19.72

 
$
19.64

Percent increase
17.9
%
 

 

 

 
17.9
%
 
18.0
%
 
 
 
 
 
 
 
 
 
 
 
 
Total Re-tenanted and Renewed Space:
 
 
 
 
 
 
 
 
 
 
 
Number of leases
259

 

 

 

 
259

 
321

Gross leasable area
1,143,119

 

 

 

 
1,143,119

 
1,428,642

New initial base rent per square foot
$
23.97

 

 

 

 
$
23.97

 
$
23.32

Prior expiring base rent per square foot
$
21.12

 

 

 

 
$
21.12

 
$
20.68

Percent increase
13.5
%
 

 

 

 
13.5
%
 
12.7
%
 
 
 
 
 
 
 
 
 
 
 
 
New straight line base rent per square foot
$
25.36

 

 

 

 
$
25.36

 
$
24.52

Prior straight line base rent per square foot
$
20.66

 

 

 

 
$
20.66

 
$
20.23

Percent increase
22.8
%
 

 

 

 
22.8
%
 
21.2
%
(1)
Excludes unconsolidated outlet centers. See table on page 4.

10                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Consolidated Balance Sheets (dollars in thousands)
 
3/31/2014
 
12/31/2013
 
9/30/2013
 
6/30/2013
 
3/31/2013
ASSETS
 
 
 
 
 
 
 
 
 
Rental property
 
 
 
 
 
 
 
 
 
Land
$
230,415

 
$
230,415

 
$
230,417

 
$
148,003

 
$
148,002

Buildings, improvements and fixtures
2,013,520

 
2,009,971

 
2,004,882

 
1,821,404

 
1,802,160

Construction in progress
20,848

 
9,433

 
4,375

 
2,531

 
6,336

 
2,264,783

 
2,249,819

 
2,239,674

 
1,971,938

 
1,956,498

Accumulated depreciation
(671,807
)
 
(654,631
)
 
(636,035
)
 
(618,644
)
 
(600,713
)
Total rental property, net
1,592,976

 
1,595,188

 
1,603,639

 
1,353,294

 
1,355,785

Cash and cash equivalents
16,906

 
15,241

 
10,482

 
5,450

 
2,691

Investments in unconsolidated joint ventures
171,040

 
140,214

 
136,922

 
162,094

 
133,982

Deferred lease costs and other intangibles, net
157,627

 
163,581

 
171,702

 
98,993

 
102,786

Deferred debt origination costs, net
10,276

 
10,818

 
7,275

 
7,921

 
8,534

Prepaids and other assets
81,068

 
81,414

 
71,943

 
69,205

 
63,353

Total assets
$
2,029,893

 
$
2,006,456

 
$
2,001,963

 
$
1,696,957

 
$
1,667,131

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Debt
 
 
 
 
 
 
 
 
 
Senior, unsecured notes, net of discounts
$
794,407

 
$
794,248

 
$
548,247

 
$
548,174

 
$
548,103

Unsecured term loans, net of discounts
267,141

 
267,104

 
267,065

 
259,528

 
259,491

Mortgages payable, including premiums
249,418

 
250,497

 
251,533

 
104,237

 
105,346

Unsecured lines of credit
46,900

 
16,200

 
259,000

 
213,100

 
174,917

Total debt
1,357,866

 
1,328,049

 
1,325,845

 
1,125,039

 
1,087,857

Construction trade payables
13,471

 
9,776

 
5,272

 
5,595

 
7,744

Accounts payable and accruals
46,401

 
49,686

 
48,400

 
34,806

 
37,957

Deferred financing obligation
28,388

 
28,388

 
28,388

 

 

Other liabilities
31,942

 
32,962

 
33,101

 
21,223

 
22,134

Total liabilities
1,478,068

 
1,448,861

 
1,441,006

 
1,186,663

 
1,155,692

Commitments and contingencies

 

 

 

 

Equity
 
 
 
 
 
 
 
 
 
Tanger Factory Outlet Centers, Inc.
 
 
 
 
 
 
 
 
 
Common shares
958

 
945

 
945

 
944

 
944

Paid in capital
793,059

 
788,984

 
785,515

 
771,265

 
768,702

Accumulated distributions in excess of net income
(272,085
)
 
(265,242
)
 
(262,173
)
 
(294,237
)
 
(289,880
)
Accumulated other comprehensive income
(5,515
)
 
(2,428
)
 
1,179

 
1,343

 
1,179

  Equity attributable to Tanger Factory Outlet
  Centers, Inc.
516,417

 
522,259

 
525,466

 
479,315

 
480,945

Equity attributable to noncontrolling interests
 
 
 
 
 
 
 
 
 
Noncontrolling interests in Operating Partnership
27,606

 
28,432

 
28,615

 
24,100

 
24,184

Noncontrolling interest in other consolidated partnerships
7,802

 
6,904

 
6,876

 
6,879

 
6,310

Total equity
551,825

 
557,595

 
560,957

 
510,294

 
511,439

Total liabilities and equity
$
2,029,893

 
$
2,006,456

 
$
2,001,963

 
$
1,696,957

 
$
1,667,131


11                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Consolidated Statements of Operations (dollars and shares in thousands)
 
 
 
Three Months Ended
 
YTD
 
3/31/14
 
12/31/13
 
9/30/13
 
6/30/13
 
3/31/13
 
 
3/31/14
 
3/31/13
REVENUES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Base rentals
$
66,976

 
$
68,811

 
$
64,301

 
$
61,046

 
$
59,244

 
 
$
66,976

 
$
59,244

Percentage rentals
2,083

 
4,295

 
3,084

 
1,855

 
2,017

 
 
2,083

 
2,017

Expense reimbursements
31,542

 
31,110

 
27,414

 
25,824

 
25,306

 
 
31,542

 
25,306

Other income
2,241

 
3,186

 
3,104

 
2,290

 
2,122

 
 
2,241

 
2,122

Total revenues
102,842

 
107,402

 
97,903

 
91,015

 
88,689

 
 
102,842

 
88,689

EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property operating
36,027

 
34,227

 
29,863

 
28,821

 
28,135

 
 
36,027

 
28,135

General and administrative
10,722

 
9,879

 
9,754

 
9,914

 
9,572

 
 
10,722

 
9,572

Acquisition costs
7

 
240

 
532

 
252

 
179

 
 
7

 
179

Abandoned pre-development costs
1,596

 

 

 

 

 
 
1,596

 

Depreciation and amortization
26,063

 
27,063

 
24,223

 
22,172

 
22,288

 
 
26,063

 
22,288

Total expenses
74,415

 
71,409

 
64,372

 
61,159

 
60,174

 
 
74,415

 
60,174

Operating income
28,427

 
35,993

 
33,531

 
29,856

 
28,515

 
 
28,427

 
28,515

Interest expense
(14,920
)
 
(13,790
)
 
(12,367
)
 
(12,583
)
 
(12,876
)
 
 
(14,920
)
 
(12,876
)
Gain on previously held interest in acquired joint venture

 

 
26,002

 

 

 
 

 

Income before equity in earnings of unconsolidated joint ventures
13,507

 
22,203

 
47,166

 
17,273

 
15,639

 
 
13,507

 
15,639

Equity in earnings of unconsolidated joint ventures
1,933

 
933

 
9,014

 
503

 
590

 
 
1,933

 
590

Net income
15,440

 
23,136

 
56,180

 
17,776

 
16,229

 
 
15,440

 
16,229

Noncontrolling interests in Operating Partnership
(803
)
 
(1,208
)
 
(2,787
)
 
(859
)
 
(789
)
 
 
(803
)
 
(789
)
Noncontrolling interests in other consolidated partnerships
(21
)
 
8

 
(99
)
 
(29
)
 
(1
)
 
 
(21
)
 
(1
)
Net income attributable to Tanger Factory Outlet Centers, Inc.
14,616

 
21,936

 
53,294

 
16,888

 
15,439

 
 
14,616

 
15,439

Allocation to participating securities
(429
)
 
(230
)
 
(609
)
 
(231
)
 
(194
)
 
 
(429
)
 
(194
)
Net income available to common shareholders
$
14,187

 
$
21,706

 
$
52,685

 
$
16,657

 
$
15,245

 
 
$
14,187

 
$
15,245

Basic earnings per common share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
0.15

 
$
0.23

 
$
0.56

 
$
0.18

 
$
0.16

 
 
$
0.15

 
$
0.16

Diluted earnings per common share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
0.15

 
$
0.23

 
$
0.56

 
$
0.18

 
$
0.16

 
 
$
0.15

 
$
0.16

Weighted average common shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
93,580

 
93,408

 
93,368

 
93,331

 
93,132

 
 
93,580

 
93,132

Diluted
93,649

 
94,354

 
94,300

 
94,207

 
94,043

 
 
93,649

 
94,043





12                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



FFO and FAD Analysis (dollars and shares in thousands)
 
 
 
Three Months Ended
 
YTD
 
3/31/14
 
12/31/13
 
9/30/13
 
6/30/13
 
3/31/13
 
 
3/31/14
 
3/31/13
Funds from operations:
 
 
 
 
 
 
 
 
 
 
 
 

 
 

Net income
$
15,440

 
$
23,136

 
$
56,180

 
$
17,776

 
$
16,229

 
 
$
15,440

 
$
16,229

Adjusted for -
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization uniquely significant to real estate - consolidated properties
25,702

 
26,717

 
23,888

 
21,867

 
22,043

 
 
25,702

 
22,043

Depreciation and amortization uniquely significant to real estate - unconsolidated joint ventures
2,605

 
2,954

 
2,861

 
3,431

 
3,173

 
 
2,605

 
3,173

Gain on previously held interest in acquired joint venture

 

 
(26,002
)
 

 

 
 

 

Funds from operations
43,747

 
52,807

 
56,927

 
43,074

 
41,445

 
 
43,747

 
41,445

FFO attributable to noncontrolling interests in other consolidated partnerships
(40
)
 
(12
)
 
(117
)
 
(66
)
 
(7
)
 
 
(40
)
 
(7
)
Allocation to participating securities
(864
)
 
(524
)
 
(614
)
 
(461
)
 
(425
)
 
 
(864
)
 
(425
)
Funds from operations available to
    common shareholders
$
42,843

 
$
52,271

 
$
56,196

 
$
42,547

 
$
41,013

 
 
$
42,843

 
$
41,013

Funds from operations per share
$
0.43

 
$
0.53

 
$
0.57

 
$
0.43

 
$
0.42

 
 
$
0.43

 
$
0.42

Funds available for distribution to common shareholders:
 
 

 
 

 
 
 
 
 

Funds from operations
$
42,843

 
$
52,271

 
$
56,196

 
$
42,547

 
$
41,013

 
 
$
42,843

 
$
41,013

Adjusted for -
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate depreciation excluded above
361

 
346

 
335

 
305

 
245

 
 
361

 
245

Amortization of finance costs
553

 
399

 
594

 
598

 
603

 
 
553

 
603

Amortization of net debt discount (premium)
(89
)
 
(119
)
 
(254
)
 
(252
)
 
(261
)
 
 
(89
)
 
(261
)
Amortization of share-based compensation
3,349

 
3,012

 
2,964

 
2,939

 
2,460

 
 
3,349

 
2,460

Straight line rent adjustment
(1,838
)
 
(1,461
)
 
(1,587
)
 
(1,393
)
 
(1,087
)
 
 
(1,838
)
 
(1,087
)
Market rent adjustment
669

 
752

 
235

 
181

 
(27
)
 
 
669

 
(27
)
2nd generation tenant allowances
(3,378
)
 
(5,081
)
 
(4,435
)
 
(5,442
)
 
(1,885
)
 
 
(3,378
)
 
(1,885
)
Capital improvements
(4,209
)
 
(2,187
)
 
(3,404
)
 
(6,735
)
 
(2,882
)
 
 
(4,209
)
 
(2,882
)
Adjustments from unconsolidated joint ventures
(218
)
 
47

 
(4,711
)
 
(220
)
 
(30
)
 
 
(218
)
 
(30
)
Funds available for distribution
$
38,043

 
$
47,979

 
$
45,933

 
$
32,528

 
$
38,149

 
 
$
38,043

 
$
38,149

Funds available for distribution
   per share
$
0.39

 
$
0.48

 
$
0.46

 
$
0.33

 
$
0.39

 
 
$
0.39

 
$
0.39

Dividends paid per share
$
0.225

 
$
0.225

 
$
0.225

 
$
0.225

 
$
0.210

 
 
$
0.225

 
$
0.210

FFO payout ratio
52
%
 
43
%
 
40
%
 
53
%
 
50
%
 
 
52
%
 
50
%
FAD payout ratio
58
%
 
48
%
 
50
%
 
70
%
 
54
%
 
 
58
%
 
54
%
Diluted weighted average common shs.
98,789

 
99,499

 
99,178

 
98,955

 
98,798

 
 
98,789

 
98,798


13                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014




Unconsolidated Joint Venture Information

The following table details certain information as of March 31, 2014, except for Net Operating Income ("NOI") which is for the three months ended March 31, 2014, about various unconsolidated real estate joint ventures in which we have an ownership interest (dollars in millions):
Joint Venture
 
Center Location
 
Ownership %
 
Square Feet
 
Tanger's Share of Total Assets
 
Tanger's Share of NOI
 
Tanger's Share of Debt
Charlotte (1)
 
Charlotte, NC
 
50.0
%
 

 
$
23.4

 
$

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
Galveston/Houston
 
Texas City, TX
 
50.0
%
 
352,705

 
39.5

 
1.2

 
32.5

 
 
 
 
 
 
 
 
 
 
 
 
 
National Harbor
 
Washington D.C.
Metro Area
 
50.0
%
 
338,786

 
52.0

 
1.4

 
30.5

 
 
 
 
 
 
 
 
 
 
 
 
 
RioCan Canada (2)
 
Various
 
50.0
%
 
432,448

 
99.4

 
0.9

 
8.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Savannah (1)
 
Savannah, GA
 
50.0
%
 

 
21.8

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
Westgate
 
Glendale, AZ
 
58.0
%
 
331,739

 
41.6

 
1.1

 
25.3

 
 
 
 
 
 
 
 
 
 
 
 
 
Wisconsin Dells
 
Wisconsin Dells, WI
 
50.0
%
 
265,086

 
15.0

 
0.6

 
12.1

 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
0.2

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
$
292.9

 
$
5.2

 
$
109.0

(1)
Center is currently under development.
(2)
Includes a 155,302 square foot center in Cookstown, Ontario that was acquired in December of 2011, a 161,449 square foot center in Bromont, Quebec and a 115,697 square foot center in Saint-Sauveur, Quebec, both of which were acquired in November of 2012, as well as investments related to the construction and development of an outlet center in Ottawa, Ontario, an expansion of the outlet center in Cookstown, Ontario, and due diligence costs for additional potential sites in Canada.






14                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Pro Rata Balance Sheet (dollars in thousands)
 
Consolidated
 
Noncontrolling interests

Company

Prorata portion unconsolidated joint ventures

Prorata balance sheet
ASSETS
 
 
 
 
 
 
 
 
 
Rental property
 
 
 
 
 
 
 
 
 
Land
$
230,415

 
$
(469
)
 
$
229,946

 
$
33,604

 
$
263,550

Buildings, improvements and fixtures
2,013,520

 
(6,585
)
 
2,006,935

 
167,165

 
2,174,100

Construction in progress
20,848

 
(903
)
 
19,945

 
80,117

 
100,062

 
2,264,783

 
(7,957
)
 
2,256,826

 
280,886

 
2,537,712

Accumulated depreciation
(671,807
)
 
690

 
(671,117
)
 
(17,120
)
 
(688,237
)
Total rental property, net
1,592,976

 
(7,267
)
 
1,585,709

 
263,766

 
1,849,475

Cash and cash equivalents
16,906

 

 
16,906

 
11,794

 
28,700

Investments in unconsolidated joint ventures
171,040

 
(535
)
 
170,505

 
(170,505
)
 

Deferred lease costs and other intangibles, net
157,627

 

 
157,627

 
11,271

 
168,898

Deferred debt origination costs, net
10,276

 

 
10,276

 
1,010

 
11,286

Prepaids and other assets
81,068

 

 
81,068

 
7,310

 
88,378

Total assets
$
2,029,893

 
$
(7,802
)
 
$
2,022,091

 
$
124,646

 
$
2,146,737

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Debt
 
 
 
 
 
 
 
 
 
Senior, unsecured notes, net of discounts
$
794,407

 
$

 
$
794,407

 
$

 
$
794,407

Unsecured term loans, net of discounts
267,141

 

 
267,141

 

 
267,141

Mortgages payable, including premiums
249,418

 

 
249,418

 
108,952

 
358,370

Unsecured lines of credit
46,900

 

 
46,900

 

 
46,900

Total debt
1,357,866

 

 
1,357,866

 
108,952

 
1,466,818

Construction trade payables
13,471

 

 
13,471

 
10,469

 
23,940

Accounts payable and accruals
46,401

 

 
46,401

 
5,225

 
51,626

Deferred financing obligation
28,388

 

 
28,388

 

 
28,388

Other liabilities
31,942

 

 
31,942

 

 
31,942

Total liabilities
1,478,068

 

 
1,478,068

 
124,646

 
1,602,714

Commitments and contingencies

 

 

 

 

Equity
 
 
 
 
 
 
 
 
 
Tanger Factory Outlet Centers, Inc.
 
 
 
 
 
 
 
 
 
Common shares
958

 

 
958

 

 
958

Paid in capital
793,059

 
 
 
793,059

 

 
793,059

Accumulated distributions in excess of net income
(272,085
)
 

 
(272,085
)
 

 
(272,085
)
Accumulated other comprehensive income
(5,515
)
 

 
(5,515
)
 

 
(5,515
)
Equity attributable to Tanger Factory Outlet Centers, Inc.
516,417

 

 
516,417

 

 
516,417

Equity attributable to noncontrolling interests
 
 
 
 


 
 
 


Noncontrolling interests in Operating Partnership
27,606

 

 
27,606

 

 
27,606

Noncontrolling interest in other consolidated partnerships
7,802

 
(7,802
)
 

 

 

Total equity
551,825

 
(7,802
)
 
544,023

 

 
544,023

Total liabilities and equity
$
2,029,893

 
$
(7,802
)
 
$
2,022,091

 
$
124,646

 
$
2,146,737


15                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Pro Rata Statement of Operations (dollars in thousands)
 
 
 
 
 
Consolidated
 
Noncontrolling interests

Company

Prorata portion unconsolidated joint ventures

Prorata statement of operations
REVENUES
 
 
 
 
 
 
 
 
 
Base rentals
$
66,976

 
$
(146
)
 
$
66,830

 
$
5,231

 
$
72,061

Percentage rentals
2,083

 
(3
)
 
2,080

 
177

 
2,257

Expense reimbursements
31,542

 
(57
)
 
31,485

 
2,863

 
34,348

Other income
2,241

 
(2
)
 
2,239

 
357

 
2,596

Total revenues
102,842

 
(208
)
 
102,634

 
8,628

 
111,262

EXPENSES
 
 
 
 
 
 
 
 
 
Property operating
36,027

 
(72
)
 
35,955

 
3,407

 
39,362

General and administrative
10,722

 
(1
)
 
10,721

 
73

 
10,794

Acquisition costs
7

 

 
7

 

 
7

Abandoned pre-development costs
1,596

 

 
1,596

 

 
1,596

Depreciation and amortization
26,063

 
(98
)
 
25,965

 
2,593

 
28,558

Total expenses
74,415

 
(171
)
 
74,244

 
6,073

 
80,317

Operating income
28,427

 
(37
)
 
28,390

 
2,555

 
30,945

Interest expense
(14,920
)
 
31

 
(14,889
)
 
(637
)
 
(15,526
)
Income before equity in earnings of unconsolidated joint ventures
13,507

 
(6
)
 
13,501

 
1,918

 
15,419

Equity in earnings of unconsolidated joint ventures
1,933

 
(15
)
 
1,918

 
(1,918
)
 

Net income
15,440

 
(21
)
 
15,419

 

 
15,419

Noncontrolling interests in Operating Partnership
(803
)
 

 
(803
)
 

 
(803
)
Noncontrolling interests in other consolidated partnerships
(21
)
 
21

 

 

 

Net income attributable to Tanger Factory Outlet Centers, Inc.
14,616

 

 
14,616

 

 
14,616

Allocation to participating securities
(429
)
 

 
(429
)
 

 
(429
)
Net income available to common shareholders
$
14,187

 
$

 
$
14,187

 
$

 
$
14,187



16                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



External Growth Pipeline Summary
Represents Tanger's expectations as of April 29, 2014

Project/Market
Approximate
Size (000 SF)
Projected
Total Cost
(Millions)
Tanger
Share
Projected
Return
Projected
Opening
 
 
 
 
 
 
 
UNITED STATES:
 
 
 
 
 
New development
 
 
 
 
 
Charlotte, NC
400
$85 - $95
50%
9.5% - 10.5%
3Q 2014
Foxwoods, Mashantucket, CT (2)
314
$110 - $120
67%
(1)
2Q 2015
Columbus, OH
350
$75 - $85
50%
(1)
1H 2015
Savannah, GA (2)
385
$105 - $115
50%
(1)
2Q 2015
Grand Rapids, MI
350
$80 - $90
100%
(1)
2H 2015
 
 
 
 
 
 
 
Expansions
 
 
 
 
 
Park City, UT
21
$5.5 - $6.5
100%
9.5% - 10.5%
3Q 2014
Branson, MO
25
$8 - $9
100%
9% - 10%
4Q 2014
Glendale, AZ (Westgate)
65
$17 - $19
58%
9.5% - 10.5%
4Q 2014
 
 
 
 
 
 
 
CANADA:
 
 
 
 
 
New development
 
 
 
 
 
Kanata, ON (Ottawa)
303
$115 - $120
50%
8% - 9%
4Q 2014
 
 
 
 
 
 
 
Expansions
 
 
 
 
 
Cookstown, ON (N. Toronto)
153
$65 - $75
50%
5.5% - 6.5%
4Q 2014
 
 
 
 
 
 
 
 
(1)
While actual returns for individual projects may vary, the company's current targeted stabilized return on cost for development projects is 9% - 11% in the US and 8% - 10% in Canada.
(2)
Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than indicated in the Tanger Share column, which in this case, states the company's legal interest in this venture. The company's economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales.
 
 
 
 
 
 
 
Company estimates, projections and judgments with respect to approximate size, projected total cost, Tanger share, projected return, and return on cost for development and expansion projects are subject to adjustment prior to and during the development process. There are risks inherent to real estate development, some of which are not under the direct control of the company. Please refer to the company's filings with the Securities and Exchange Commission on Form 10-K and Form 10-Q for a discussion of these risks.




17                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Debt Outstanding Summary (dollars in thousands)
As of March 31, 2014
 
Principal
Balance
 
Stated
Interest Rate
 
Effective Interest Rate
 
Maturity
Date
Unsecured debt:
 

 
 
 
 
 
 
Unsecured lines of credit (1)
$
46,900

 
LIBOR + 1.00%

 
 
 
10/24/2017
2015 Senior unsecured notes
250,000

 
6.15%

 
 
 
11/15/2015
2020 Senior unsecured notes
300,000

 
6.125%

 
 
 
6/1/2020
2023 Senior unsecured notes
250,000

 
3.875
%
 
 
 
12/1/2023
Unsecured term loan
250,000

 
LIBOR + 1.60%

 
 
 
2/23/2019
Unsecured term note
7,500

 
LIBOR + 1.30%

 
 
 
8/28/2017
Unsecured note
10,000

 
1.50%

 
3.153
%
 
6/30/2016
Net debt discounts
(5,952
)
 
 

 
 
 
 
Total unsecured debt
$
1,108,448

 
 

 
 
 
 
Secured mortgage debt:
 
 
 
 
 
 
 
Atlantic City, NJ (including premium of $3,992) (2)
$
51,906

 
5.14% - 7.65%

 
5.05
%
 
11/15/2021 - 12/15/2026
Deer Park, NY (net of discount of $1,398) (3)
148,601

 
LIBOR + 1.50%

 
2.80
%
 
8/30/2018
Hershey, PA (including premium of $847) (2)
30,641

 
5.17% - 8.00%

 
3.40
%
 
8/1/2015
Ocean City, MD (including premium of $170) (2)
18,270

 
5.24%

 
4.68
%
 
1/6/2016
Total secured mortgage debt
$
249,418

 
 
 
 
 
 
Tanger's share of unconsolidated JV debt:
 

 
 

 
 
 
 
Galveston/Houston (4)
$
32,500

 
LIBOR + 1.50%

 
 
 
7/01/2017
National Harbor (5)
30,478

 
LIBOR + 1.65%

 
 
 
5/16/2016
RioCan Canada (including premium of $538) (6)
8,578

 
5.10% - 5.75%

 
3.93% - 4.18%

 
6/22/2015 - 5/10/2020
Westgate (7)
25,271

 
LIBOR + 1.75%

 
 
 
6/27/2015
Wisconsin Dells (8)
12,125

 
LIBOR + 2.25%

 
 
 
12/17/2022
Total Tanger's share of unconsolidated JV debt
$
108,952

 
 

 
 
 
 
(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 October 24, 2017 with the option to further extend the maturity for one additional year. Facility fees of 15 basis points annually are charged in arrears based on the full 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)
On August 30, 2013, as part of the acquisition of a controlling interest in Deer Park, we assumed an interest-only mortgage loan that has a 5 year term and carries an interest rate of LIBOR + 1.50%. In October 2013, we entered into interest rate swap agreements that fix the base LIBOR rate at an average of 1.30%, creating a contractual interest rate of 2.80%.

(4)
In July 2013, the joint venture closed on a $70.0 million mortgage loan with a rate of LIBOR + 1.50% and a maturity date of July 1, 2017, with the option to extend the maturity for one additional year. As of March 31, 2014, the balance on the loan was $65 million.

(5)
In May 2013, the joint venture closed on a construction loan with the ability to borrow up to $62.0 million, which carries an interest rate of LIBOR + 1.65%. As of March 31, 2014, the balance on the loan was $61.0 million.


18                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



(6)
Represents the mortgages assumed related to the acquisition of the Saint-Sauveur, Quebec property by the RioCan co-owners in November 2012. The mortgages have a balance of $16.1 million and carry a weighted average interest rate of 5.7% and mature in 2015 and 2020, respectively.

(7)
In June 2012, the joint venture closed on a construction loan with the ability to borrow up to $48.3 million, which carries an interest rate of LIBOR + 1.75%. As of March 31, 2014, the balance on the loan was $43.6 million.

(8)
In December 2012, the joint venture closed on the refinance of its $24.3 million mortgage loan which had an initial maturity date of December 17, 2012. The refinanced interest-only, non-recourse mortgage loan has a 10 year term and carries an interest rate of LIBOR + 2.25%.



19                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



Future Scheduled Principal Payments (dollars in thousands)
As of March 31, 2014
Year
Tanger
Consolidated
Payments
 
Tanger's Share
of Unconsolidated
JV Payments
 
Total
Scheduled
Payments
2014
2,712

 
238

 
2,950

2015
282,343

 
25,582

 
307,925

2016
30,283

 
31,552

 
61,835

2017 (1)
57,408

 
32,825

 
90,233

2018
153,184

 
345

 
153,529

2019
253,369

 
365

 
253,734

2020
303,566

 
5,382

 
308,948

2021
5,793

 

 
5,793

2022
4,436

 
12,125

 
16,561

2023
254,768

 

 
254,768

2024 & thereafter
12,345

 

 
12,345

 
$
1,360,207

 
$
108,414

 
$
1,468,621

Net Discount on Debt
(2,341
)
 
538

 
(1,803
)
 
$
1,357,866

 
$
108,952

 
$
1,466,818

Senior Unsecured Notes Financial Covenants (2) 
As of March 31, 2014
 
Required
 
Actual
 
Compliance
Total Consolidated Debt to Adjusted Total Assets
<60%
 
48
%
 
Yes
Total Secured Debt to Adjusted Total Assets
<40%
 
9
%
 
Yes
Total Unencumbered Assets to Unsecured Debt
>150%
 
184
%
 
Yes
Consolidated Income Available for Debt Service to Annual Debt Service Charge
>1.5
 
4.56

 
Yes
(1)
Includes balances of $46.9 million outstanding under the company's unsecured lines of credit.
(2)
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.


20                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014



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) 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


21                
Supplemental Operating and Financial Data for the
Quarter Ended 3/31/2014
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