10-Q

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 1-11986 (Tanger Factory Outlet Centers, Inc.)

Commission file number 333-3526-01 (Tanger Properties Limited Partnership)

TANGER FACTORY OUTLET CENTERS, INC.

TANGER PROPERTIES LIMITED PARTNERSHIP

(Exact name of Registrant as specified in its charter)

North Carolina (Tanger Factory Outlet Centers, Inc.)	56-1815473
North Carolina (Tanger Properties Limited Partnership)	56-1822494
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
3200 Northline Avenue, Suite 360, Greensboro, NC 27408
(Address of principal executive offices)
(336) 292-3010
(Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Tanger Factory Outlet Centers, Inc.	Yes xNoo
Tanger Properties Limited Partnership	YesxNo o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Tanger Factory Outlet Centers, Inc.	YesxNoo
Tanger Properties Limited Partnership	YesxNoo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer: and “smaller reporting company” (as defined in Rule 12b-2 of the Securities and Exchange Act of 1934).

Tanger Factory Outlet Centers, Inc.
x Large accelerated filer	o Accelerated filer	o Non-accelerated filer	o Smaller reporting company

Tanger Properties Limited Partnership
o Large accelerated filer	o Accelerated filer	x Non-accelerated filer	o Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act).

Tanger Factory Outlet Centers, Inc.	Yes o Nox
Tanger Properties Limited Partnership	Yes o  Nox

As of May 2, 2016, there were 96,127,107 common shares of Tanger Factory Outlet Centers, Inc. outstanding, $.01 par value.

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2016 of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership. Unless the context indicates otherwise, the term "Company", refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term "Operating Partnership" refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires.

Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through its controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. The outlet centers and other assets are held by, and all of the operations are conducted by, the Operating Partnership and its subsidiaries. Accordingly, the descriptions of the business, employees and properties of the Company are also descriptions of the business, employees and properties of the Operating Partnership. As the Operating Partnership is the issuer of our registered debt securities, we are required to present a separate set of financial statements for this entity.

The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of March 31, 2016, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 96,126,507 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 5,052,743 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's status as a REIT. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

Management operates the Company and the Operating Partnership as one enterprise. The management of the Company consists of the same members as the management of the Operating Partnership. These individuals are officers of the Company and employees of the Operating Partnership. The individuals that comprise the Company's Board of Directors are also the same individuals that make up Tanger GP Trust's Board of Trustees.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:

• enhancing investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

• eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

• creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

2

There are only a few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this report. We believe it is important, however to understand these differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated consolidated company.

As stated above, the Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership through its wholly-owned subsidiaries, the Tanger GP Trust and Tanger LP Trust. As a result, the Company does not conduct business itself, other than issuing public equity from time to time and incurring expenses required to operate as a public company. However, all operating expenses incurred by the Company are reimbursed by the Operating Partnership, thus the only material item on the Company's income statement is its equity in the earnings of the Operating Partnership. Therefore, the assets and liabilities and the revenues and expenses of the Company and the Operating Partnership are the same on their respective financial statements, except for immaterial differences related to cash, other assets and accrued liabilities that arise from public company expenses paid by the Company. The Company itself does not hold any indebtedness but does guarantee certain debt of the Operating Partnership, as disclosed in this report.

The Operating Partnership holds all of the outlet centers and other assets, including the ownership interests in consolidated and unconsolidated joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by the Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required through its operations, its incurrence of indebtedness or through the issuance of partnership units.

Noncontrolling interests, shareholder's equity and partners' capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership held by the Non-Company LPs are accounted for as partners' capital in the Operating Partnership's financial statements and as noncontrolling interests in the Company's financial statements.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections, as applicable, for each of the Company and the Operating Partnership:

•Consolidated financial statements;

•The following notes to the consolidated financial statements:

• Debt of the Company and the Operating Partnership;

• Shareholders' Equity and Partners' Equity;

• Earnings Per Share and Earnings Per Unit;

• Accumulated Other Comprehensive Income of the Company and the Operating Partnership;

• Liquidity and Capital Resources in the Management's Discussion and Analysis of Financial Condition and Results of Operations.

This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

The separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership.

3

The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

4

TANGER FACTORY OUTLET CENTERS, INC. AND TANGER PROPERTIES LIMITED PARTNERSHIP

Index

	Page Number
Part I. Financial Information
Item 1.
FINANCIAL STATEMENTS OF TANGER FACTORY OUTLET CENTERS, INC. (Unaudited)
Consolidated Balance Sheets - as of March 31, 2016 and December 31, 2015	6
Consolidated Statements of Operations - for the three months ended March 31, 2016 and 2015	7
Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2016 and 2015	8
Consolidated Statements of Shareholders' Equity - for the three months ended March 31, 2016 and 2015	9
Consolidated Statements of Cash Flows - for the for the three months ended March 31, 2016 and 2015	11
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
Consolidated Balance Sheets - as of March 31, 2016 and December 31, 2015	12
Consolidated Statements of Operations - for the three months ended March 31, 2016 and 2015	13
Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2016 and 2015	14
Consolidated Statements of Equity - for the three months ended March 31, 2016 and 2015	15
Consolidated Statements of Cash Flows - for the for the three months ended March 31, 2016 and 2015	16
Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership	17
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3. Quantitative and Qualitative Disclosures about Market Risk	57
Item 4. Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership)	59
Part II. Other Information
Item 1. Legal Proceedings	60
Item 1A. Risk Factors	60
Item 4. Mine Safety Disclosure	60
Item 6. Exhibits	61
Signatures	62

5

PART I. - FINANCIAL INFORMATION

Item 1 - Financial Statements of Tanger Factory Outlet Centers, Inc.

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data, unaudited)

	March 31, 2016			December 31, 2015
Assets
Rental property
Land	$	235,622		$	240,267
Buildings, improvements and fixtures	2,219,955			2,249,417
Construction in progress	42,287			23,533
	2,497,864			2,513,217
Accumulated depreciation	(749,325		)	(748,341		)
Total rental property, net	1,748,539			1,764,876
Cash and cash equivalents	18,877			21,558
Restricted cash	—			121,306
Investments in unconsolidated joint ventures	218,732			201,083
Deferred lease costs and other intangibles, net	123,404			127,089
Prepaids and other assets	81,054			78,913
Total assets	$	2,190,606		$	2,314,825
Liabilities and Equity
Liabilities
Debt
Senior, unsecured notes, net	$	789,635		$	789,285
Unsecured term loans, net	258,540			265,832
Mortgages payable, net	167,603			310,587
Unsecured lines of credit, net	259,890			186,220
Total debt	1,475,668			1,551,924
Accounts payable and accrued expenses	67,608			97,396
Deferred financing obligation	—			28,388
Other liabilities	31,758			31,085
Total liabilities	1,575,034			1,708,793
Commitments and contingencies	—			—
Equity
Tanger Factory Outlet Centers, Inc.
Common shares, $.01 par value, 300,000,000 shares authorized, 96,126,507 and 95,880,825 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	961			959
Paid in capital	808,779			806,379
Accumulated distributions in excess of net income	(195,654		)	(195,486		)
Accumulated other comprehensive loss	(29,814		)	(36,715		)
Equity attributable to Tanger Factory Outlet Centers, Inc.	584,272			575,137
Equity attributable to noncontrolling interests
Noncontrolling interests in Operating Partnership	30,711			30,309
Noncontrolling interests in other consolidated partnerships	589			586
Total equity	615,572			606,032
Total liabilities and equity	$	2,190,606		$	2,314,825

The accompanying notes are an integral part of these consolidated financial statements.

6

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share data, unaudited)

	Three months ended March 31,
	2016			2015
Revenues
Base rentals	$	72,623		$	67,629
Percentage rentals	2,150			2,229
Expense reimbursements	33,242			33,364
Management, leasing and other services	1,121			1,283
Other income	1,669			1,421
Total revenues	110,805			105,926
Expenses
Property operating	37,874			37,732
General and administrative	11,565			11,305
Depreciation and amortization	26,567			23,989
Total expenses	76,006			73,026
Operating income	34,799			32,900
Other income/(expense)
Interest expense	(14,884		)	(13,089		)
Gain on sale of assets and interests in unconsolidated joint ventures	4,887			13,726
Other nonoperating income	316			306
Income before equity in earnings of unconsolidated joint ventures	25,118			33,843
Equity in earnings of unconsolidated joint ventures	3,499			2,543
Net income	28,617			36,386
Noncontrolling interests in Operating Partnership	(1,444		)	(1,855		)
Noncontrolling interests in other consolidated partnerships	(23		)	(19		)
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	27,150		$	34,512
Basic earnings per common share
Net income	$	0.28		$	0.36
Diluted earnings per common share
Net income	$	0.28		$	0.36
Dividends declared per common share	$	0.285		$	0.240

The accompanying notes are an integral part of these consolidated financial statements.

7

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)

	Three months ended March 31,
	2016			2015
Net income	$	28,617		$	36,386
Other comprehensive income (loss)
Foreign currency translation adjustments	8,654			(11,076		)
Change in fair value of cash flow hedges	(1,386		)	(1,287		)
Other comprehensive income (loss)	7,268			(12,363		)
Comprehensive income	35,885			24,023
Comprehensive income attributable to noncontrolling interests	(1,834		)	(1,243		)
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc.	$	34,051		$	22,780

The accompanying notes are an integral part of these consolidated financial statements.

8

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In thousands, except share and per share data, unaudited)

	Common shares		Paid in capital			Accumulated distributions in excess of earnings			Accumulated other comprehensive loss			Total Tanger Factory Outlet Centers, Inc. equity			Noncontrolling interests in Operating Partnership			Noncontrolling interests in other consolidated partnerships			Total  equity
Balance, December 31, 2014	$	955	$	791,566		$	(281,679	)	$	(14,023	)	$	496,819		$	26,417		$	650		$	523,886
Net income	—		—			34,512			—			34,512			1,855			19			36,386
Other comprehensive loss	—		—			—			(11,732		)	(11,732		)	(631		)	—			(12,363		)
Compensation under Incentive Award Plan	—		3,801			—			—			3,801			—			—			3,801
Issuance of 8,300 common shares upon exercise of options	—		233			—			—			233			—			—			233
Issuance of 348,844 restricted common shares	3		(3		)	—			—			—			—			—			—
Withholding of 30,578 common shares for employee income taxes	—		(1,084		)	—			—			(1,084		)	—			—			(1,084		)
Adjustment for noncontrolling interests in Operating Partnership	—		(59		)	—			—			(59		)	59			—			—
Adjustment for noncontrolling interests in other consolidated partnerships	—		198			—			—			198			—			(1		)	197
Common dividends ($0.240 per share)	—		—			(22,957		)	—			(22,957		)	—			—			(22,957		)
Distributions to noncontrolling interests	—		—			—			—			—			(1,219		)	(29		)	(1,248		)
Balance, March 31, 2015	$	958	$	794,652		$	(270,124	)	$	(25,755	)	$	499,731		$	26,481		$	639		$	526,851
The accompanying notes are an integral part of these consolidated financial statements.

9

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands, except share and per share data, unaudited)
	Common shares			Paid in capital			Accumulated distributions in excess of earnings			Accumulated other comprehensive loss			Total Tanger Factory Outlet Centers, Inc. equity			Noncontrolling interests in Operating Partnership			Noncontrolling interests in other consolidated partnerships			Total  equity
Balance, December 31, 2015	$	959		$	806,379		$	(195,486	)	$	(36,715	)	$	575,137		$	30,309		$	586		$	606,032
Net income	—			—			27,150			—			27,150			1,444			23			28,617
Other comprehensive income	—			—			—			6,901			6,901			367			—			7,268
Compensation under Incentive Award Plan	—			4,230			—			—			4,230			—			—			4,230
Issuance of 4,500 common shares upon exercise of options	—			123			—			—			123			—			—			123
Issuance of 277,524 restricted common shares	3			(3		)	—			—			—			—			—			—
Issuance of 24,040 deferred shares	—			—			—			—			—			—			—			—
Withholding of 60,382 common shares for employee income taxes	(1		)	(1,920		)	—			—			(1,921		)	—			—			(1,921		)
Adjustment for noncontrolling interests in Operating Partnership	—			(31		)	—			—			(31		)	31			—			—
Adjustment for noncontrolling interests in other consolidated partnerships	—			1			—			—			1			—			(1		)	—
Common dividends ($.285 per share)	—			—			(27,318		)	—			(27,318		)	—			—			(27,318		)
Distributions to noncontrolling interests	—			—			—			—			—			(1,440		)	(19		)	(1,459		)
Balance, March 31, 2016	$	961		$	808,779		$	(195,654	)	$	(29,814	)	$	584,272		$	30,711		$	589		$	615,572

The accompanying notes are an integral part of these consolidated financial statements.

10

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

	Three months ended
	March 31,
	2016			2015
OPERATING ACTIVITIES
Net income	$	28,617		$	36,386
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,567			23,989
Amortization of deferred financing costs	744			599
Gain on sale of assets and interests in unconsolidated entities	(4,887		)	(13,726		)
Equity in earnings of unconsolidated joint ventures	(3,499		)	(2,543		)
Share-based compensation expense	4,001			3,613
Amortization of debt (premiums) and discounts, net	959			14
Amortization (accretion) of market rent rate adjustments, net	664			916
Straight-line rent adjustments	(1,607		)	(1,269		)
Distributions of cumulative earnings from unconsolidated joint ventures	2,709			2,719
Changes in other assets and liabilities:
Other assets	732			1,885
Accounts payable and accrued expenses	(969		)	1,806
Net cash provided by operating activities	54,031			54,389
INVESTING ACTIVITIES
Additions to rental property	(34,896		)	(51,044		)
Additions to investments in unconsolidated joint ventures	(12,161		)	(16,419		)
Net proceeds on sale of assets and interests in unconsolidated entities	25,785			15,495
Change in restricted cash	121,306			—
Proceeds from insurance reimbursements	72			103
Additions to non-real estate assets	(2,144		)	(208		)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,394			4,837
Additions to deferred lease costs	(1,520		)	(2,338		)
Net cash provided by (used in) investing activities	100,836			(49,574		)
FINANCING ACTIVITIES
Cash dividends paid	(47,447		)	(22,957		)
Distributions to noncontrolling interests in Operating Partnership	(2,501		)	(1,219		)
Proceeds from debt issuances	327,342			118,341
Repayments of debt	(405,246		)	(99,742		)
Repayment of deferred financing obligation	(28,388		)	—
Employee income taxes paid related to shares withheld upon vesting of equity awards	(1,921		)	(1,084		)
Distributions to noncontrolling interests in other consolidated partnerships	(19		)	(29		)
Additions to deferred financing costs	(82		)	(191		)
Proceeds from exercise of options	123			233
Net cash used in financing activities	(158,139		)	(6,648		)
Effect of foreign currency rate changes on cash and cash equivalents	591			(381		)
Net decrease in cash and cash equivalents	(2,681		)	(2,214		)
Cash and cash equivalents, beginning of period	21,558			16,875
Cash and cash equivalents, end of period	$	18,877		$	14,661

The accompanying notes are an integral part of these consolidated financial statements.

11

Item 1 - Financial Statements of Tanger Properties Limited Partnership

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except unit data, unaudited)

	March 31, 2016			December 31, 2015
Assets
Rental property
Land	$	235,622		$	240,267
Buildings, improvements and fixtures	2,219,955			2,249,417
Construction in progress	42,287			23,533
	2,497,864			2,513,217
Accumulated depreciation	(749,325		)	(748,341		)
Total rental property, net	1,748,539			1,764,876
Cash and cash equivalents	18,830			21,552
Restricted cash	—			121,306
Investments in unconsolidated joint ventures	218,732			201,083
Deferred lease costs and other intangibles, net	123,404			127,089
Prepaids and other assets	80,820			78,248
Total assets	$	2,190,325		$	2,314,154
Liabilities and Equity
Liabilities
Debt
Senior, unsecured notes, net	$	789,635		$	789,285
Unsecured term loans, net	258,540			265,832
Mortgages payable, net	167,603			310,587
Unsecured lines of credit, net	259,890			186,220
Total debt	1,475,668			1,551,924
Accounts payable and accrued expenses	67,327			96,725
Deferred financing obligation	—			28,388
Other liabilities	31,758			31,085
Total liabilities	1,574,753			1,708,122
Commitments and contingencies	—			—
Equity
Partners' Equity
General partner, 1,000,000 units outstanding at March 31, 2016 and December 31, 2015	5,724			5,726
Limited partners, 5,052,743 Class A common units, and 95,126,507 and 94,880,825 Class B common units outstanding at March 31, 2016 and December 31, 2015, respectively	640,693			638,422
Accumulated other comprehensive loss	(31,434		)	(38,702		)
Total partners' equity	614,983			605,446
Noncontrolling interests in consolidated partnerships	589			586
Total equity	615,572			606,032
Total liabilities and equity	$	2,190,325		$	2,314,154

The accompanying notes are an integral part of these consolidated financial statements.

12

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data, unaudited)

	Three months ended March 31,
	2016			2015
Revenues
Base rentals	$	72,623		$	67,629
Percentage rentals	2,150			2,229
Expense reimbursements	33,242			33,364
Management, leasing and other services	1,121			1,283
Other income	1,669			1,421
Total revenues	110,805			105,926
Expenses
Property operating	37,874			37,732
General and administrative	11,565			11,305
Depreciation and amortization	26,567			23,989
Total expenses	76,006			73,026
Operating income	34,799			32,900
Other income/(expense)
Interest expense	(14,884		)	(13,089		)
Gain on sale of assets and interests in unconsolidated joint ventures	4,887			13,726
Other nonoperating income	316			306
Income before equity in earnings of unconsolidated joint ventures	25,118			33,843
Equity in earnings of unconsolidated joint ventures	3,499			2,543
Net income	28,617			36,386
Noncontrolling interests in consolidated partnerships	(23		)	(19		)
Net income available to partners	28,594			36,367
Net income available to limited partners	28,311			36,007
Net income available to general partner	$	283		$	360
Basic earnings per common unit
Net income	$	0.28		$	0.36
Diluted earnings per common unit
Net income	$	0.28		$	0.36
Distribution declared per common unit	$	0.285		$	0.240

The accompanying notes are an integral part of these consolidated financial statements.

13

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)

	Three months ended March 31,
	2016			2015
Net income	$	28,617		$	36,386
Other comprehensive income (loss)
Foreign currency translation adjustments	8,654			(11,076		)
Changes in fair value of cash flow hedges	(1,386		)	(1,287		)
Other comprehensive income (loss)	7,268			(12,363		)
Comprehensive income	35,885			24,023
Comprehensive income attributable to noncontrolling interests in consolidated partnerships	(23		)	(19		)
Comprehensive income attributable to the Operating Partnership	$	35,862		$	24,004

The accompanying notes are an integral part of these consolidated financial statements.

14

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except unit and per unit data, unaudited)

	General partner			Limited partners			Accumulated other comprehensive loss			Total partners' equity			Noncontrolling interests in consolidated partnerships			Total equity
Balance, December 31, 2014	$	4,828		$	533,199		$	(14,791	)	$	523,236		$	650		$	523,886
Net income	360			36,007			—			36,367			19			36,386
Other comprehensive loss	—			—			(12,363		)	(12,363		)	—			(12,363		)
Compensation under Incentive Award Plan	—			3,801			—			3,801			—			3,801
Issuance of 8,300 common units upon exercise of options	—			233			—			233			—			233
Issuance of 348,844 restricted common units	—			—			—			—			—			—
Withholding of 30,578 common units for employee income taxes	—			(1,084		)	—			(1,084		)	—			(1,084		)
Adjustments for noncontrolling interests in consolidated partnerships	—			198			—			198			(1		)	197
Common distributions ($.240 per common unit)	(240		)	(23,936		)	—			(24,176		)	—			(24,176		)
Distributions to noncontrolling interests	—			—			—			—			(29		)	(29		)
Balance, March 31, 2015	$	4,948		$	548,418		$	(27,154	)	$	526,212		$	639		$	526,851
	General partner			Limited partners			Accumulated other comprehensive loss			Total partners' equity			Noncontrolling interests in consolidated partnerships			Total equity
Balance, December 31, 2015	$	5,726		$	638,422		$	(38,702	)	$	605,446		$	586		$	606,032
Net income	283			28,311			—			28,594			23			28,617
Other comprehensive income	—			—			7,268			7,268			—			7,268
Compensation under Incentive Award Plan	—			4,230			—			4,230			—			4,230
Issuance of 4,500 common units upon exercise of options	—			123			—			123			—			123
Issuance of 277,524 restricted common units	—			—			—			—			—			—
Issuance of 24,040 deferred units	—			—			—			—			—			—
Withholding of 60,382 common units for employee income taxes	—			(1,921		)	—			(1,921		)	—			(1,921		)
Adjustment for noncontrolling interests in consolidated partnerships	—			1			—			1			(1		)	—
Common distributions ($.285 per common unit)	(285		)	(28,473		)	—			(28,758		)	—			(28,758		)
Distributions to noncontrolling interests	—			—			—			—			(19		)	(19		)
Balance, March 31, 2016	$	5,724		$	640,693		$	(31,434	)	$	614,983		$	589		$	615,572

The accompanying notes are an integral part of these consolidated financial statements.

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TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

	Three months ended March 31,
	2016			2015
OPERATING ACTIVITIES
Net income	$	28,617		$	36,386
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,567			23,989
Amortization of deferred financing costs	744			599
Gain on sale of assets and interests in unconsolidated entities	(4,887		)	(13,726		)
Equity in earnings of unconsolidated joint ventures	(3,499		)	(2,543		)
Equity-based compensation expense	4,001			3,613
Amortization of debt (premiums) and discounts, net	959			14
Amortization (accretion) of market rent rate adjustments, net	664			916
Straight-line rent adjustments	(1,607		)	(1,269		)
Distributions of cumulative earnings from unconsolidated joint ventures	2,709			2,719
Changes in other assets and liabilities:
Other assets	301			1,828
Accounts payable and accrued expenses	(579		)	2,854
Net cash provided by operating activities	53,990			55,380
INVESTING ACTIVITIES
Additions to rental property	(34,896		)	(51,044		)
Additions to investments in unconsolidated joint ventures	(12,161		)	(16,419		)
Net proceeds on sale of assets and interests in unconsolidated entities	25,785			15,495
Change in restricted cash	121,306			—
Proceeds from insurance reimbursements	72			103
Additions to non-real estate assets	(2,144		)	(208		)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,394			4,837
Additions to deferred lease costs	(1,520		)	(2,338		)
Net cash provided by (used in) investing activities	100,836			(49,574		)
FINANCING ACTIVITIES
Cash distributions paid	(49,948		)	(24,176		)
Proceeds from debt issuances	327,342			118,341
Repayments of debt	(405,246		)	(99,742		)
Repayment of deferred financing obligation	(28,388		)	—
Employee income taxes paid related to shares withheld upon vesting of equity awards	(1,921		)	(1,084		)
Distributions to noncontrolling interests in consolidated partnerships	(19		)	(29		)
Additions to deferred financing costs	(82		)	(191		)
Proceeds from exercise of options	123			233
Net cash used in financing activities	(158,139		)	(6,648		)
Effect of foreign currency on cash and cash equivalents	591			(381		)
Net decrease in cash and cash equivalents	(2,722		)	(1,223		)
Cash and cash equivalents, beginning of period	21,552			15,806
Cash and cash equivalents, end of period	$	18,830		$	14,583

The accompanying notes are an integral part of these consolidated financial statements.

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TANGER FACTORY OUTLET CENTERS INC. AND SUBSIDIARIES

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Business

Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of March 31, 2016, we owned and operated 33 consolidated outlet centers, with a total gross leasable area of approximately 11.5 million square feet. We also had partial ownership interests in 9 unconsolidated outlet centers totaling approximately 2.8 million square feet, including 4 outlet centers in Canada.

Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term, "Company", refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, "Operating Partnership", refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires.

The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of March 31, 2016, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 96,126,507 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 5,052,743 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

2. Basis of Presentation

The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company's and the Operating Partnership's combined Annual Report on Form 10-K for the year ended December 31, 2015. The December 31, 2015 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year.

The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant.

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We consolidate properties that are wholly owned or properties where we own less than 100% but we control. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management agreements and other contractual arrangements.

Investments in real estate joint ventures that we do not control but may exercise significant influence are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the joint venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting.

For certain of these investments, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. In the event a basis difference is created between our underlying interest in the venture's net assets and our initial investment, we amortize such amount over the estimated life of the venture as a component of equity in earnings of unconsolidated joint ventures.

We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets. The carrying amount of our investments in the Charlotte and Galveston/Houston joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization.

We have concluded that our Savannah and Southaven joint ventures are each considered a VIE because our voting rights are disproportionate to our economic interests and substantially all of each venture's activities either involve us or are conducted on our behalf.

The operating, development, leasing, and management agreements of the Savannah joint venture provide that the activities that most significantly impact the economic performance of the venture require unanimous consent. Accordingly, we determined that we are not the primary beneficiary since we do not have the power to direct the significant activities that affect the economic performance of the venture, and have applied the equity method of accounting. The carrying amount of our investment in Savannah is reflected in investments in unconsolidated joint ventures on our consolidated balance sheets and was $43.8 million as of March 31, 2016. We are unable to estimate our maximum exposure to loss at this time because our guarantees are limited and based on the future operating performance of Savannah.

The management agreement and other contractual arrangements for the Southaven joint venture give us, but not necessarily our joint venture partner, significant participating rights over activities that most significantly impact the economic performance of the ventures, thus we have concluded that we are the primary beneficiary and have consolidated the venture's balance sheet and results of operations. At March 31, 2016, total assets of this venture were $82.8 million and total liabilities were $57.1 million. The primary classification of the assets on the consolidated balance sheets are total rental property, net of $79.2 million; cash of $1.5 million and other assets of $2.1 million (including deferred lease costs and other intangibles) and the primary classification of the liabilities include accounts payable and accrued expenses of $4.7 million and mortgages payable net of debt origination costs of $51.5 million. These assets include only those assets that can be used to settle obligations of the VIE. The liabilities include third party liabilities and exclude intercompany balances that are eliminated in consolidation.

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"Noncontrolling interests in the Operating Partnership" reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements.

As a result of the adoption of Accounting Standards Update (ASU) No. 2015-03 Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, our deferred debt origination costs and related accumulated amortization previously recorded in the line item “deferred debt origination costs, net” have been reclassified from assets to the respective debt line items within the liabilities section in the consolidated balance sheet as of December 31, 2015. The reclassification decreases previously reported total assets and total liabilities by $11.9 million.

In February 2015, FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. During the first quarter of 2016, we adopted ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" and this adoption did not have a material impact on our financial position, results of operations or cash flows.

3. Disposition of Properties and Properties Held for Sale

In January 2016, we sold our outlet center in Fort Myers, Florida located near Sanibel Island for net proceeds of approximately $25.8 million. The proceeds from the sale of this unencumbered asset were used to pay down balances outstanding under our unsecured lines of credit.

The following table sets forth certain summarized information regarding the properties sold during the quarter ended March 31, 2016:

Properties	Locations	Date Sold	Square Feet (in 000's)	Net Sales Price (in 000's)		Gain on Sale(in 000's)
Sold:
Sanibel Center	Fort Myers, Florida	January 2016	199	$	25,785	$	4,887

The rental property sold did not meet the criteria for reporting discontinued operations, thus its results of operations have remained in continuing operations.

4. Developments of Consolidated Outlet Centers

The table below sets forth our consolidated outlet centers under development as of March 31, 2016:

Project	Approximate square feet (in 000's)	Costs Incurred to Date (in millions)		Borrowed to date (in millions)	Projected Opening
Daytona Beach	352	$	33.4	—	Holiday 2016

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Daytona Beach

In November 2015, we purchased land for approximately$9.9 million and commenced construction on the development of a wholly owned outlet center in Daytona Beach, Florida.

5. Investments in Unconsolidated Real Estate Joint Ventures

The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:

As of March 31, 2016
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Net Debt (in millions)(1)
Columbus	Columbus, OH	50.0	%	—	$	30.7		$	—
National Harbor	National Harbor, MD	50.0	%	339	5.5			85.9
RioCan Canada	Various	50.0	%	902	126.4			11.9
Savannah (2)	Savannah, GA	50.0	%	377	43.8			93.5
Westgate	Glendale, AZ	58.0	%	411	12.3			61.9
					$	218.7		$	253.2
Charlotte(3)	Charlotte, NC	50.0	%	398	$	(1.4	)	$	89.6
Galveston/Houston (3)	Texas City, TX	50.0	%	353	(2.1		)	64.8
					$	(3.5	)	$	154.4

As of December 31, 2015
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Net Debt (in millions)(1)
Columbus	Columbus, OH	50.0	%	—	$	21.1		$	—
National Harbor	National Harbor, MD	50.0	%	339	6.1			85.8
RioCan Canada	Various	50.0	%	870	117.2			11.3
Savannah (2)	Savannah, GA	50.0	%	377	44.4			87.6
Westgate	Glendale, AZ	58.0	%	411	12.3			61.9
					$	201.1		$	246.6
Charlotte(3)	Charlotte, NC	50.0	%	398	$	(1.1	)	$	89.6
Galveston/Houston(3)	Texas City, TX	50.0	%	353	(1.5		)	64.7
					$	(2.6	)	$	154.3

(1) Net of debt origination costs and including premiums of $2.8 million and $3.3 million as of March 31, 2016 and December 31, 2015, respectively.

(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 Ownership column, which states our legal interest in this venture. As of March 31 2016, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our 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.

(3) The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners.

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Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Fee:
Development and leasing	$	192	$	581
Loan guarantee	182		196
Management and marketing	747		506
Total Fees	$	1,121	$	1,283

Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the "Summary Balance Sheets - Unconsolidated Joint Ventures" shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $4.1 million and $3.9 million as of March 31, 2016 and December 31, 2015, respectively) are amortized over the various useful lives of the related assets.

Columbus, Ohio

During the second quarter of 2015, the joint venture purchased land for approximately $8.9 million and began construction on Tanger Outlets Columbus. We and our partner currently expect to complete construction in time to open the center during the second quarter of 2016. As of March 31, 2016, we and our partner had each contributed$30.0 millionto fund development activities. Our partner is providing development services to the joint venture and we, along with our partner, are providing joint leasing services. Once the center opens, we will provide property management, marketing and leasing services to the joint venture.

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Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):

Condensed Combined Balance Sheets - Unconsolidated Joint Ventures	March 31, 2016			December 31, 2015
Assets
Land	$	107,403		$	103,046
Buildings, improvements and fixtures	632,456			615,662
Construction in progress, including land	83,701			62,308
	823,560			781,016
Accumulated depreciation	(69,754		)	(60,629		)
Total rental property, net	753,806			720,387
Cash and cash equivalents	27,671			28,723
Deferred lease costs, net	18,605			18,399
Prepaids and other assets	17,217			14,455
Total assets	$	817,299		$	781,964
Liabilities and Owners' Equity
Mortgages payable, net	$	407,640		$	400,935
Accounts payable and other liabilities	27,604			31,805
Total liabilities	435,244			432,740
Owners' equity	382,055			349,224
Total liabilities and owners' equity	$	817,299		$	781,964

	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures	2016			2015
Revenues	$	27,698		$	23,965
Expenses
Property operating	10,318			9,144
General and administrative	117			218
Depreciation and amortization	8,799			7,822
Total expenses	19,234			17,184
Operating income	8,464			6,781
Interest expense	(2,554		)	(1,770		)
Other nonoperating income	1			8
Net income	$	5,911		$	5,019
The Company and Operating Partnership's share of:
Net income	$	3,499		$	2,543
Depreciation expense (real estate related)	$	5,339		$	4,076

6. Debt of the Company

All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries.

The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $520.0 million. The Company also guarantees the Operating Partnership's unsecured term loan.

22

The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):

	March 31, 2016		December 31, 2015
Unsecured lines of credit	$	263,700	$	190,300
Unsecured term loan	$	250,000	$	250,000

7. Debt of the Operating Partnership

The debt of the Operating Partnership consisted of the following (in thousands):

				As of				As of
				March 31, 2016				December 31, 2015
	Stated Interest Rate(s)		Maturity Date	Principal		Book Value(1)		Principal		Book Value(1)
Senior, unsecured notes:
Senior notes	6.125	%	June 2020	$	300,000	$	297,860	$	300,000	$	297,739
Senior notes	3.875	%	December 2023	250,000		244,977		250,000		244,829
Senior notes	3.750	%	December 2024	250,000		246,798		250,000		246,717
Mortgages payable:
Atlantic City (2)	5.14%-7.65%		November 2021- December 2026	42,617		45,728		43,312		46,605
Deer Park	LIBOR + 1.50%		—	—		—		150,000		149,145
Foxwoods	LIBOR + 1.65%		December 2017	70,250		69,651		70,250		69,564
Southaven	LIBOR + 1.75%		April 2018	52,717		52,224		45,824		45,273
Unsecured note payable (2)	1.50	%	June 2016	10,000		9,959		10,000		9,919
Unsecured term loan	LIBOR + 1.05%		February 2019	250,000		248,581		250,000		248,443
Unsecured term note	LIBOR + 1.30%		—	—		—		7,500		7,470
Unsecured lines of credit	LIBOR + .90%		October 2019	263,700		259,890		190,300		186,220
				$	1,489,284	$	1,475,668	$	1,567,186	$	1,551,924

(1) Including premiums and net of debt discount and net debt origination costs.

(2) The effective interest rates assigned during the purchase price allocation to the assumed mortgage and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and unsecured note payable 3.15%.

Certain of our properties, which had a net book value of approximately $337.0 million at March 31, 2016 and $622.8 million at December 31, 2015, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $520.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $500.0 million syndicated line. The syndicated line may be increased to $1.0 billion through an accordion feature in certain circumstances.

We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal.  The principal guarantees include terms for release or reduction based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests.

The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of March 31, 2016, we were in compliance with all of our debt covenants.

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Deer Park Debt Repayment

In January 2016, we repaid our $150.0 million floating rate mortgage loan, which had an original maturity date in August 2018 and related to our 749,000 square foot Deer Park outlet center.

Unsecured Term Note Repayment

In February 2016, we repaid our $7.5 million unsecured term note, which had an original maturity date in August 2017.

Debt Maturities

Maturities of the existing long-term debt as of March 31, 2016 for the next five years and thereafter are as follows (in thousands):

Calendar Year	Amount
2016	$	12,148
2017	73,258
2018	55,900
2019	517,069
2020	303,566
Thereafter	527,343
Subtotal	1,489,284
Net discount and debt origination costs	(13,616		)
Total	$	1,475,668

8. Deferred Financing Obligation

In September 2015, the noncontrolling interest in our outlet center in Deer Park, New York exercised its right to require us to acquire their ownership interest in the property for $28.4 million. We closed on the transaction in January 2016 and repaid the deferred financing obligation, which was recorded in the other liabilities section of our consolidated balance sheet as of December 31, 2015.

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9. Derivative Financial Instruments

The following table summarizes the terms and fair values of our derivative financial instruments, recorded in other liabilities within the consolidated balance sheets, (in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		March 31, 2016			December 31, 2015
Liabilities:
November 14, 2013	August 14, 2018	$	50,000	1 month LIBOR	1.3075	%	$	(673	)	$	(212	)
November 14, 2013	August 14, 2018	50,000		1 month LIBOR	1.2970	%	(661		)	(198		)
November 14, 2013	August 14, 2018	50,000		1 month LIBOR	1.3025	%	(668		)	(206		)
Total		$	150,000				$	(2,002	)	$	(616	)

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, each with a separate counterparty. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative, if any, is recognized directly in earnings. For the three months ended March 31, 2016, the ineffective portion was not significant.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):

	Three months ended March 31,
	2016			2015
Interest Rate Swaps (Effective Portion):
Change in fair value of cash flow hedges	$	(1,386	)	$	(1,287	)

10. Fair Value Measurements

Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows:

Tier	Description
Level 1	Observable inputs such as quoted prices in active markets
Level 2	Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3	Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions

25

The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):

				Level 1		Level 2			Level 3
				Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs			Significant Unobservable Inputs
	Total
Fair value as of March 31, 2016
Liabilities:
Interest rate swaps (other liabilities)	$	(2,002	)	$	—	$	(2,002	)	$	—
Total liabilities	$	(2,002	)	$	—	$	(2,002	)	$	—

				Level 1		Level 2			Level 3
				Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs			Significant Unobservable Inputs
	Total
Fair value as of December 31, 2015:
Liabilities:
Interest rate swaps (other liabilities)	$	(616	)	$	—	$	(616	)	$	—
Total assets	$	(616	)	$	—	$	(616	)	$	—

Fair values of interest rate swaps are approximated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions.

The estimated fair value and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):

	March 31, 2016		December 31, 2015
Fair value of debt	$	1,556,139	$	1,615,833
Recorded value of debt	$	1,475,668	$	1,551,924

With the exception of the unsecured term loan and unsecured lines of credit, that have variable rates and considered at market value, fair values of the senior notes and mortgage loans are determined using discounted cash flow analysis with an interest rate or credit spread similar to that of current market borrowing arrangements. Because the Company's senior unsecured notes are publicly traded with limited trading volume, these instruments are classified as Level 2 in the hierarchy. In contrast, mortgage loans are classified as Level 3 given the unobservable inputs utilized in the valuation. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on the disposition of the financial instruments.

The carrying values of cash and cash equivalents, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.

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11. Partners' Equity of the Operating Partnership

All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the issuance of restricted share awards or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP trust, a wholly owned subsidiary of the Company.

The following table sets forth the changes in outstanding partnership units for the three months endedMarch 31, 2016 and March 31, 2015.

		Limited Partnership Units
	General Partnership Units	Class A	Class B		Total
Balance December 31, 2014	1,000,000	5,078,406	94,509,781		99,588,187
Issuance of restricted units	—	—	348,844		348,844
Units issued upon exercise of options	—	—	8,300		8,300
Units withheld for employee income taxes	—	—	(30,578	)	(30,578	)
Balance March 31, 2015	1,000,000	5,078,406	94,836,347		99,914,753
Balance December 31, 2015	1,000,000	5,052,743	94,880,825		99,933,568
Issuance of restricted units	—	—	277,524		277,524
Issuance of deferred units	—	—	24,040		24,040
Units issued upon exercise of options	—	—	4,500		4,500
Units withheld for employee income taxes	—	—	(60,382	)	(60,382	)
Balance March 31, 2016	1,000,000	5,052,743	95,126,507		100,179,250

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12. Earnings Per Share of the Company

The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts):

	Three months ended March 31,
	2016			2015
Numerator
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	27,150		$	34,512
Less allocation of earnings to participating securities	(294		)	(408		)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	26,856		$	34,104
Denominator
Basic weighted average common shares	94,944			94,536
Effect of notional units	—			82
Effect of outstanding options and certain restricted common shares	59			79
Diluted weighted average common shares	95,003			94,697
Basic earnings per common share:
Net income	$	0.28		$	0.36
Diluted earnings per common share:
Net income	$	0.28		$	0.36

The notional units are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method.

The computation of diluted earnings per share excludes options to purchase common shares when the exercise price is greater than the average market price of the common shares for the period. For the three months ended March 31, 2016, 218,200 options were excluded from the computation and for the three months ended March 31, 2015, 252,000 options were excluded from the computation, as they were anti-dilutive. The assumed exchange of the partnership units held by the Non-Company LPs as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a common limited partnership unit, as if exchanged, is equivalent to earnings allocated to a common share.

Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of these unvested restricted common share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards based on dividends declared and the unvested restricted common shares' participation rights in undistributed earnings. Unvested restricted common shares that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per share computation if the effect is dilutive, using the treasury stock method.

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13. Earnings Per Unit of the Operating Partnership

The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):

	Three months ended March 31,
	2016			2015
Numerator
Net income attributable to partners of the Operating Partnership	$	28,594		$	36,367
Less allocation of earnings to participating securities	(294		)	(408		)
Net income available to common unitholders of the Operating Partnership	$	28,300		$	35,959
Denominator
Basic weighted average common units	99,997			99,614
Effect of notional units	—			82
Effect of outstanding options and certain restricted common units	59			79
Diluted weighted average common units	100,056			99,775
Basic earnings per common unit:
Net income	$	0.28		$	0.36
Diluted earnings per common unit:
Net income	$	0.28		$	0.36

The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method.

The computation of diluted earnings per unit excludes options to purchase common units when the exercise price is greater than the average market price of the common units for the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the three months ended March 31, 2016, 218,200 options were excluded from the computation and for the three months ended March 31, 2015, 252,000 options were excluded from the computation, as they were anti-dilutive.

Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method.

14. Equity Based Compensation of the Company

We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (Amended and Restated as of April 4, 2014) (the "Plan"), which covers our independent directors, officers, employees and consultants. For each common share issued by the Company, the Operating Partnership issues one corresponding unit of partnership interest to the Company's wholly owned subsidiaries. Therefore, when the Company grants an equity based award, the Operating Partnership treats each award as having been granted by the Operating Partnership. In the discussion below, the term "we" refers to the Company and the Operating Partnership together and the term "shares" is meant to also include corresponding units of the Operating Partnership.

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We recorded share-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Restricted common shares	$	2,939	$	2,658
Notional unit performance awards	885		841
Options	177		114
Total share-based compensation	$	4,001	$	3,613

Share-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Share-based compensation expense capitalized	$	230	$	188

Restricted Common Share Awards

During February 2016, the Company granted 286,524 restricted common shares to the Company's independent directors and the Company's senior executive officers. The grant date fair value of the awards ranged from $26.48 to $31.15 per share. The independent directors' restricted common shares vest ratably over a three year period and the senior executive officers' restricted shares vest ratably over a four or five year period. For the restricted shares issued to our chief executive officer, the restricted share agreement requires him to hold the shares for a minimum of three years following each vesting date. Compensation expense related to the amortization of the deferred compensation is being recognized in accordance with the vesting schedule of the restricted shares.

For certain shares that vest during the period, we withhold shares with value equivalent to the employees' minimum statutory obligation for the applicable income and other employment taxes, and remit cash to the appropriate taxing authorities. The total number of shares withheld upon vesting was 60,382 and 30,578 for the three months ended March 31, 2016 and 2015, respectively, and was based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date. Total amounts paid for the employees' tax obligation to taxing authorities was $1.9 million and $1.1 million for the three months ended March 31, 2016 and 2015, respectively, and is reflected as a financing activity within the consolidated statements of cash flows.

2016 Outperformance Plan

In February 2016, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approved the terms of the Tanger Factory Outlet Centers, Inc. 2016 Outperformance Plan (the “2016 OPP"), a long-term incentive compensation plan. Under the 2016 OPP, the Company granted to award recipients an aggregate of 321,900 performance share units with a grant date fair value of $15.10 per unit, which may convert, subject to the achievement of the goals described below, into a maximum of 321,900 restricted common shares of the Company based on the Company’s absolute share price appreciation and its share price appreciation relative to its peer group, over the three-year measurement period from February 10, 2016 through February 9, 2019.

The maximum number of shares will be earned under this plan if the Company both (a) achieves 35% or higher share price appreciation, inclusive of all dividends paid, over the three-year measurement period and (b) is in the 70th or greater percentile of its peer group for total shareholder return over the three-year measurement period. The Company expects that the value of the awards, if the Company achieves a 35% share price appreciation and is in the 70th or greater percentile of its peer group for total shareholder return over the three-year measurement period, will equal approximately $12.8 million.

Any shares earned on February 9, 2019 are also subject to a time based vesting schedule, which provides that, subject to continued employment with the Company, 50% of the shares will vest on February 15, 2019 and the remaining 50% will vest on February 15, 2020.

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With respect to 50% of the performance share units (representing a right to receive up to 160,950 restricted shares), 20% of this portion of the award (representing a right to receive 32,190 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period, equals 18% over the three-year measurement period, 60% of this portion of the award (representing a right to receive 96,750 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period equals 26.5%, and 100% of this portion of the award (representing a right to receive 160,950 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period, equals 35% or higher.

With respect to the other 50% of the performance share units (representing a right to receive up to 160,950 restricted shares), 20% of this portion of the award (representing a right to receive up to 32,190 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 40th percentile of its peer group over the three-year measurement period, 60% of this portion of the award (representing a right to receive up to 96,750 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 55th percentile of its peer group during this period, and 100% of this portion of the award (representing a right to receive 160,950 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 70th percentile of its peer group or greater during this period. The peer group is based on companies included in the SNL Equity REIT index.

The number of restricted shares received in respect of the performance share units will be determined on a pro-rata basis by linear interpolation between share price appreciation thresholds, both for absolute share price appreciation and for relative share price appreciation amongst the Company's peer group. The share price targets will be reduced on a dollar-for-dollar basis with respect to any dividend payments made during the measurement period.

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15. Accumulated Other Comprehensive Loss of the Company

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2016 (in thousands):

	Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss)									Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)
	Foreign Currency			Cash flow hedges			Total			Foreign Currency			Cash flow hedges			Total
Balance December 31, 2015	$	(36,130	)	$	(585	)	$	(36,715	)	$	(1,956	)	$	(31	)	$	(1,987	)
Unrealized gain on foreign currency translation adjustments	8,217			—			8,217			437			—			437
Change in fair value of cash flow hedges	—			(1,316		)	(1,316		)	—			(70		)	(70		)
Balance March 31, 2016	$	(27,913	)	$	(1,901	)	$	(29,814	)	$	(1,519	)	$	(101	)	$	(1,620	)

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months endedMarch 31, 2015 (in thousands):

	Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss)									Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)
	Foreign Currency			Cash flow hedges			Total			Foreign Currency			Cash flow hedges			Total
Balance December 31, 2014	$	(14,113	)	$	90		$	(14,023	)	$	(773	)	$	5		$	(768	)
Unrealized loss on foreign currency translation adjustments	(10,511		)	—			(10,511		)	(565		)	—			(565		)
Change in fair value of cash flow hedges	—			(1,221		)	(1,221		)	—			(66		)	(66		)
Balance March 31, 2015	$	(24,624	)	$	(1,131	)	$	(25,755	)	$	(1,338	)	$	(61	)	$	(1,399	)

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16. Accumulated Other Comprehensive Loss of the Operating Partnership

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2016 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015	$	(38,086	)	$	(616	)	$	(38,702	)
Unrealized gain on foreign currency translation adjustments	8,654			—			8,654
Change in fair value of cash flow hedges	—			(1,386		)	(1,386		)
Balance March 31, 2016	$	(29,432	)	$	(2,002	)	$	(31,434	)

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months endedMarch 31, 2015 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014	$	(14,886	)	$	95		$	(14,791	)
Unrealized loss on foreign currency translation adjustments	(11,076		)	—			(11,076		)
Change in fair value of cash flow hedges	—			(1,287		)	(1,287		)
Balance March 31, 2015	$	(25,962	)	$	(1,192	)	$	(27,154	)

17. Non-Cash Activities

We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows (in thousands):

	March 31, 2016		March 31, 2015
Costs relating to construction included in accounts payable and accrued expenses	$	19,620	$	31,859

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18. New Accounting Pronouncements

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, this standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used during all previous periods. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) ("AOCI") will be recognized through earnings. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of the guidance will be applied prospectively to increases in the level of ownership interest or degree of influence occurring after the new standards effective date. Additional transition disclosures are not required upon adoption. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815) – Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”), which will reduce diversity of practice in identifying embedded derivatives in debt instruments. ASU 2016-06 clarifies that the nature of an exercise contingency is not subject to the “clearly and closely” criteria for purposes of assessing whether the call or put option must be separated from the debt instrument and accounted for separately as a derivative. ASU No. 2016-06 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Entities are required to apply the guidance to existing debt instruments using a modified retrospective transition method as of the period of adoption. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02, codified in ASC 842, amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt the new pronouncement in the first quarter of fiscal 2018 using one of two retrospective application methods. In March and April, 2016 the FASB issued the following amendments to clarify the implementation guidance: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

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19. Subsequent Events

In April 2016, we amended our unsecured term loan to increase the size of the loan from $250.0 million to $325.0 million, extend the maturity date from February 23, 2019 to April 13, 2021, reduce the interest rate spread over LIBOR from 1.05% to 0.95%, and increase the incremental loan availability through an accordion feature from $150.0 million to $175.0 million. We also entered into four separate interest rate swap agreements, effective April 13, 2016, that fix the base LIBOR rate at an average of 1.03% on notional amounts totaling $175.0 million through January 1, 2021.

In April 2016, the Company's Board of Directors declared a $0.325 cash dividend per common share payable on May 13, 2016 to each shareholder of record on April 29, 2016, and caused a $0.325 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The discussion of our results of operations reported in the unaudited, consolidated statements of operations compares the three months ended March 31, 2016 with the three months endedMarch 31, 2015. The results of operations discussion is combined for Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership because the results are virtually the same for both entities. The following discussion should be read in conjunction with the unaudited consolidated financial statements appearing elsewhere in this report. Historical results and percentage relationships set forth in the unaudited, consolidated statements of operations, including trends which might appear, are not necessarily indicative of future operations. Unless the context indicates otherwise, the term, "Company", refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, "Operating Partnership", refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires.

Cautionary Statements

Certain statements made below are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and included this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies, beliefs and expectations, are generally identifiable by use of the words "believe", "expect", "intend", "anticipate", "estimate", "project", or similar expressions. Such forward-looking statements include, but are not limited to, statements regarding our: future issuances of equity and debt and the expected use of proceeds from such issuances; potential sales or purchases of outlet centers; anticipated results of operations, liquidity and working capital; new outlet center developments, expansions and renovations; and real estate joint ventures. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other important factors which are, in some cases, beyond our control and which could materially affect our actual results, performance or achievements. Important factors which may cause actual results to differ materially from current expectations include, but are not limited to, our inability to develop new outlet centers or expand existing outlet centers successfully; risks related to the economic performance and market value of our outlet centers; the relative illiquidity of real property investments; impairment charges affecting our properties; competition for the acquisition and development of outlet centers, and our inability to complete outlet centers we have identified; environmental regulations affecting our business; our dependence on rental income from real property; our dependence on the results of operations of our retailers; the fact that certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours; risks related to uninsured losses; the risk that consumer, travel, shopping and spending habits may change; risks associated with our Canadian expansion; risks associated with debt financing; our potential failure to qualify as a REIT; our legal obligation to make distributions to our shareholders; our dependence on distributions from the Operating Partnership to meet our financial obligations, including dividends; the risk of a cyber-attack or an act of cyber-terrorism; and those factors set forth under Item 1A - "Risk Factors" in the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2015.

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General Overview

As of March 31, 2016, we had 33 consolidated outlet centers in 20 states totaling 11.5 million square feet. We also had 9 unconsolidated outlet centers in 7 states or provinces totaling 2.8 million square feet. The table below details our new developments, expansions and dispositions of consolidated and unconsolidated outlet centers that significantly impacted our results of operations and liquidity from January 1, 2015 to March 31, 2016 (square feet in thousands):

		Consolidated Outlet Centers				Unconsolidated Joint Venture Outlet Centers
Outlet Center	Quarter Acquired/Open/Disposed/Demolished	Square Feet		Outlet Centers		Square Feet		Outlet Centers
As of January 1, 2015		11,346		36		2,606		9
New Developments:
Foxwoods	Second Quarter	312		1		—		—
Savannah	Second Quarter	—		—		377		1
Grand Rapids	Third Quarter	352		1		—		—
Southaven	Fourth Quarter	320		1		—		—
Expansion:
Westgate	First Quarter	—		—		28		—
San Marcos	Fourth Quarter	24		—		—		—
Disposition:
Wisconsin Dells	First Quarter	—		—		(265	)	(1	)
Kittery I	Third Quarter	(52	)	(1	)	—		—
Kittery II	Third Quarter	(25	)	(1	)	—		—
Tuscola	Third Quarter	(250	)	(1	)	—		—
West Branch	Third Quarter	(113	)	(1	)	—		—
Barstow	Fourth Quarter	(171	)	(1	)	—		—
Other		3		—		1		—
As of December 31, 2015		11,746		34		2,747		9
Dispositions:
Fort Myers	First Quarter	(199	)	(1	)	—		—
Expansion:
Ottawa		—		—		32		—
Other		(20	)	—		—		—
As of March 31, 2016		11,527		33		2,779		9

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The following table summarizes certain information for our existing outlet centers in which we have an ownership interest as of March 31, 2016. Except as noted, all properties are fee owned.

Consolidated Outlet Centers	Legal	Square	%
Location	Ownership %	Feet	Occupied
Deer Park, New York	100	749,074	96
Riverhead, New York (1)	100	729,734	99
Foley, Alabama	100	556,984	94
Rehoboth Beach, Delaware (1)	100	556,638	99
Atlantic City, New Jersey (1) (5)	99	489,706	91
San Marcos, Texas	100	465,697	98
Sevierville, Tennessee (1)	100	448,335	100
Myrtle Beach Hwy 501, South Carolina	100	425,247	96
Jeffersonville, Ohio	100	411,776	98
Myrtle Beach Hwy 17, South Carolina (1)	100	402,797	98
Charleston, South Carolina	100	382,117	98
Pittsburgh, Pennsylvania	100	372,958	100
Commerce, Georgia	100	371,408	94
Grand Rapids, Michigan	100	351,988	94
Branson, Missouri	100	329,861	100
Locust Grove, Georgia	100	321,070	100
Southaven, Mississippi (2) (5)	50	320,334	97
Park City, Utah	100	319,661	98
Mebane, North Carolina	100	318,910	98
Gonzales, Louisiana	100	318,666	98
Howell, Michigan	100	315,041	92
Mashantucket, Connecticut (Foxwoods) (1) (2) (5)	67	311,614	96
Westbrook, Connecticut	100	289,898	92
Williamsburg, Iowa	100	276,331	95
Hershey, Pennsylvania	100	247,500	99
Lancaster, Pennsylvania	100	247,002	97
Tilton, New Hampshire	100	245,698	97
Hilton Head II, South Carolina	100	206,544	95
Ocean City, Maryland (1)	100	198,840	79
Hilton Head I, South Carolina	100	181,670	97
Terrell, Texas	100	177,800	98
Blowing Rock, North Carolina	100	104,052	100
Nags Head, North Carolina	100	82,161	97
Totals		11,527,112	97	(3), (4)

(1) These properties or a portion thereof are subject to a ground lease.

(2) Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than our legal ownership percentage. We currently receive substantially all the economic interest of the property.

(3) Excludes the occupancy rate at our Foxwoods, Grand Rapids and Southaven centers which opened during the second, third and fourth quarters of 2015, respectively, and have not yet stabilized.

(4) Excludes the occupancy rate at our Fort Myers outlet center which was sold on January 12, 2016.

(5) Property encumbered by mortgage. See note 7 to the consolidated financial statements for further details of our debt obligations.

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Unconsolidated joint venture properties	Legal	Square	%
Location	Ownership %	Feet	Occupied
Glendale, Arizona (Westgate) (2)	58	410,664	96
Charlotte, North Carolina (2)	50	397,839	98
Savannah, Georgia (1) (2)	50	377,286	99
Texas City, Texas (Galveston/Houston) (2)	50	352,705	97
National Harbor, Maryland (2)	50	338,786	99
Ottawa, Ontario	50	316,494	95
Cookstown, Ontario	50	308,517	99
Bromont, Quebec	50	161,307	74
Saint-Sauveur, Quebec (2)	50	115,771	97
Total		2,779,369	96

(1) 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 Legal Ownership column, which states our legal interest in this venture. As of March 31, 2016, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our 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.

(2) Property encumbered by mortgage. See note 5 to the consolidated financial statements for further details of our debt obligations.

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Leasing Activity

The following table provides information for our consolidated outlet centers regarding space re-leased or renewed:

	Three months ended March 31, 2016 (1)
	# of Leases	Square Feet (in 000's)	Average Annual Straight-line Rent (psf)		Average Tenant Allowance (psf)		Average Initial Term  (in years)	Net Average Annual Straight-line Rent (psf) (2)
Re-tenant	62	185	$	33.38	$	28.12	9.10	$	30.29
Renewal	166	762	$	25.91	$	0.72	4.81	$	25.76
	Three months ended March 31, 2015 (3)
	# of Leases	Square Feet (in 000's)	Average Annual Straight-line Rent (psf)		Average Tenant Allowance (psf)		Average Initial Term  (in years)	Net Average Annual Straight-line Rent (psf) (2)
Re-tenant	69	262	$	31.15	$	26.84	9.51	$	28.33
Renewal	172	833	$	26.53	$	0.16	5.62	$	26.50

(1) Excludes Fort Myers outlet center, which was sold in January 2016.

(2) Net average straight-line rent is calculated by dividing the average tenant allowance costs per square foot by the average initial term and subtracting this calculated number from the average straight-line rent per year amount. The average annual straight-line rent disclosed in the table above includes all concessions, abatements and reimbursements of rent to tenants. The average tenant allowance disclosed in the table above includes landlord costs.

(3) Excludes Kittery I & II, Tuscola, West Branch and Barstow outlet centers which were sold in 2015.

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RESULTS OF OPERATIONS

Comparison of the three months endedMarch 31, 2016 to the three months endedMarch 31, 2015

NET INCOME

Net income decreased $7.8 million in the 2016 period to $28.6 million as compared to $36.4 million for the 2015 period. The majority of this decrease was due to the $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture in the 2015 period versus the $4.9 million gain on the sale of our outlet center in Fort Myers, Florida located near Sanibel Island in the 2016 period. Net income also decreased due to the disposition of six consolidated centers in 2015 and 2016 totaling 810,000 square feet partially offset by an increase in operating income from the addition of four new properties (including both consolidated and unconsolidated centers) during 2015 totaling 1.4 million square feet.

In the tables below, information set forth for new developments includes our Foxwoods, Grand Rapids, and Southaven outlet centers, which opened in May 2015, July 2015, and November 2015, respectively. Properties disposed includes the Kittery I & II, Tuscola, and West Branch outlet centers sold in September 2015, the Barstow outlet center sold in October 2015 and the Fort Myers outlet center sold in January 2016.

BASE RENTALS

Base rentals increased $5.0 million, or 7%, in the 2016 period compared to the 2015 period. The following table sets forth the changes in various components of base rentals (in thousands):

	2016			2015			Increase/(Decrease)
Base rentals from existing properties	$	65,708		$	63,699		$	2,009
Base rentals from new developments	6,843			—			6,843
Base rentals from properties disposed	67			3,594			(3,527		)
Termination fees	555			1,138			(583		)
Amortization of above and below market rent adjustments, net	(550		)	(802		)	252
	$	72,623		$	67,629		$	4,994

Base rental income generated from existing properties in our portfolio increased due to increases in rental rates on lease renewals and incremental rents from re-tenanting vacant spaces.

Fees received from the early termination of leases, which are generally based on the lease term remaining at the time of termination, decreased as a result of fewer store closures throughout the portfolio in the 2016 period compared to the 2015 period.

At March 31, 2016, the combined net value representing the amount of unamortized above market lease assets and below market lease liability values, recorded as a part of the purchase price of acquired properties, was a net above market lease asset which totaled approximately $5.3 million. If a tenant terminates its lease prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value would be written off and could materially impact our net income positively or negatively.

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PERCENTAGE RENTALS

Percentage rentals decreased $79,000, or 4%, in the 2016 period compared to the 2015 period. Percentage rentals represents revenues based on a percentage of tenants' sales volume above predetermined levels (contractual breakpoints").

	2016		2015		Increase/(Decrease)
Percentage rentals from existing properties	$	2,048	$	1,981	$	67
Percentage rentals from new development	102		—		102
Percentage rentals from properties disposed	—		248		(248		)
	$	2,150	$	2,229	$	(79	)

EXPENSE REIMBURSEMENTS

Expense reimbursements decreased $122,000, in the 2016 period compared to the 2015 period. The following table sets forth the changes in various components of expense reimbursements (in thousands):

	2016		2015		Increase/(Decrease)
Expense reimbursements from existing properties	$	30,692	$	31,658	$	(966	)
Expense reimbursements from new development	2,513		—		2,513
Expense reimbursements from properties disposed	37		1,706		(1,669		)
	$	33,242	$	33,364	$	(122	)

Expense reimbursements, which represent the contractual recovery from tenants of certain common area maintenance, insurance, property tax, promotional, advertising and management expenses, generally fluctuate consistently with the reimbursable property operating expenses to which they relate. See "Property Operating Expenses" below for a discussion of the increase in operating expenses from our existing properties.

Most, but not all, leases contain provisions requiring tenants to pay a share of our operating expenses as additional rent. However, substantially all of the leases for our new Foxwoods outlet center, which opened in May 2015, require tenants to pay a single minimum contractual gross rent and, in certain cases, percentage rent; thus, all minimum rents received for the Foxwoods outlet center are recorded as base rent and none are recorded to expense reimbursements.

MANAGEMENT, LEASING AND OTHER SERVICES

Management, leasing and other services decreased $162,000, or 13%, in the 2016 period compared to the 2015 period. The following table sets forth the changes in various components of management, leasing and other services (in thousands):

	2016		2015		Increase/(Decrease)
Development and leasing	$	192	$	581	$	(389	)
Loan guarantee	182		196		(14		)
Management and marketing	747		506		241
	$	1,121	$	1,283	$	(162	)

Management, leasing and other services decreased primarily due to the 2015 period including significant development fee income from Westgate and Savannah for construction activities. These decreases were partially offset by higher management fees from Savannah and Westgate in the 2016 period.

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PROPERTY OPERATING EXPENSES

Property operating expenses increased $142,000, in the 2016 period as compared to the 2015 period. The following table sets forth the changes in various components of property operating expenses (in thousands):

	2016		2015		Increase/(Decrease)
Property operating expenses from existing properties	$	33,891	$	35,590	$	(1,699	)
Property operating expenses from new developments	3,926		—		3,926
Property operating expenses from properties disposed	57		2,142		(2,085		)
	$	37,874	$	37,732	$	142

Property operating expenses from existing properties decreased primarily due to a decrease in snow removal costs as a result of a relatively mild winter in the 2016 period compared to the 2015 period.

GENERAL AND ADMINISTRATIVE

General and administrative expenses increased $260,000, or 2%, in the 2016 period compared to the 2015 period. This increase was a result of the 2016 period including higher payroll related expenses compared to the 2015 period due to annual wage increases.

DEPRECIATION AND AMORTIZATION

Depreciation and amortization increased $2.6 million, or 11%, in the 2016 period compared to the 2015 period. The following table sets forth the changes in various components of depreciation and amortization from the 2016 and 2015 periods (in thousands):

	2016		2015		Increase/(Decrease)
Depreciation and amortization from existing properties	$	22,957	$	23,649	$	(692	)
Depreciation and amortization from new developments	3,610		—		3,610
Depreciation and amortization from properties disposed	—		340		(340		)
	$	26,567	$	23,989	$	2,578

Depreciation and amortization costs decreased at existing properties as certain construction and development related assets, as well as lease related intangibles recorded as part of the acquisition price of acquired properties, which are amortized over shorter lives, became fully depreciated during the reporting periods.

INTEREST EXPENSE

Interest expense increased $1.8 million, or 14%, in the 2016 period compared to the 2015 period, due to (1) our average borrowings increasing as compared to the 2015 period, (2) placing mortgages on the Foxwoods and Southaven outlet centers which have a higher interest rate than our lines of credit which are generally used to fund development, and (3) the 30-day LIBOR, which impacts the interest rate we pay on our floating rate debt, increasing relative to its level in the 2015 period.

GAIN ON SALE OF ASSETS AND INTEREST IN UNCONSOLIDATED ENTITIES

The gain on sale of assets and interest in unconsolidated entities decreased approximately $8.8 million or 64% in the 2016 period compared to the 2015 period. In the first quarter of 2016, we sold our Fort Myers outlet center for approximately $25.8 million, which resulted in a gain of $4.9 million. In February 2015, we sold our equity interest in the joint venture that owned the Wisconsin Dells outlet center for approximately $15.6 million, representing our share of the sales price totaling $27.7 million less our share of the outstanding debt, which totaled $12.1 million. As a result of this transaction, we recorded a gain of approximately $13.7 million in the first quarter of 2015, which represents the difference between the carrying value of our equity method investment and the net proceeds received.

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EQUITY IN EARNINGS OF UNCONSOLIDATED JOINT VENTURES

Equity in earnings of unconsolidated joint ventures increased approximately $1.0 million or 38% in the 2016 period compared to the 2015 period. The following table sets forth the changes in various components of equity in earnings of unconsolidated joint ventures (in thousands):

	2016		2015		Increase/(Decrease)
Equity in earnings from existing properties	$	2,706	$	2,385	$	321
Equity in earnings from new developments	793		—		$	793
Equity in earnings from properties disposed	—		158		(158		)
	$	3,499	$	2,543	$	956

The increase in equity in earnings of unconsolidated joint ventures from from existing properties is primarily due to incremental earnings from the Westgate expansion. The increase in equity in earnings of unconsolidated joint ventures from new developments is due to the incremental earnings from the Savannah outlet center, which opened in April 2015.The equity in earnings from properties disposed are related to our equity interest in the Wisconsin Dells joint venture, which we sold in February 2015.

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LIQUIDITY AND CAPITAL RESOURCES OF THE COMPANY

In this "Liquidity and Capital Resources of the Company" section, the term, "the Company," refers only to Tanger Factory Outlet Centers, Inc. on an unconsolidated basis, excluding the Operating Partnership.

The Company's business is operated primarily through the Operating Partnership. The Company issues public equity from time to time, but does not otherwise generate any capital itself or conduct any business itself, other than incurring certain expenses in operating as a public company, which are fully reimbursed by the Operating Partnership. The Company does not hold any indebtedness, and its only material asset is its ownership of partnership interests of the Operating Partnership. The Company's principal funding requirement is the payment of dividends on its common shares. The Company's principal source of funding for its dividend payments is distributions it receives from the Operating Partnership.

Through its ownership of the sole general partner of the Operating Partnership, the Company has the full, exclusive and complete responsibility for the Operating Partnership's day-to-day management and control. The Company causes the Operating Partnership to distribute all, or such portion as the Company may in its discretion determine, of its available cash in the manner provided in the Operating Partnership's partnership agreement. The Company receives proceeds from equity issuances from time to time, but is required by the Operating Partnership's partnership agreement to contribute the proceeds from its equity issuances to the Operating Partnership in exchange for partnership units of the Operating Partnership.

The Company is a well-known seasoned issuer with a shelf registration that expires in June 2018 that allows the Company to register unspecified various classes of equity securities and the Operating Partnership to register unspecified, various classes of debt securities. As circumstances warrant, the Company may issue equity from time to time on an opportunistic basis, dependent upon market conditions and available pricing. The Operating Partnership may use the proceeds to repay debt, including borrowings under its lines of credit, develop new or existing properties, to make acquisitions of properties or portfolios of properties, to invest in existing or newly created joint ventures or for general corporate purposes.

The liquidity of the Company is dependent on the Operating Partnership's ability to make sufficient distributions to the Company. The Company also guarantees some of the Operating Partnership's debt. If the Operating Partnership fails to fulfill its debt requirements, which trigger the Company's guarantee obligations, then the Company may be required to fulfill its cash payment commitments under such guarantees. However, the Company's only material asset is its investment in the Operating Partnership.

The Company believes the Operating Partnership's sources of working capital, specifically its cash flow from operations, and borrowings available under its unsecured lines of credit, are adequate for it to make its distribution payments to the Company and, in turn, for the Company to make its dividend payments to its shareholders. However, there can be no assurance that the Operating Partnership's sources of capital will continue to be available at all or in amounts sufficient to meet its needs, including its ability to make distribution payments to the Company. The unavailability of capital could adversely affect the Operating Partnership's ability to pay its distributions to the Company which will, in turn, adversely affect the Company's ability to pay cash dividends to its shareholders.

For the Company to maintain its qualification as a REIT, it must pay dividends to its shareholders aggregating annually at least 90% of its taxable income (excluding capital gains). While historically the Company has satisfied this distribution requirement by making cash distributions to its shareholders, it may choose to satisfy this requirement by making distributions of cash or other property, including, in limited circumstances, the Company's own shares.

As a result of this distribution requirement, the Operating Partnership cannot rely on retained earnings to fund its on-going operations to the same extent that other companies whose parent companies are not real estate investment trusts can. The Company may need to continue to raise capital in the equity markets to fund the Operating Partnership's working capital needs, as well as potential new developments, expansions and renovations of existing properties, acquisitions, or investments in existing or newly created joint ventures.

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The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. The Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities and the revenues and expenses of the Company and the Operating Partnership are the same on their respective financial statements, except for immaterial differences related to cash, other assets and accrued liabilities that arise from public company expenses paid by the Company. However, all debt is held directly or indirectly at the Operating Partnership level, and the Company has guaranteed some of the Operating Partnership's unsecured debt as discussed below. Because the Company consolidates the Operating Partnership, the section entitled "Liquidity and Capital Resources of the Operating Partnership" should be read in conjunction with this section to understand the liquidity and capital resources of the Company on a consolidated basis and how the Company is operated as a whole.

On April 7, 2016, the Company's Board of Directors declared a $0.325 cash dividend per common share payable on May 13, 2016 to each shareholder of record on April 29, 2016, and caused a $0.325 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

LIQUIDITY AND CAPITAL RESOURCES OF THE OPERATING PARTNERSHIP

General Overview

In this "Liquidity and Capital Resources of the Operating Partnership" section, the terms "we", "our" and "us" refer to the Operating Partnership or the Operating Partnership and the Company together, as the text requires.

Property rental income represents our primary source to pay property operating expenses, debt service, capital expenditures and distributions, excluding non-recurring capital expenditures and acquisitions. To the extent that our cash flow from operating activities is insufficient to cover such non-recurring capital expenditures and acquisitions, we finance such activities from borrowings under our unsecured lines of credit or from the proceeds from the Operating Partnership's debt offerings and the Company's equity offerings.

We believe we achieve a strong and flexible financial position by attempting to: (1) maintain a conservative leverage position relative to our portfolio when pursuing new development, expansion and acquisition opportunities, (2) extend and sequence debt maturities, (3) manage our interest rate risk through a proper mix of fixed and variable rate debt, (4) maintain access to liquidity by using our unsecured lines of credit in a conservative manner and (5) preserve internally generated sources of capital by strategically divesting of underperforming assets and maintaining a conservative distribution payout ratio. We manage our capital structure to reflect a long term investment approach and utilize multiple sources of capital to meet our requirements.

The following table sets forth our changes in cash flows (in thousands):

	Three months ended March 31,
	2016			2015			Change
Net cash provided by operating activities	$	53,990		$	55,380		$	(1,390	)
Net cash provided by (used in) investing activities	100,836			(49,574		)	150,410
Net cash used in financing activities	(158,139		)	(6,648		)	(151,491		)
Effect of foreign currency rate changes on cash and equivalents	591			(381		)	972
Net decrease in cash and cash equivalents	$	(2,722	)	$	(1,223	)	$	(1,499	)

Operating Activities

In 2016, our cash provided by operating activities was positively impacted by an increase in operating income as a result of the net growth in leasable square feet in our portfolio of outlet centers, but decreased year over year due to changes in other assets and accounts payable and accrued expenses.

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Investing Activities

The increase in net cash provided by investing activities is primarily associated with the following:

• We used restricted cash of $121.3 million to repay in 2016 a portion of our $150.0 million floating rate mortgage loan, which had an original maturity date in August 2018, and our $28.4 million deferred financing obligation, both of which related to the Deer Park outlet center.

• Cash provided from asset sales increased in 2016 compared to 2015, as proceeds from the sale of our Fort Myers outlet center exceeded the proceeds from the sale of our equity interest in the Wisconsin Dells outlet center.

• Cash used for additions to rental property decreased due to lower new outlet center construction in 2016 as compared to 2015. The 2015 period included additions for our Foxwoods, Grand Rapids, and Southaven outlet centers, all of which opened throughout 2015, while the 2016 period primarily included construction at our Daytona Beach outlet center.

Financing Activities

The increase in net cash used in financing activities is primarily associated with the following:

• Increase in cash distributions paid due to a special dividend that was paid in January 2016 and an increase in quarterly dividends paid to common shareholders in 2016.

• Increase in cash used for debt repayments, which included the repayments of our Deer Park $150.0 million floating rate mortgage loan and our $7.5 million unsecured term note. The increase in debt repayments was partially offset by an increase in borrowings.

• Cash used for the payment of a deferred financing obligation to a former partner at Deer Park, which increased our legal ownership to 100%.

Capital Expenditures

The following table details our capital expenditures (in thousands):

	Three months ended March 31,
	2016		2015			Change
Capital expenditures analysis:
New center developments	$	21,196	$	56,234		$	(35,038	)
Major center renovations	854		747			107
Second generation tenant allowances	1,672		956			716
Other capital expenditures	2,129		1,933			196
	25,851		59,870			(34,019		)
Conversion from accrual to cash basis	9,045		(8,826		)	17,871
Additions to rental property-cash basis	$	34,896	$	51,044		$	(16,148	)

• New center development expenditures, which include first generation tenant allowances, relate to constructionexpenditures for our Daytona Beach, Southaven, and San Marcos outlet centers in the 2016 period. The 2015 period included new center development expenditures for our Grand Rapids, Southaven, and Foxwoods outlet centers.

• Major center renovations in both the 2016 and 2015 periods included construction activities at our Riverhead and our Rehoboth Beach outlet centers. The 2016 period also includes renovations at our Howell outlet center. We expect to spend approximately $30.1 million during 2016 on the renovation of these three outlet centers.

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Current Developments

We intend to continue to grow our portfolio by developing, expanding or acquiring additional outlet centers. In the section below, we describe the new developments that are either currently planned, underway or recently completed. However, you should note that any developments or expansions that we, or a joint venture that we have an ownership interest in, have planned or anticipated may not be started or completed as scheduled, or may not result in accretive net income or funds from operations ("FFO"). See the section "Non-GAAP Supplemental Earnings Measures" - "Funds From Operations" below for further discussion of FFO.

In addition, we regularly evaluate acquisition or disposition proposals and engage from time to time in negotiations for acquisitions or dispositions of properties. We may also enter into letters of intent for the purchase or sale of properties. Any prospective acquisition or disposition that is being evaluated or which is subject to a letter of intent may not be consummated, or if consummated, may not result in an increase in earnings or liquidity.

New Development of Consolidated Outlet Centers

The following table summarizes our projects under development as of March 31, 2016:

Project	Approximate square feet (in 000's)	Projected Total Net Cost per Square Foot (in dollars)		Projected Total Net Cost (in millions)		Costs Incurred to Date (in millions)		Projected Opening
Daytona Beach	352	$	259	$	91.3	$	33.4	Holiday 2016

Daytona Beach

In November 2015, we purchased land for approximately$9.9 million and commenced construction on the development of a wholly owned outlet center in Daytona Beach, Florida.

New Development in Unconsolidated Real Estate Joint Ventures

We have formed joint venture arrangements to develop outlet centers that are currently in various stages of development in several markets. Also, see "Off-Balance Sheet Arrangements" for a discussion of unconsolidated joint venture development activities. The following table summarizes our development projects as of March 31, 2016:

Project	Ownership %		Approximate square feet (in 000's)	Projected Total Net Cost per Square Foot (in dollars)		Projected Total Net Cost (in millions)		Costs Incurred to Date (in millions)		Projected Opening
Columbus, Ohio	50	%	355	$	267	$	94.9	$	59.9	2Q16

Columbus

During the second quarter of 2015, the joint venture purchased land for approximately $8.9 million and began construction on Tanger Outlets Columbus. As of March 31, 2016, we and our partner had each contributed$30.0 millionto fund development activities. Our partner is providing development services to the joint venture and we, along with our partner, are providing joint leasing services. Once the center opens, we will provide property management, marketing and leasing services to the joint venture.

Other Potential Future Developments and Dispositions of Rental Property

As of the date of this filing, we are in the initial study period for potential new developments. We may also use joint venture arrangements to develop other potential sites. There can be no assurance, however, that these potential future projects will ultimately be developed.

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In the case of projects to be wholly-owned by us, we expect to fund these projects from amounts available under our unsecured lines of credit, but may also fund them with capital from additional public debt and equity offerings. For projects to be developed through joint venture arrangements, we may use collateralized construction loans to fund a portion of the project, with our share of the equity requirements funded from sources described above.

In March 2016, we announced our newest pre-development project, located in the greater Fort Worth, Texas market within the 279-acre Champions Circle mixed-use development adjacent to Texas Motor Speedway. We plan to develop a 350,000 square foot outlet center featuring over 70 upscale brand name and designer retailers. Pre-development and pre-leasing efforts for the project are ongoing. If we achieve our pre-leasing hurdles, we plan to acquire the land and commence construction.

In January 2016, we sold our outlet center in Fort Myers, Florida located near Sanibel Island for net proceeds of approximately $25.8 million for a gain of $4.9 million. The proceeds from the sale of this unencumbered asset were used to pay down balances outstanding under our unsecured lines of credit.

Financing Arrangements

As of March 31, 2016, unsecured borrowings represented 89% of our outstanding debt and 86% of the gross book value of our real estate portfolio was unencumbered. We maintain unsecured lines of credit that provide for borrowings of up to $520.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $500.0 million syndicated line. Our unsecured lines of credit bear interest at a rate of LIBOR + 0.90% and the syndicated line may be increased to $1.0 billion through an accordion feature in certain circumstances. The Company guarantees the Operating Partnership's obligations under these lines. As of March 31, 2016, we had $256.3 million available under our unsecured lines of credit.

In January 2016, we used restricted cash and unsecured lines of credit to repay our $150.0 million floating rate mortgage loan, which had an original maturity date in August 2018, and our $28.4 million deferred financing obligation, both of which are related to our 749,000 square foot outlet center in Deer Park. These transactions allowed us to unencumber the Deer Park asset while simultaneously deferring a significant portion of the gains related to the assets sold in 2015 for tax purposes.

In April 2016, we amended our unsecured term loan to increase the size of the loan from $250.0 million to $325.0 million, extend the maturity date from February 23, 2019 to April 13, 2021, reduce the interest rate spread over LIBOR from 1.05% to 0.95% and increase the incremental loan availability through an accordion feature from $150.0 million to $175.0 million. We also entered into four separate interest rate swap agreements, effective April 13, 2016 that fix the base LIBOR rate at an average of 1.03% on notional amounts totaling $175.0 million through January 1, 2021.

We intend to retain the ability to raise additional capital, including public debt or equity, to pursue attractive investment opportunities that may arise and to otherwise act in a manner that we believe to be in the best interests of our shareholders and unitholders. The Company is a well-known seasoned issuer with a joint shelf registration with the Operating Partnership, expiring in June 2018, that allows us to register unspecified amounts of different classes of securities on Form S-3. To generate capital to reinvest into other attractive investment opportunities, we may also consider the use of additional operational and developmental joint ventures, the sale or lease of outparcels on our existing properties and the sale of certain properties that do not meet our long-term investment criteria. Based on cash provided by operations, existing lines of credit, ongoing relationships with certain financial institutions and our ability to sell debt or issue equity subject to market conditions, we believe that we have access to the necessary financing to fund the planned capital expenditures through the end of 2016.

We anticipate that adequate cash will be available to fund our operating and administrative expenses, regular debt service obligations, and the payment of dividends in accordance with REIT requirements in both the short and long-term. Although we receive most of our rental payments on a monthly basis, distributions to shareholders and unitholders are made quarterly and interest payments on the senior, unsecured notes are made semi-annually. Amounts accumulated for such payments will be used in the interim to reduce the outstanding borrowings under our existing unsecured lines of credit or invested in short-term money market or other suitable instruments.

We believe our current balance sheet position is financially sound; however, due to the uncertainty and unpredictability of the capital and credit markets, we can give no assurance that affordable access to capital will exist between now and 2020 when our next significant debt maturities occur, assuming extension options are exercised.

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The Operating Partnership's debt agreements require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% on a cumulative basis. We have historically been and currently are in compliance with all of our debt covenants. We expect to remain in compliance with all of our existing debt covenants; however, should circumstances arise that would cause us to be in default, the various lenders would have the ability to accelerate the maturity on our outstanding debt.

We believe our most restrictive covenants are contained in our senior, unsecured notes. Key financial covenants and their covenant levels include the following:

Senior unsecured notes financial covenants	Required	Actual
Total consolidated debt to adjusted total assets	<60%	49	%
Total secured debt to adjusted total assets	<40%	6	%
Total unencumbered assets to unsecured debt	>150%	187	%

OFF-BALANCE SHEET ARRANGEMENTS

The following table details certain information as of March 31, 2016 about various unconsolidated real estate joint ventures in which we have an ownership interest:

Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)
Columbus	Columbus, OH	50.0	%	—	$	30.7
National Harbor	National Harbor, MD	50.0	%	339	5.5
RioCan Canada	Various	50.0	%	902	126.4
Savannah (1)	Savannah, GA	50.0	%	377	43.8
Westgate	Glendale, AZ	58.0	%	411	12.3
					$	218.7
Charlotte(2)	Charlotte, NC	50.0	%	398	$	(1.4	)
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(2.1		)
					$	(3.5	)

(1) 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 the ownership percentage indicated above, which in this case, states our legal interest in this venture. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from asset sales.

(2) The negative carrying value is due to the distributions of proceeds from mortgage loans, and quarterly distributions of excess cash flow exceeding the original contributions from the partners.

Our joint ventures are generally subject to buy-sell provisions which are customary for joint venture agreements in the real estate industry. Either partner may initiate these provisions (subject to any applicable lock up period), which could result in either the sale of our interest or the use of available cash or additional borrowings to acquire the other party's interest. Under these provisions, one partner sets a price for the property, then the other partner has the option to either (1) purchase their partner's interest based on that price or (2) sell its interest to the other partner based on that price. Since the partner other than the partner who triggers the provision has the option to be the buyer or seller, we don't consider this arrangement to be a mandatory redeemable obligation.

We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal.  The principal guarantees include terms for release based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. Our joint ventures may contain make whole provisions in the event that demands are made on any existing guarantees.

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Columbus

During the second quarter of 2015, the joint venture purchased land for approximately $8.9 million and began construction on Tanger Outlets Columbus. We and our partner currently expect to complete construction in time to open the center during the second quarter of 2016. As of March 31, 2016, we and our partner had each contributed$30.0 millionto fund development activities. Our partner is providing development services to the joint venture and we, along with our partner, are providing joint leasing services. Once the center opens, we will provide property management, marketing and leasing services to the joint venture.

Savannah

In May 2014, the joint venture closed on a construction loan with the ability to borrow up to $97.7 million at an interest rate of LIBOR + 1.65%. In September 2015, the loan maximum borrowing amount was increased to $100.9 million. The construction loan has a maturity date of May 21, 2017, with two, one -year extension options. As of March 31, 2016, the principal balance on the loan was $95.1 million. The additional $5.8 million is available for construction of the approximately 42,000 square foot expansion that is currently in process. We are providing development, management and marketing services to the joint venture; and with our partner, are jointly providing leasing services to the outlet center.

Debt of unconsolidated joint ventures

The following table details information regarding the outstanding debt of the unconsolidated joint ventures and principal guarantees of such debt provided by us as of March 31, 2016 (dollars in millions):

Joint Venture	Total Joint Venture Debt			Maturity Date	Interest Rate	Percent Guaranteed by the Company		Maximum Guaranteed Amount by the Company
Charlotte	$	90.0		November 2018	LIBOR + 1.45%	5.0	%	$	4.5
Galveston/Houston	65.0			July 2017	LIBOR + 1.50%	5.0	%	3.3
National Harbor(1)	87.0			November 2019	LIBOR + 1.65%	10.0	%	8.7
RioCan Canada (2)	11.9			May 2020	5.75%	26.1	%	3.1
Savannah (3)	95.1			May 2017	LIBOR + 1.65%	15.8	%	15.0
Westgate	62.0			June 2017	LIBOR + 1.75%	—	%	—
Debt origination costs	(3.4		)
	$	407.6						$	34.6

(1) 100% completion guaranty; 10% principal guaranty.

(2) The joint venture debt amount includes premium of approximately $610,000.

(3) 100% completion guaranty; $15.0 million principal guaranty.

Fees from unconsolidated joint ventures

Fees we received for various services provided to our unconsolidated joint ventures were recognized in other income as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Fee:
Development and leasing	$	192	$	581
Loan Guarantee	182		196
Management and marketing	747		506
Total Fees	$	1,121	$	1,283

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CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Refer to our 2015 Annual Report on Form 10-K of the Company and the Operating Partnership for a discussion of our critical accounting policies which include principles of consolidation, acquisition of real estate, cost capitalization, impairment of long-lived assets and revenue recognition. There have been no material changes to these policies in 2016.

NON-GAAP SUPPLEMENTAL EARNINGS MEASURES

Funds From Operations

Funds From Operations ("FFO") is a widely used measure of the operating performance or real estate companies that supplements net income (loss) determined in accordance with GAAP. We determine FFO based on the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"), of which we are a member. FFO represents net income (loss) (computed in accordance with GAAP) before extraordinary items and gains (losses) on sale or disposal of depreciable operating properties, plus depreciation and amortization of real estate assets, 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.

FFO is intended to exclude historical cost depreciation of real estate as required by GAAP which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization of real estate assets, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

We present FFO because we consider it an important supplemental measure of our operating performance. In addition, a portion of cash bonus compensation to certain members of management is based on our FFO or Adjusted Funds From Operations ("AFFO"), which is described in the section below. We believe it is useful for investors to have enhanced transparency into how we evaluate our performance and that of our management. In addition, FFO is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is also widely used by us and others in our industry to evaluate and price potential acquisition candidates. NAREIT has encouraged its member companies to report their FFO as a supplemental, industry-wide standard measure of REIT operating performance.

FFO has significant limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

• FFO does not reflect changes in, or cash requirements for, our working capital needs;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and FFO does not reflect any cash requirements for such replacements;

• FFO, which includes discontinued operations, may not be indicative of our ongoing operations; and

• Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, FFO should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or our dividend paying capacity. We compensate for these limitations by relying primarily on our GAAP results and using FFO only as a supplemental measure.

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Below is a reconciliation of net income to FFO (in thousands, except per share and per unit amounts):

	Three months ended
	March 31,
	2016			2015
FFO
Net income	$	28,617		$	36,386
Adjusted for:
Depreciation and amortization of real estate assets - consolidated	26,205			23,637
Depreciation and amortization of real estate assets - unconsolidated joint ventures	5,339			4,076
Gain on sale of assets and interests in unconsolidated entities	(4,887		)	(13,726		)
FFO	55,274			50,373
FFO attributable to noncontrolling interests in other consolidated partnerships	(47		)	(42		)
Allocation of FFO to participating securities	(569		)	(560		)
FFO available to common shareholders and noncontrolling interests in Operating Partnership	$	54,658		$	49,771
Tanger Factory Outlet Centers, Inc.:
Weighted average common shares outstanding (1) (2)	100,056			99,775
Dilutive funds from operations per share	$	0.55		$	0.50
Tanger Properties Limited Partnership:
Weighted average Operating Partnership units outstanding (1)	100,056			99,775
Dilutive funds from operations per unit	$	0.55		$	0.50

(1) Includes the dilutive effect of options, restricted common shares not considered participating securities, and notional units.

(2) Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status.

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Adjusted Funds From Operations

We present AFFO, as a supplemental measure of our performance. We define AFFO as FFO further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance. These further adjustments are itemized in the table below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating AFFO you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of AFFO should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

We present AFFO because we believe it assists investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we believe it is useful for investors to have enhanced transparency into how we evaluate management’s performance and the effectiveness of our business strategies. We use AFFO when certain material, unplanned transactions occur as a factor in evaluating management's performance and to evaluate the effectiveness of our business strategies, and may use AFFO when determining incentive compensation.

AFFO has limitations as an analytical tool. Some of these limitations are:

• AFFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

• AFFO does not reflect changes in, or cash requirements for, our working capital needs;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and AFFO does not reflect any cash requirements for such replacements;

• AFFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and

• Other companies in our industry may calculate AFFO differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, AFFO should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using AFFO only as a supplemental measure.

54

Below is a reconciliation of FFO to AFFO (in thousands, except per share and per unit amounts):

	Three months ended
	March 31,
	2016			2015
AFFO
FFO	$	55,274		$	50,373
Adjusted for:
Accelerated vesting of share-based compensation	293			—
Write-off of debt costs due to repayment of debt prior to maturity	882			—
AFFO	56,449			50,373
AFFO attributable to noncontrolling interests in other consolidated partnerships	(47		)	(42		)
Allocation of AFFO to participating securities	(581		)	(560		)
AFFO available to common shareholders and noncontrolling interests in Operating Partnership	$	55,821		$	49,771
Tanger Factory Outlet Centers, Inc.:
Weighted average common shares outstanding (1) (2)	100,056			99,775
Dilutive adjusted funds from operations per share	$	0.56		$	0.50
Tanger Properties Limited Partnership:
Weighted average Operating Partnership units outstanding (1)	100,056			99,775
Dilutive adjusted funds from operations per unit	$	0.56		$	0.50

(1) Includes the dilutive effect of options, restricted common shares not considered participating securities, and notional units.

(2) Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interest are exchanged for common shares of the Company.

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Same Center Net Operating Income - Cash Basis

We present Same Center Net Operating Income - Cash Basis (“Same Center NOI - Cash Basis”) as a supplemental measure of our performance. We define Same Center NOI - Cash Basis as total operating revenues less property operating expenses for the properties that were operational for the entire portion of both comparable reporting periods and which were not acquired, renovated or subject to a material non-recurring event, such as a natural disaster, during the comparable reporting periods. Same Center NOI - Cash Basis also excludes termination fees and non-cash adjustments including straight-line rent, net above and below market rent amortization and gains or losses on the sale of outparcels recognized during the periods presented.

Same Center NOI - Cash Basis is used by industry analysts, investors and management to measure operating performance of our properties because it provides a performance measure directly related to the revenues and expenses involved in owning and operating real estate assets and provides a perspective not immediately apparent from net income or FFO. Because Same Center NOI - Cash Basis excludes properties developed, redeveloped, acquired and sold; as well as non-cash adjustments, gains or losses on the sale of outparcels and termination rents; it highlights operating trends such as occupancy levels, rental rates and operating costs on properties that were operational for both comparable periods. Other REITs may use different methodologies for calculating Same Center Net Operating Income, and accordingly, our Same Center NOI - Cash Basis may not be comparable to other REITs.

Same Center NOI - Cash Basis should not be viewed as an alternative measure of our financial performance since it does not reflect the operations of our entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other non-property income and losses, and the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations.

Below is a reconciliation of income before equity in earnings of unconsolidated joint ventures to Same Center NOI - Cash Basis (in thousands):

	Three months ended
	March 31,
	2016			2015
Same Center Net Operating Income - Cash Basis
Income before equity in earnings of unconsolidated joint ventures	$	25,118		$	33,843
Interest expense	14,884			13,089
Gain on sale of assets and interests in unconsolidated entities	(4,887		)	(13,726		)
Other nonoperating income (expense)	(316		)	(306		)
Operating income	34,799			32,900
Adjusted to exclude:
Depreciation and amortization	26,567			23,989
Other non-property income and losses	(264		)	(436		)
General and administrative expenses	11,565			11,305
Non-cash adjustments and termination rents (1)	(1,477		)	(1,468		)
Non-same center NOI (2)	(5,558		)	(3,452		)
Same Center Net Operating Income - Cash Basis	$	65,632		$	62,838

(1) Non-cash items include straight-line rent, net above and below market rent amortization and gains or losses on outparcel sales.

(2) Excluded from Same Center NOI - Cash Basis: Foxwoods outlet center, which opened in May of 2015; Grand Rapids outlet center, which opened in July of 2015; Southaven outlet center, which opened in November 2015; Kittery I & II, Tuscola and West Branch outlet centers, which were sold in September 2015; Barstow outlet center, which was sold in October 2015; and Fort Myers outlet center, which was sold in January 2016.

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ECONOMIC CONDITIONS AND OUTLOOK

The majority of our leases contain provisions designed to mitigate the impact of inflation. Such provisions include clauses for the escalation of base rent and clauses enabling us to receive percentage rentals based on tenants' gross sales (above predetermined levels) which generally increase as prices rise. Most of the leases require the tenant to pay their share of property operating expenses, including common area maintenance, real estate taxes, insurance and advertising and promotion, thereby reducing exposure to increases in costs and operating expenses resulting from inflation.

While we believe outlet stores will continue to be a profitable and fundamental distribution channel for many brand name manufacturers, some retail formats are more successful than others. As typical in the retail industry, certain tenants have closed, or will close, certain stores by terminating their lease prior to its natural expiration or as a result of filing for protection under bankruptcy laws.

Due to the relatively short-term nature of our tenants' leases, a significant portion of the leases in our portfolio come up for renewal each year. As of January 1, 2016, we had approximately 1.4 million square feet, or 12% of our consolidated portfolio at that time, coming up for renewal during 2016. During the first three months of 2016, we renewed approximately 762,000 square feet of this space at a 18% increase in the average base rental rate compared to the expiring rate. We also re-tenanted approximately 185,000 square feet at a 32% increase in the average base rental rate. In addition, we continue to attract and retain additional tenants. However, there can be no assurance that we can achieve similar increases in base rental rates. In addition, if we were unable to successfully renew or release a significant amount of this space on favorable economic terms, the loss in rent could have a material adverse effect on our results of operations.

Our outlet centers typically include well-known, national, brand name companies. By maintaining a broad base of well-known tenants and a geographically diverse portfolio of properties located across the United States, we believe we reduce our operating and leasing risks. No one tenant (including affiliates) accounts for more than 8% of our square feet or 6% of our combined base and percentage rental revenues. Accordingly, although we can give no assurance, we do not expect any material adverse impact on our results of operations and financial condition as a result of leases to be renewed or stores to be released. Occupancy at our consolidated centers was 97% as of both March 31, 2016 and 2015.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market Risk

We are exposed to various market risks, including changes in interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices, such as interest rates. We may periodically enter into certain interest rate protection and interest rate swap agreements to effectively convert existing floating rate debt to a fixed rate basis. We do not enter into derivatives or other financial instruments for trading or speculative purposes. We are also exposed to foreign currency risk on investments in outlet centers that are located in Canada. Our currency exposure is concentrated in the Canadian Dollar. We have typically held distributions of net cash flow from our Canadian joint ventures in Canadian Dollars in order to efficiently reinvest such amounts as needed to fund future Canadian development activities.  Due to the amount of ongoing Canadian development, cash held in Canadian Dollars has not typically been held for long periods of time, nor has it been significant.  We believe this strategy has mitigated some of the risk of our initial investment and our exposure to changes in foreign currencies.  While we do not intend to maintain a substantial amount of cash in Canadian Dollars in the long-term, the amount of Canadian Dollars we hold may become more significant if development activity in Canada subsides.  Any funds we hold in Canadian Dollars which are neither reinvested in additional Canadian development or exchanged for US Dollars subject us to the risk of currency fluctuations, as we generally do not hedge currency translation exposures.

57

In October 2013, we entered into interest rate swap agreements with notional amounts totaling $150.0 million to reduce our floating rate debt exposure. The interest rate swap agreements fix the base LIBOR rate at an average of 1.30% and mature in August 2018. The fair value of the interest rate swap agreements represents the estimated receipts or payments that would be made to terminate the agreement. As of March 31, 2016, the fair value of these contracts is a liability of $2.0 million. The fair value is based on dealer quotes, considering current interest rates, remaining term to maturity and our credit standing.

As of March 31, 2016, approximately 43% of our outstanding debt had variable rates, excluding variable rate debt with interest rate protection agreements in place, and therefore were subject to market fluctuations. An increase in the LIBOR rate of 100 basis points would result in an increase of approximately $6.4 million in interest expense on an annual basis. The information presented herein is merely an estimate and has limited predictive value.  As a result, the ultimate effect upon our operating results of interest rate fluctuations will depend on the interest rate exposures that arise during the period, our hedging strategies at that time and future changes in the level of interest rates.

The estimated fair value and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):

	March 31, 2016		December 31, 2015
Fair value of debt	$	1,556,139	$	1,615,833
Recorded value of debt	$	1,475,668	$	1,551,924

A 100 basis point increase from prevailing interest rates at March 31, 2016 and December 31, 2015 would result in a decrease in fair value of total debt of approximately $51.4 million and $50.3 million, respectively. With the exception of the unsecured term loan and unsecured lines of credit, that have variable rates and considered at market value, fair values of the senior notes and mortgage loans are determined using discounted cash flow analysis with an interest rate or credit spread similar to that of current market borrowing arrangements. Because the Company's senior unsecured notes are publicly traded with limited trading volume, these instruments are classified as Level 2 in the hierarchy. In contrast, mortgage loans are classified as Level 3 given the unobservable inputs utilized in the valuation. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on the disposition of the financial instruments.

In April 2016, we entered into four separate interest rate swap agreements, effective April 13, 2016, that fix the base LIBOR rate at an average of 1.03% on notional amounts totaling $175.0 million through January 1, 2021.

58

Item 4. Controls and Procedures

Tanger Factory Outlet Centers, Inc. Controls and Procedures

The Company's management carried out an evaluation, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2016. Based on this evaluation, the Company's Chief Executive Officer and Chief Financial Officer, have concluded the Company's disclosure controls and procedures were effective as of March 31, 2016. There were no changes to the Company's internal controls over financial reporting during the quarter ended March 31, 2016, that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Tanger Properties Limited Partnership Controls and Procedures

The management of the Operating Partnership's general partner carried out an evaluation, with the participation of the Chief Executive Officer and the Vice-President and Treasurer (Principal Financial Officer) of the Operating Partnership's general partner, of the effectiveness of the Operating Partnership's disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2016. Based on this evaluation, the Chief Executive Officer of the Operating Partnership's general partner, and the Vice-President and Treasurer of the Operating Partnership's general partner, have concluded the Operating Partnership's disclosure controls and procedures were effective as of March 31, 2016. There were no changes to the Operating Partnership's internal controls over financial reporting during the quarter ended March 31, 2016, that materially affected, or are reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

59

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company and the Operating Partnership are, from time to time, engaged in a variety of legal proceedings arising in the normal course of business. Although the results of these legal proceedings cannot be predicted with certainty, management believes that the final outcome of such proceedings will not have a material adverse effect on our results of operations or financial condition.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2015.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer Purchases of Equity Securities

Share Repurchases

For certain restricted common shares that vested during the three months ended March 31, 2016 and 2015 we withheld shares with value equivalent to the employees' minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total number of shares withheld upon vesting was 60,382 and 30,578 for the three months ended March 31, 2016 and 2015, respectively, and was based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date.

Item 4.Mine Safety Disclosures

Not applicable

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Item 6. Exhibits

Exhibit Number	Exhibit Descriptions
10.1*	Form of 2016 Outperformance Plan Notional Unit Award agreement.
10.2	First Amendment to Amended and Restated Term Loan Agreement dated as of April 13, 2016 between Tanger Properties Limited Partnership and Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto (Incorporated by reference to the exhibits to the Company’s Form 8-K dated April 15, 2016).
12.1*	Company's Ratio of Earnings to Fixed Charges.
12.2*	Operating Partnership's Ratio of Earnings to Fixed Charges.
31.1*	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.
31.2*	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.
31.3*	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.
31.4*	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.
32.1**	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.
32.2**	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.
32.3**	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.
32.4**	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.
101	The following financial statements from Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership's dual Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Other Comprehensive Income (unaudited), (iv) Consolidated Statements of Equity (unaudited), (v) Consolidated Statements of Cash Flows (unaudited), and (vi) Notes to Consolidated Financial Statements (unaudited).
	* Filed herewith.
	** Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

DATE: May 4, 2016

TANGER FACTORY OUTLET CENTERS, INC.
By:	/s/ Frank C. Marchisello, Jr.
	Frank C. Marchisello, Jr.
	Executive Vice President and Chief Financial Officer
TANGER PROPERTIES LIMITED PARTNERSHIP
By: TANGER GP TRUST, its sole general partner
By:	/s/ Frank C. Marchisello, Jr.
	Frank C. Marchisello, Jr.
	Vice President and Treasurer (principle financial officer)

62

Exhibit Index

Exhibit Number	Exhibit Descriptions
10.1*	Form of 2016 Outperformance Plan Notional Unit Award agreement.
10.2	First Amendment to Amended and Restated Term Loan Agreement dated as of April 13, 2016 between Tanger Properties Limited Partnership and Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto (Incorporated by reference to the exhibits to the Company’s Form 8-K dated April 15, 2016).
12.1*	Company's Ratio of Earnings to Fixed Charges.
12.2*	Operating Partnership's Ratio of Earnings to Fixed Charges.
31.1*	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.
31.2*	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.
31.3*	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.
31.4*	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.
32.1**	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.
32.2**	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Factory Outlet Centers, Inc.
32.3**	Principal Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.
32.4**	Principal Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002 for Tanger Properties Limited Partnership.
101	The following financial statements from Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership's dual Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Other Comprehensive income (unaudited), (iv) Consolidated Statements of Equity (unaudited), (v) Consolidated Statements of Cash Flows (unaudited), and (vi) Notes to Consolidated Financial Statements (unaudited).
	* Filed herewith.
	** Furnished herewith.

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EX-10.1

EXHIBIT 10.1

TANGER FACTORY OUTLET CENTERS, INC.
NOTIONAL UNIT

AWARD AGREEMENT

Name of Grantee: (the “Grantee”)
No. of Notional Units: 4450
Grant Date: February 9, 2016 (the “Grant Date”)

RECITALS

The Grantee is an employee of Tanger Factory Outlet Centers, Inc., a North Carolina corporation (the “Company”).

The Company has adopted the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties L.P. (Amended and Restated as of April 4, 2014), as amended (the “Plan”) to provide additional incentives to the Company’s employees and directors. This award agreement (this “Agreement”) evidences an award to the Grantee under the Plan (the “Award”), which is subject to the terms and conditions set forth herein.

The Plan permits the award of Performance Awards and the Company wishes to award Performance Awards in the form of Notional Units.

The Grantee was selected by the Compensation Committee (the “Committee”) to receive the Award and, effective as of the Grant Date, the Company issued to the Grantee the number of Notional Units set forth above.

NOW, THEREFORE, the Company and the Grantee agree as follows:

1.Definitions. Capitalized terms used herein without definitions shall have the meanings given to those terms in the Plan. In addition, as used herein:

“Cause” means (a) the Grantee causing material harm to the Company or any Subsidiary or affiliate thereof through a material act of dishonesty in the performance of his or her duties for the Company or any Subsidiary or affiliate thereof, (b) the Grantee’s conviction of a felony involving moral turpitude, fraud or embezzlement, or (c) the Grantee’s willful failure to perform the material duties of the Grantee’s employment (other than failure due to Disability); provided that, if the Employment Agreement includes a different definition of “Cause,” the definition in the Employment Agreement shall be incorporated by reference herein and supersede the definition in this Section 1.

“Change in Control” has the meaning set forth in the Plan. In addition, if a Change in Control constitutes a payment event with respect to the Award, and the Award provides for the deferral of compensation and is subject to Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance that may be issued after the date hereof, “Section 409A”), the transaction or event described in the Change in Control definition set forth in the Plan must also constitute a “change in control event,” as defined in Department of Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Section 409A.

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“CIC Minimum Return to Shareholders” shall mean the amount equal to the product of (a) the Minimum Total Return to Shareholders and (b) a fraction, the numerator of which is the number of days from the Effective Date to and including the date of the Change in Control and the denominator of which is the number of days during the period beginning on the Effective Date and ending on the Measurement Date.

“Common Shares” means the Company’s common shares, par value $0.01 per share, either currently existing or authorized hereafter.

“Common Share Price” means, as of a particular date, the highest twenty (20) consecutive trading day trailing average of the Fair Market Value within the ninety (90) day period ending on, and including, such date (or, if such date is not a trading day, the most recent trading day immediately preceding such date); provided that if any of such trading days is the ex-dividend date for a dividend or other distribution on the Common Shares, then the Fair Market Value for each trading day prior to the ex-dividend date shall be adjusted and shall equal the Fair Market Value on each such trading day (prior to the adjustment herein) divided by (i) the sum of (A) one and (B) the per share amount of the dividend or other distribution declared to which such ex-dividend date relates divided by the Fair Market Value on the ex-dividend date for such dividend or other distribution; and, provided, further, that if such date is the date upon which a Change in Control (within the meaning of Section 1.6(a) or (c) of the Plan) occurs, the Common Share Price as of such date shall be equal to the fair market value in cash, as determined by the Committee, of the total consideration paid or payable in the transaction resulting in such Change in Control for one Common Share.

“Disability” means the Grantee’s inability through physical or mental illness or other cause to perform any of the material duties assigned to him or her by the Company or a Subsidiary or affiliate thereof for a period of ninety (90) days or more within any twelve (12) consecutive calendar months; provided that, if the Employment Agreement includes a different definition of “Disability,” the definition in the Employment Agreement shall be incorporated by reference herein and supersede the definition in this Section 1.

“Effective Date” means February 10, 2016.

“Effective Date Common Share Price” means $30.64.

“Employment Agreement” means, as of a particular date, the employment agreement by and between the Grantee and the Company or a Subsidiary or affiliate thereof in effect as of that date, if any.

“55th Percentile” means in accordance with standard statistical methodology, for any applicable measurement period, the Total Return to Shareholders which equals or exceeds the total return to shareholders of 55% of the REITs included in the Peer Group. Notwithstanding the foregoing, the Committee may, upon consideration of the statistical distribution of the REITs included in the Peer Group within the full range of total return to shareholders for the applicable measurement period, exercise its reasonable discretion to allow for issuance of Restricted Shares to be granted as part of the Award under Section 3 (or Common Shares to be granted as part of the Award under Section 2(b)(iii)) on a basis other than a strict mathematical calculation of the 55th Percentile. By way of illustration, if for the period the total return to shareholders of a number of REITs included in the Peer Group is clustered within a narrow range such that the effect of the precise calculation of percentiles is that issuance would not occur, the Committee could in its sole discretion conclude that issuance should nonetheless occur to

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the extent appropriate in light of all the circumstances, including the Company's Total Return to Shareholders performance relative to the REITs included in the Peer Group taken as a whole.

“40th Percentile” means in accordance with standard statistical methodology, for any applicable measurement period, the Total Return to Shareholders which equals or exceeds the total return to shareholders of 40% of the REITs included in the Peer Group. Notwithstanding the foregoing, the Committee may, upon consideration of the statistical distribution of the REITs included in the Peer Group within the full range of total return to shareholders for the applicable measurement period, exercise its reasonable discretion to allow for issuance of Restricted Shares to be granted as part of the Award under Section 3 (or Common Shares to be granted as part of the Award under Section 2(b)(iii)) on a basis other than a strict mathematical calculation of the 40th Percentile. By way of illustration, if for the period the total return to shareholders of a number of REITs included in the Peer Group is clustered within a narrow range such that the effect of the precise calculation of percentiles is that issuance would not occur, the Committee could in its sole discretion conclude that issuance should nonetheless occur to the extent appropriate in light of all the circumstances, including the Company's Total Return to Shareholders performance relative to the REITs included in the Peer Group taken as a whole.

The Grantee shall have “Good Reason” to terminate his or her employment in the event of the Company’s material breach of the terms of the Grantee’s employment; provided that (i) the Grantee provides written notice to the Company of the existence of the condition(s) constituting Good Reason within ninety (90) days of the initial existence of any such condition(s), (ii) the Company has thirty (30) days after receipt of such notice to remedy such condition(s) and (iii) if the Company fails to remedy the condition(s), the Grantee terminates his or her employment for Good Reason within two (2) years following the initial existence of any condition constituting Good Reason; provided, further, that, if the Employment Agreement includes a different definition of “Good Reason,” to the extent a Termination of Employment by the Grantee for Good Reason thereunder would be an “involuntary separation from service” (as defined in Section 409A), the definition in the Employment Agreement shall be incorporated by reference herein and supersede the definition in this Section 1.

“Maximum Total Return to Shareholders” means Total Return to Shareholders equal to 35%.

“Measurement Date” means February 9, 2019.

“Minimum Total Return to Shareholders” means Total Return to Shareholders equal to 18%.

“Notional Unit” means a Performance Award granted pursuant to the Plan which entitles the Grantee to the opportunity to be receive Restricted Shares on or after the Share Issuance Date as set forth herein.

“Notional Unit Absolute Conversion Ratio” means (a) in the event the Total Return to Shareholders is equal to the Minimum Total Return to Shareholders, 0.10, (b) in the event the Total Return to Shareholders is equal to the Target Total Return to Shareholders, 0.30, (c) in the event the Total Return to Shareholders is equal to or exceeds the Maximum Total Return to Shareholders, 0.50, and (d) in the event the Total Return to Shareholders is (i) greater than the Minimum Total Return to Shareholders and less than the Target Total Return to Shareholders, the Notional Unit Conversion Ratio will be pro-rated between 0.10 and 0.30 by linear interpolation and (ii) greater than the Target Total Return to Shareholders and less than the Maximum Total Return to Shareholders, the Notional Unit

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Absolute Conversion Ratio will be pro-rated between 0.30 and 0.50 by linear interpolation (e.g., other than in the event of a Change in Control, the Notional Unit Conversation Ratio will increase by approximately 0.02353 for each percentage point by which the Total Return to Shareholders exceeds the Minimum Total Return to Shareholders up to the Maximum Total Return to Shareholders).

“Notional Unit Relative Conversion Ratio” means (a) in the event the Total Return to Shareholders is equal to the 40th Percentile, 0.10, (b) in the event the Total Return to Shareholders is equal to the 55th Percentile, 0.30, (c) in the event the Total Return to Shareholders is equal to or exceeds the 70th Percentile, 0.50, and (d) in the event the Total Return to Shareholders is (i) greater than the 40th Percentile and less than the 55th Percentile, the Notional Unit Relative Conversion Ratio will be pro-rated between 0.10 and 0.30 by linear interpolation and (ii) greater than the 55th Percentile and less than the 70th Percentile, the Notional Unit Relative Conversion Ratio will be pro-rated between 0.30 and 0.50 by linear interpolation (e.g., other than in the event of a Change in Control, the Notional Unit Conversation Ratio will increase by 0.01333 for each percentile point by which the Total Return to Shareholders exceeds the 40th Percentile up to the 70th Percentile).

“Peer Group” means the peer group of companies set forth on Exhibit A; provided that if a constituent company(s) in the Peer Group ceases to be actively traded, due, for example, to merger or bankruptcy, or the Committee otherwise reasonably determines that it is no longer suitable for the purposes of this Agreement, then the Committee in its reasonable discretion shall select a comparable company to be added to the Peer Group for purposes of making the Total Return to Shareholders comparison required by Sections 2(b)(iii) and 3(b) meaningful and consistent across the relevant measurement period.

“Restricted Shares” has the meaning set forth in Section 2(a).

“70th Percentile” means in accordance with standard statistical methodology, for any applicable measurement period, the Total Return to Shareholders which equals or exceeds the total return to shareholders of 70% of the REITs included in the Peer Group. Notwithstanding the foregoing, the Committee may, upon consideration of the statistical distribution of the REITs included in the Peer Group within the full range of total return to shareholders for the applicable measurement period, exercise its reasonable discretion to allow for issuance of Restricted Shares to be granted as part of the Award under Section 3 (or Common Shares to be granted as part of the Award under Section 2(b)(iii)) on a basis other than a strict mathematical calculation of the 70th Percentile. By way of illustration, if for the period the total return to shareholders of a number of REITs included in the Peer Group is clustered within a narrow range such that the effect of the precise calculation of percentiles is that issuance would not occur, the Committee could in its sole discretion conclude that issuance should nonetheless occur to the extent appropriate in light of all the circumstances, including the Company's Total Return to Shareholders performance relative to the REITs included in the Peer Group taken as a whole.

“Share Issuance Date” means the earlier of (a) February 15, 2019 and (b) the date upon which a Change in Control shall occur.

“Target Total Return to Shareholders” means Total Return to Shareholders equal to 26.5%.

“Total Return to Shareholders” means the percentage appreciation in the Common Share Price from the Effective Date to the Valuation Date, determined by dividing (a) the difference obtained by subtracting (1) the Effective Date Common Share Price, from (2) the Common Share Price on the

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Valuation Date plus all dividends paid on a Common Share from the Effective Date to the Valuation Date by (b) the Effective Date Common Share Price. Additionally, as set forth in, and pursuant to, Section 6, appropriate adjustments to the Total Return to Shareholders shall be made to take into account all stock dividends, stock splits, reverse stock splits and the other events set forth in Section 6 that occur between the Effective Date and the Valuation Date.

“Valuation Date” means the earlier of (a) the Measurement Date and (b) the date upon which a Change in Control shall occur.

2.Notional Unit Award.

(a)Award. In consideration of the Grantee’s past and/or continued employment with or service to the Company and/or a Subsidiary or affiliate thereof and for other good and valuable consideration, effective as of the Grant Date, the Grantee is hereby granted an Award consisting of the number of Notional Units set forth above, which will be subject to (i) forfeiture or conversion into a right to receive unrestricted Common Shares or restricted Common Shares (such restricted Common Shares, “Restricted Shares”) to the extent provided in Sections 2 and 3, and (ii) the terms and conditions otherwise set forth in the Plan and this Agreement.

(b)Effect of Termination of Employment and Change in Control.

(i)Except as provided in Section 2(b)(iii), if, prior to the Share Issuance Date, a Termination of Employment of the Grantee occurs for any reason other than those reasons described in Section 2(b)(ii), then all Notional Units shall automatically and immediately be forfeited by the Grantee without any action by any other person or entity and for no consideration whatsoever, and the Grantee and any beneficiary or personal representative thereof, as the case may be, will be entitled to no payments or benefits with respect to the Notional Units.

(ii)Except as provided in Section 2(b)(iii), if, prior to the Share Issuance Date, a Termination of Employment of the Grantee (1) without Cause by the Company, (2) with Good Reason by the Grantee, or (3) due to the Grantee’s death or Disability, occurs, the Grantee shall be entitled on the Share Issuance Date to the number of Common Shares equal to the number of Restricted Shares he or she would have received pursuant to Section 3(b) as if no Termination of Employment of the Grantee had occurred, multiplied by a fraction, the numerator of which is the number of days from the Effective Date to and including the date of Termination of Employment of the Grantee, and the denominator of which is the total number of days from the Effective Date to and including the Measurement Date, which Common Shares shall be fully vested upon issuance. On the Share Issuance Date, all Notional Units shall automatically and immediately be forfeited by the Grantee without any action by any other person or entity and for no other consideration whatsoever, and the Grantee and any beneficiary or personal representative thereof, as the case may be, will be entitled to no further payments or benefits with respect to the Notional Units.

(iii)Notwithstanding anything to the contrary, on the date of a Change in Control occurring on or prior to the Measurement Date, subject to the Grantee’s continued employment with the Company from the Grant Date through the date of such Change in Control, the Company shall issue to the Grantee, immediately prior to such Change in Control, that number of Common Shares (which Common Shares shall be fully vested upon issuance) equal to the sum of the following:

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(1)     If, as of the date of such Change in Control, the Total Return to Shareholders is equal to or greater than the CIC Minimum Total Return to Shareholders, the number of Notional Units held by the Grantee on the Share Issuance Date multiplied by the Notional Unit Absolute Conversion Ratio (and, for purposes of determining the Notional Unit Absolute Conversion Ratio, the Target Total Return to Shareholders and Maximum Total Return to Shareholders shall be adjusted in the same manner as Minimum Return to Shareholders is adjusted in determining the CIC Minimum Return to Shareholders); plus

(2)    If, as of the date of such Change in Control, the Total Return to Shareholders is equal to or greater than the 40th Percentile, the number of Notional Units held by the Grantee on the Share Issuance Date multiplied by the Notional Unit Relative Conversion Ratio; provided that, for the avoidance of doubt, if, as of the date of such Change in Control, the Total Return to Shareholders is less than the CIC Minimum Total Return to Shareholders and less than the 40th Percentile, the Grantee shall not receive any Common Shares pursuant to this Section 2(b)(iii). The number of Common Shares that the Grantee shall be entitled to pursuant to this Section 2(b) (iii) shall be determined by the Committee in its sole good faith discretion. In consideration for the eligibility to receive Common Shares pursuant to this Section 2(b)(iii) (and regardless of whether or not the Grantee actually received Common Shares), as of the date of the Change in Control, all Notional Units shall automatically and immediately be forfeited by the Grantee without any action by any other person or entity and for no other consideration whatsoever, and the Grantee and any beneficiary or personal representative thereof, as the case may be, will be entitled to no further payments or benefits with respect to the Notional Units.

3.Restricted Shares.

(a)Grant of Restricted Shares. Subject to Section 3(f), on the Share Issuance Date (unless such date is the date upon which a Change in Control shall occur), the Company shall, subject to the Grantee’s continued employment with the Company from the Grant Date through the Share Issuance Date, deliver to the Grantee (or any transferee permitted under Section 5) a number of Restricted Shares (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company in its sole discretion) equal to the number of Restricted Shares that are issuable pursuant to Section 3(b). Upon the Share Issuance Date, all Notional Units shall automatically and immediately be forfeited by the Grantee without any action by any other person or entity and for no other consideration whatsoever, and the Grantee and any beneficiary or personal representative thereof, as the case may be, will be entitled to no further payments or benefits with respect to the Notional Units. Notwithstanding the foregoing, in the event Restricted Shares cannot be issued pursuant to Section 3(f)(i), then the Restricted Shares shall be issued pursuant to the preceding sentence at the earliest date at which the Committee reasonably anticipates that Restricted Shares can again be issued in accordance with Section 3(f)(i).

(b)Number of Restricted Shares. The number of Restricted Shares that shall be granted pursuant to the Notional Units shall be determined based on the Total Return to Shareholders on the Valuation Date and shall be equal to the sum of the following:

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(i)If, as of the Valuation Date, the Total Return to Shareholders is equal to or greater than the Minimum Total Return to Shareholders, the number of Notional Units held by the Grantee on the Share Issuance Date multiplied by the Notional Unit Absolute Conversion Ratio; plus

(ii)If, as of the Valuation Date, the Total Return to Shareholders is equal to or greater than the 40th Percentile, the number of Notional Units held by the Grantee on the Share Issuance Date multiplied by the Notional Unit Relative Conversion Ratio; provided that, for the avoidance of doubt, if, as of the Valuation Date, the Total Return to Shareholders is less than the Minimum Total Return to Shareholders and less than the 40th Percentile, the Grantee shall not receive any Restricted Shares pursuant to Section 3(a). The number of Restricted Shares that the Grantee shall be entitled to pursuant to the Notional Units shall be determined by the Committee in its sole good faith discretion. The Grantee will not become entitled to Restricted Shares with respect to the Notional Units subject to this Agreement unless and until the Committee determines the Total Return to Shareholders, the 40th Percentile, 55th Percentile and 70th Percentile. Upon such determination by the Committee and subject to the provisions of the Plan and this Agreement, the Grantee shall be entitled to a number of Restricted Shares equal to the number that is determined pursuant to this Section 3(b).

(c)Vesting of Restricted Shares. Except as provided in Section 3(d), the Restricted Shares granted on the Share Issuance Date as provided in this Section 3 shall vest as follows:

(i)50% of such Restricted Shares shall vest immediately on

February 15, 2019; and

(ii)50% of such Restricted Shares shall vest on February 15, 2020.

(d)Effect of Termination of Employment.

(i)If, on or after the Share Issuance Date, a Termination of Employment of the Grantee occurs for any reason other than those reasons described in Section 3(d)(ii), then all Restricted Shares that remain unvested at such time shall automatically and immediately be forfeited by the Grantee without any action by any other person or entity and for no consideration whatsoever, and the Grantee and any beneficiary or personal representative thereof, as the case may be, will be entitled to no payments or benefits with respect to the Restricted Shares.

(ii)If, on or after the Share Issuance Date, a Termination of Employment of the Grantee (1) without Cause by the Company, (2) with Good Reason by the Grantee, or (3) due to the Grantee’s death or Disability, occurs, then all of the Grantee’s Restricted Shares shall automatically and immediately vest.

(e)Rights as Shareholder. The Grantee shall not be, nor have any of the rights or privileges of, a shareholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of the Notional Units or any Restricted Shares underlying the Notional Units and deliverable hereunder unless and until such Restricted Shares have been issued to the Grantee, and held of record by the Grantee (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).

(f)Conditions on Delivery of Restricted Shares. The Restricted Shares deliverable hereunder, or any portion thereof, may be either previously authorized but unissued Common Shares or

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issued Common Shares which have then been reacquired by the Company. Such Common Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Common Shares issuable hereunder (i) if such issuance would violate any applicable law, rule or regulation and (ii) prior to the receipt by the Company of payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 3(g).

(g)Withholding and Taxes. Notwithstanding anything to the contrary in this Agreement, the Company shall be entitled to require payment by the Grantee of any sums required by applicable law to be withheld with respect to the grant of the Notional Units or the grant or vesting of the Restricted Shares related thereto. Such payment shall be made by deduction from other compensation payable to the Grantee or in such other form of consideration acceptable to the Company which may, in the sole discretion of the Committee, include:

(i)Cash or check;

(ii)Surrender of Common Shares held for such period of time as may be required by the Committee in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the minimum amount required to be withheld by statute; or

(iii)Other property acceptable to the Committee.

The Company shall not be obligated to deliver any new certificate representing the Restricted Shares to the Grantee or the Grantee’s legal representative or enter such Restricted Shares in book entry form unless and until the Grantee or the Grantee’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of the Grantee resulting from the grant of the Notional Units or the grant or vesting of Restricted Shares related thereto.

4.Dividends.

(a)Upon the grant of Common Shares pursuant to Section 2(b)(ii), the Grantee shall be entitled to receive, for each Common Share granted, an amount equal to the per share amount of all dividends declared with respect to Common Shares with a record date on or after the Effective Date to and including the date of the Termination of Employment of the Grantee. After the date of grant of the Common Shares pursuant to Section 2(b)(ii), the holder of such Common Shares shall be entitled to receive dividends in the same manner as dividends are paid to all other holders of Common Shares.

(b)Upon the grant of Common Shares pursuant to Section 2(b)(iii), the Grantee shall be entitled to receive, for each Common Share granted, an amount equal to the per share amount of all dividends declared with respect to Common Shares with a record date on or after the Effective Date to and including the date of the Change in Control. After the date of grant of the Common Shares pursuant to Section 2(b)(iii), the holder of such Common Shares shall be entitled to receive dividends in the same manner as dividends are paid to all other holders of Common Shares.

(c)Upon grant of the Restricted Shares pursuant to Section 3(a), the Grantee shall be entitled to receive, for each of the Restricted Shares (whether vested or unvested), an amount in cash equal to the per share amount of all dividends declared with respect to the Common Shares with a record date on or after the Effective Date and before the Share Issuance Date (other than those with respect to which an adjustment was made pursuant to Section 6).After the Share Issuance Date, the holder of

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Restricted Shares (whether vested or unvested) shall be entitled to receive the per share amount of any dividends declared with respect to Common Shares for each Restricted Share (whether vested or unvested) held on the record date of each such dividend and each such dividend shall be paid in the same manner as dividends are paid to the holders of Common Shares.

(d)Except as provided in this Section 4, the Grantee shall not be entitled to receive any payments in lieu of or in connection with dividends with respect to any Notional Units and/or Restricted Shares.

5.Restrictions on Transfer. The Notional Units may not be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of, encumbered, whether voluntarily or by operation of law (each such action, “Transfer”). The Restricted Shares may not be Transferred, unless and until such Restricted Shares have been granted and have fully vested. Neither the Notional Units, the Restricted Shares nor any interest or right therein shall be liable for the debts, contracts or engagements of the Grantee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no force or effect, except to the extent that such disposition is permitted by the preceding sentence.

6.Changes in Capital Structure. In addition to any actions by the Committee permitted under Section 10.3 of the Plan, if (a) the Company shall at any time be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or shares of the Company or a transaction similar thereto, (b) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization, significant repurchases of shares or other similar change in the capital structure of the Company, or any distribution to holders of Common Shares other than regular cash dividends, shall occur, or (c) any other event shall occur for which, in its sole discretion, the Committee determines action by way of adjusting the terms of the Award is necessary or appropriate, then the Committee shall take such action as in its sole discretion shall be necessary or appropriate to maintain the Grantee’s rights hereunder so that they are substantially proportionate to the rights existing under this Agreement prior to such event, including, without limitation, adjustments in the number and/or terms and conditions of the Notional Units or Restricted Shares, Common Share Price, Total Return to Shareholders and payments to be made pursuant to Section 4. The Grantee acknowledges that the Notional Units and Restricted Shares are subject to amendment, modification and termination in certain events as provided in this Section 6 and Section 10.3 of the Plan.

7.Miscellaneous.

(a)Administration. The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the Grantee, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement, the Notional Units or the Restricted Shares.

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(b)Amendments. To the extent permitted by the Plan, this Agreement may be amended, modified, suspended or terminated at any time and from time to time by the Committee or the Board; provided that, except as otherwise provided in the Plan, any such amendment, modification, suspension or termination that adversely affects the rights of the Grantee in a material way must be consented to by the Grantee to be effective as against him or her.

(c)Incorporation of Plan. The provisions of the Plan are hereby incorporated by reference as if set forth herein. If and to the extent that any provision contained in this Agreement is inconsistent with the Plan, the Plan shall govern.

(d)Severability. In the event that one or more of the provisions of this Agreement may be invalidated for any reason by a court, any provision so invalidated will be deemed to be separable from the other provisions hereof, and the remaining provisions hereof will continue to be valid and fully enforceable.

(e)Governing Law. This Agreement is made under, and will be construed in accordance with, the laws of the State of North Carolina, without giving effect to the principle of conflict of laws of such State or any other jurisdiction.

(f)No Obligation to Continue Position as an Employee. Neither the Company nor any Subsidiary or affiliate thereof is obligated by or as a result of this Agreement to continue to have the Grantee as an employee and this Agreement shall not interfere in any way with the right of the Company or any Subsidiary or affiliate thereof to terminate the Grantee as an employee at any time, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary or affiliate thereof and the Grantee.

(g)Notices. Notices hereunder shall be mailed or delivered to the Company in care of the Secretary of the Company at its principal place of business, and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

(h)Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

(i)Conformity to Securities Laws.

(i)The Grantee will use his or her best efforts to comply with all applicable securities laws. The Grantee acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act of 1933, as amended, and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan and this Agreement shall be administered, and the Notional Units and/or Restricted Shares shall be granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

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(ii)Notwithstanding any other provision of the Plan or this Agreement, if the Grantee is subject to Section 16 of the Exchange Act, the Plan, this Agreement, the Notional Units, and the Restricted Shares shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

(j)Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5, this Agreement shall be binding upon the Grantee and his or her heirs, executors, administrators, successors and assigns.

(k)Entire Agreement. The Plan and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof.

(l)Section 409A. This Agreement is intended to comply with or be exempt from Section 409A and, to the extent applicable, this Agreement shall be interpreted in accordance with Section 409A. However, notwithstanding any other provision of the Plan or this Agreement, if at any time the Committee determines that the Notional Units and/or the Restricted Shares (or any portion thereof) may be subject to Section 409A, the Committee shall have the right in its sole discretion (without any obligation to do so or to indemnify the Grantee or any other person for failure to do so) to adopt such amendments to the Plan or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate either for the Notional Units and/or Restricted Shares to be exempt from the application of Section 409A or to comply with the requirements of Section 409A. No provision of this Agreement shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Section 409A from the Grantee or any other individual to the Company or any of its affiliates, employees or agents.

(m)Limitation on the Grantee’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Grantee shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Notional Units and the Restricted Shares, and rights no greater than the right to receive Common Shares as a general unsecured creditor with respect to Notional Units and the Restricted Shares, as and when payable hereunder.

(n)Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

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[signature page follows]

12

NY\7553013.2

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the first day written above.

TANGER FACTORY OUTLET CENTERS, INC.
By:
	Name:
GRANTEE
Name:

Signature Page for Notional Unit Award Agreement

EXHIBIT A

List of Peer Group

[see attached]

EX-12.1

Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Three months ended March 31,
	2016		2015
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests  (1)	$	25,118	$	33,843
Add:
Distributed income of unconsolidated joint ventures	2,709		2,719
Amortization of capitalized interest	158		513
Interest expense	14,884		13,089
Portion of rent expense - interest factor	609		536
Total earnings	43,478		50,700
Fixed charges:
Interest expense	14,884		13,089
Capitalized interest and capitalized amortization of debt issue costs	507		1,438
Portion of rent expense - interest factor	609		536
Total fixed charges	$	16,000	$	15,063
Ratio of earnings to fixed charges	2.7		3.4

(1) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests includes a $4.9 million gain on the sale of our outlet center in Fort Myers, Florida located near Sanibel Island and a $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture for the period ended March 31, 2016 and March 31, 2015, respectively.

EX-12.2

Exhibit 12.2

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Three months ended March 31,
	2016		2015
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests (1)	$	25,118	$	33,843
Add:
Distributed income of unconsolidated joint ventures	2,709		2,719
Amortization of capitalized interest	158		513
Interest expense	14,884		13,089
Portion of rent expense - interest factor	609		536
Total earnings	43,478		50,700
Fixed charges:
Interest expense	14,884		13,089
Capitalized interest and capitalized amortization of debt issue costs	507		1,438
Portion of rent expense - interest factor	609		536
Total fixed charges	$	16,000	$	15,063
Ratio of earnings to fixed charges	2.7		3.4

(1) Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests includes a $4.9 million gain on the sale of our outlet center in Fort Myers, Florida located near Sanibel Island and a $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture for the period ended March 31, 2016 and March 31, 2015, respectively.

EX-31.1

Exhibit 31.1

I, Steven B. Tanger, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period endedMarch 31, 2016;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 4, 2016

/s/ Steven B. Tanger

Steven B. Tanger

President and Chief Executive Officer

Tanger Factory Outlet Centers, Inc.

EX-31.2

Exhibit 31.2

I, Frank C. Marchisello, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period endedMarch 31, 2016;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 4, 2016

/s/ Frank C. Marchisello, Jr.

Frank C. Marchisello, Jr.

Executive Vice-President and Chief Financial Officer

Tanger Factory Outlet Centers, Inc.

EX-31.3

Exhibit 31.3

I, Steven B. Tanger, certify that:

1	I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended March 31, 2016;
2	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:	May 4, 2016
/s/ Steven B. Tanger
Steven B. Tanger
President and Chief Executive Officer
Tanger GP Trust, sole general partner of the Operating Partnership

EX-31.4

Exhibit 31.4

I, Frank C. Marchisello, Jr., certify that:

1	I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended March 31, 2016;
2	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:	May 4, 2016
/s/ Frank C. Marchisello, Jr.
Frank C. Marchisello, Jr.
Vice-President and Treasurer
Tanger GP Trust, sole general partner of the Operating Partnership (Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tanger Factory Outlet Centers, Inc. (the “Company”) hereby certifies, to such officer's knowledge, that:

(i)    the accompanying Quarterly Report on Form 10-Q of the Company for the period endedMarch 31, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 4, 2016	/s/ Steven B. Tanger
		Steven B. Tanger President and Chief Executive Officer Tanger Factory Outlet Centers, Inc.

EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tanger Factory Outlet Centers, Inc. (the “Company”) hereby certifies, to such officer's knowledge, that:

(i)    the accompanying Quarterly Report on Form 10-Q of the Company for the period endedMarch 31, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 4, 2016	/s/ Frank C. Marchisello, Jr.
		Frank C. Marchisello, Jr. Executive Vice President and Chief Financial Officer Tanger Factory Outlet Centers, Inc.

EX-32.3

Exhibit 32.3

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tanger Properties Limited Partnership (the “Operating Partnership”) hereby certifies, to such officer's knowledge, that:

(i) the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the period endedMarch 31, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

Date:	May 4, 2016	/s/ Steven B. Tanger
		Steven B. Tanger
		President and Chief Executive Officer
		Tanger GP Trust, sole general partner of the Operating Partnership

EX-32.4

Exhibit 32.4

Certification of Principal Financial Officer

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Tanger Properties Limited Partnership (the “Operating Partnership”) hereby certifies, to such officer's knowledge, that:

(i) the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the period endedMarch 31, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

Date:	May 4, 2016	/s/ Frank C. Marchisello, Jr.
		Frank C. Marchisello, Jr.
		Vice President and Treasurer Tanger GP Trust, sole general partner of the Operating Partnership (Principal Financial Officer)

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	TANGER FACTORY OUTLET CENTERS INC
Entity Central Index Key	0000899715
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Entity Common Stock, Shares Outstanding		96,127,107

XML

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Tanger Factory Outlet Centers, Inc [Member]
Rental property
Land		$ 235,622	$ 240,267
Buildings, improvements and fixtures		2,219,955	2,249,417
Construction in progress		42,287	23,533
Rental property, at cost, total		2,497,864	2,513,217
Accumulated depreciation		(749,325)	(748,341)
Total rental property, net		1,748,539	1,764,876
Cash and cash equivalents		18,877	21,558
Restricted cash		0	121,306
Investments in unconsolidated joint ventures		218,732	201,083
Deferred lease costs and other intangibles, net		123,404	127,089
Prepaids and other assets		81,054	78,913
Total assets		2,190,606	2,314,825
Debt
Senior, unsecured notes, net		789,635	789,285
Unsecured term loans, net		258,540	265,832
Mortgages payable, net		167,603	310,587
Unsecured lines of credit, net		259,890	186,220
Total debt		1,475,668	1,551,924
Accounts payable and accrued expenses		67,608	97,396
Deferred financing obligation		0	28,388
Other liabilities		31,758	31,085
Total liabilities		1,575,034	1,708,793
Commitments and contingencies		0	0
Tanger Factory Outlet Centers, Inc.
Common shares, $.01 par value, 300,000,000 shares authorized, 96,126,507 and 95,880,825 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively		961	959
Paid in capital		808,779	806,379
Accumulated distributions in excess of net income		(195,654)	(195,486)
Partners' Equity
Accumulated other comprehensive loss		(29,814)	(36,715)
Equity attributable to Tanger Factory Outlet Centers, Inc.		584,272	575,137
Noncontrolling interests in Operating Partnership		30,711	30,309
Noncontrolling interests in other consolidated partnerships		589	586
Total equity		615,572	606,032
Total liabilities and equity		2,190,606	2,314,825
Tanger Properties Limited Partnership [Member]
Rental property
Land		235,622	240,267
Buildings, improvements and fixtures		2,219,955	2,249,417
Construction in progress		42,287	23,533
Rental property, at cost, total		2,497,864	2,513,217
Accumulated depreciation		(749,325)	(748,341)
Total rental property, net		1,748,539	1,764,876
Cash and cash equivalents		18,830	21,552
Restricted cash		0	121,306
Investments in unconsolidated joint ventures		218,732	201,083
Deferred lease costs and other intangibles, net		123,404	127,089
Prepaids and other assets		80,820	78,248
Total assets		2,190,325	2,314,154
Debt
Senior, unsecured notes, net		789,635	789,285
Unsecured term loans, net		258,540	265,832
Mortgages payable, net		167,603	310,587
Unsecured lines of credit, net		259,890	186,220
Total debt	[1]	1,475,668	1,551,924
Accounts payable and accrued expenses		67,327	96,725
Deferred financing obligation		0	28,388
Other liabilities		31,758	31,085
Total liabilities		1,574,753	1,708,122
Commitments and contingencies		0	0
Partners' Equity
General partner, 1,000,000 units outstanding at March 31, 2016 and December 31, 2015		5,724	5,726
Limited partners, 5,052,743 Class A common units, and 95,126,507 and 94,880,825 Class B common units outstanding at March 31, 2016 and December 31, 2015, respectively		640,693	638,422
Accumulated other comprehensive loss		(31,434)	(38,702)
Total partners' equity		614,983	605,446
Noncontrolling interests in other consolidated partnerships		589	586
Total equity		615,572	606,032
Total liabilities and equity		$ 2,190,325	$ 2,314,154

[1] Including premiums and net of debt discount and net debt origination costs.

XML

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Tanger Factory Outlet Centers, Inc [Member]
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized	300,000,000	300,000,000
Common shares, issued	96,126,507	95,880,825
Common shares, outstanding	96,126,507	95,880,825
Tanger Properties Limited Partnership [Member]
General partner units, outstanding	1,000,000	1,000,000
Class A Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member]
Limited partners units, outstanding	5,052,743	5,052,743
Class B Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member]
Limited partners units, outstanding	95,126,507	94,880,825

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Management, leasing and other services	$ 1,121	$ 1,283
Tanger Factory Outlet Centers, Inc [Member]
Revenues
Base rentals	72,623	67,629
Percentage rentals	2,150	2,229
Expense reimbursements	33,242	33,364
Management, leasing and other services	1,121	1,283
Other income	1,669	1,421
Total revenues	110,805	105,926
Expenses
Property operating	37,874	37,732
General and administrative	11,565	11,305
Depreciation and amortization	26,567	23,989
Total expenses	76,006	73,026
Operating income	34,799	32,900
Other income/(expense)
Interest expense	(14,884)	(13,089)
Gain on sale of assets and interests in unconsolidated joint ventures	4,887	13,726
Other nonoperating income	316	306
Income before equity in earnings of unconsolidated joint ventures	25,118	33,843
Equity in earnings of unconsolidated joint ventures	3,499	2,543
Net income	28,617	36,386
Noncontrolling interests in Operating Partnership	(1,444)	(1,855)
Noncontrolling interests in other consolidated partnerships	(23)	(19)
Net income attributable to Tanger Factory Outlet Centers, Inc.	$ 27,150	$ 34,512
Basic earnings per common share/unit
Net income (in dollars per share)	$ 0.28	$ 0.36
Diluted earnings per common share/unit
Net income (in dollars per share)	0.28	0.36
Common Stock, Dividends, Per Share, Declared	0.285	0.240
Dividends declared per common share (in dollars per share)	$ 0.285	$ 0.240
Tanger Properties Limited Partnership [Member]
Revenues
Base rentals	$ 72,623	$ 67,629
Percentage rentals	2,150	2,229
Expense reimbursements	33,242	33,364
Management, leasing and other services	1,121	1,283
Other income	1,669	1,421
Total revenues	110,805	105,926
Expenses
Property operating	37,874	37,732
General and administrative	11,565	11,305
Depreciation and amortization	26,567	23,989
Total expenses	76,006	73,026
Operating income	34,799	32,900
Other income/(expense)
Interest expense	(14,884)	(13,089)
Gain on sale of assets and interests in unconsolidated joint ventures	4,887	13,726
Other nonoperating income	316	306
Income before equity in earnings of unconsolidated joint ventures	25,118	33,843
Equity in earnings of unconsolidated joint ventures	3,499	2,543
Net income	28,617	36,386
Noncontrolling interests in consolidated partnerships	(23)	(19)
Net income attributable to Tanger Factory Outlet Centers, Inc.	28,594	36,367
Net income available to limited partners	28,311	36,007
Net income available to general partner	$ 283	$ 360
Basic earnings per common share/unit
Net income (in dollars per share)	$ 0.28	$ 0.36
Diluted earnings per common share/unit
Net income (in dollars per share)	0.28	0.36
Distribution declared per common unit (in dollars per share)	$ 0.285	$ 0.240

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Tanger Factory Outlet Centers, Inc [Member]
Net income	$ 28,617	$ 36,386
Other comprehensive income (loss)
Foreign currency translation adjustments	8,654	(11,076)
Change in fair value of cash flow hedges	(1,386)	(1,287)
Other comprehensive income (loss)	7,268	(12,363)
Comprehensive income	35,885	24,023
Comprehensive (income) loss attributable to noncontrolling interests/in consolidated partnerships	(1,834)	(1,243)
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership	34,051	22,780
Tanger Properties Limited Partnership [Member]
Net income	28,617	36,386
Other comprehensive income (loss)
Foreign currency translation adjustments	8,654	(11,076)
Change in fair value of cash flow hedges	(1,386)	(1,287)
Other comprehensive income (loss)	7,268	(12,363)
Comprehensive income	35,885	24,023
Comprehensive (income) loss attributable to noncontrolling interests/in consolidated partnerships	(23)	(19)
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership	$ 35,862	$ 24,004

XML

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Tanger Factory Outlet Centers, Inc [Member]	Tanger Factory Outlet Centers, Inc [Member] Total shareholders' equity [Member]	Tanger Factory Outlet Centers, Inc [Member] Common shares [Member]	Tanger Factory Outlet Centers, Inc [Member] Paid in capital [Member]	Tanger Factory Outlet Centers, Inc [Member] Accumulated distributions in excess of earnings [Member]	Tanger Factory Outlet Centers, Inc [Member] Accumulated other comprehensive income [Member]	Tanger Factory Outlet Centers, Inc [Member] Noncontrolling interests in Operating Partnership [Member]	Tanger Factory Outlet Centers, Inc [Member] Noncontrolling interests in other consolidated partnerships [Member]	Tanger Properties Limited Partnership [Member]	Tanger Properties Limited Partnership [Member] Total shareholders' equity [Member]	Tanger Properties Limited Partnership [Member] General partner [Member]	Tanger Properties Limited Partnership [Member] Limited partners [Member]	Tanger Properties Limited Partnership [Member] Accumulated other comprehensive income [Member]	Tanger Properties Limited Partnership [Member] Noncontrolling interests in other consolidated partnerships [Member]
Balance at Dec. 31, 2014	$ 523,886	$ 496,819	$ 955	$ 791,566	$ (281,679)	$ (14,023)	$ 26,417	$ 650
Balance at Dec. 31, 2014										$ 523,236	$ 4,828	$ 533,199	$ (14,791)	$ 650
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2014									$ 523,886
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,386	34,512			34,512		1,855	19	36,386	36,367	360	36,007		19
Other comprehensive income (loss)	(12,363)	(11,732)				(11,732)	(631)		(12,363)	(12,363)			(12,363)
Compensation under Incentive Award Plan	3,801	3,801		3,801					3,801	3,801		3,801
Issuance of common shares upon exercise of options	233	233		233
Issuance of common units upon exercise of options									233	233		233
Issuance of restricted common shares			3	(3)
Withholding of common shares/units for employee income taxes	(1,084)	(1,084)		(1,084)					(1,084)	(1,084)		(1,084)
Adjustment for noncontrolling interest in Operating Partnership		(59)		(59)			59
Adjustment for noncontrolling interests in other consolidated partnerships	197	198		198				(1)	197	198		198		(1)
Common distributions									(24,176)	(24,176)	(240)	(23,936)
Common dividends	(22,957)	(22,957)			(22,957)
Distributions to noncontrolling interests	(1,248)						(1,219)	(29)	(29)					(29)
Balance at Mar. 31, 2015	526,851	499,731	958	794,652	(270,124)	(25,755)	26,481	639
Balance at Mar. 31, 2015										526,212	4,948	548,418	(27,154)	639
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2015									526,851
Balance at Dec. 31, 2015	606,032	575,137	959	806,379	(195,486)	(36,715)	30,309	586
Balance at Dec. 31, 2015									605,446	605,446	5,726	638,422	(38,702)	586
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2015									606,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,617	27,150			27,150		1,444	23	28,617	28,594	283	28,311		23
Other comprehensive income (loss)	7,268	6,901				6,901	367		7,268	7,268			7,268
Compensation under Incentive Award Plan	4,230	4,230		4,230					4,230	4,230		4,230
Issuance of common shares upon exercise of options	123	123		123
Issuance of common units upon exercise of options									123	123		123
Issuance of restricted common shares			3	(3)
Withholding of common shares/units for employee income taxes	(1,921)	(1,921)	(1)	(1,920)					(1,921)	(1,921)		(1,921)
Adjustment for noncontrolling interest in Operating Partnership		(31)		(31)			31
Adjustment for noncontrolling interests in other consolidated partnerships		1		1				(1)		1		1		(1)
Common distributions									(28,758)	(28,758)	(285)	(28,473)
Common dividends	(27,318)	(27,318)			(27,318)
Distributions to noncontrolling interests	(1,459)						(1,440)	(19)	(19)					(19)
Balance at Mar. 31, 2016	$ 615,572	$ 584,272	$ 961	$ 808,779	$ (195,654)	$ (29,814)	$ 30,711	$ 589
Balance at Mar. 31, 2016									614,983	$ 614,983	$ 5,724	$ 640,693	$ (31,434)	$ 589
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2016									$ 615,572

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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical)	3 Months Ended
	Mar. 31, 2016 $ / shares $ / Units shares	Mar. 31, 2015 $ / shares $ / Units shares
Tanger Factory Outlet Centers, Inc [Member]
Common shares issued upon exercise of options, in shares	4,500	8,300
Issuance of restricted shares, net of forfeitures (in shares)	277,524	348,844
Issuance of deferred shares/units	24,040
Shares Paid for Tax Withholding for Share Based Compensation	60,382	30,578
Dividends declared per common share (in dollars per share) | $ / shares	$ 0.285	$ 0.240
Tanger Properties Limited Partnership [Member]
Common shares issued upon exercise of options, in shares	4,500	8,300
Issuance of restricted shares, net of forfeitures (in shares)	277,524	348,844
Issuance of deferred shares/units	24,040
Shares Paid for Tax Withholding for Share Based Compensation	60,382	30,578
Common distributions (in dollars per share) | $ / Units	0.285	0.240

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Tanger Factory Outlet Centers, Inc [Member]
OPERATING ACTIVITIES
Net income	$ 28,617	$ 36,386
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,567	23,989
Amortization of deferred financing costs	744	599
Gain on sale of assets and interests in unconsolidated entities	(4,887)	(13,726)
Equity in earnings of unconsolidated joint ventures	(3,499)	(2,543)
Share-based compensation expense	4,001	3,613
Amortization of debt (premiums) and discounts, net	959	14
Amortization (accretion) of market rent rate adjustments, net	664	916
Straight-line rent adjustments	(1,607)	(1,269)
Distributions of cumulative earnings from unconsolidated joint ventures	2,709	2,719
Changes in other assets and liabilities:
Other assets	732	1,885
Accounts payable and accrued expenses	(969)	1,806
Net cash provided by operating activities	54,031	54,389
INVESTING ACTIVITIES
Additions to rental property	(34,896)	(51,044)
Additions to investments in unconsolidated joint ventures	(12,161)	(16,419)
Net proceeds on sale of assets and interests in unconsolidated entities	25,785	15,495
Change in restricted cash	121,306	0
Proceeds from insurance reimbursements	72	103
Additions to non-real estate assets	(2,144)	(208)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,394	4,837
Additions to deferred lease costs	(1,520)	(2,338)
Net cash provided by (used in) investing activities	100,836	(49,574)
FINANCING ACTIVITIES
Cash dividends paid	(47,447)	(22,957)
Distributions to noncontrolling interests in Operating Partnership	(2,501)	(1,219)
Proceeds from debt issuances	327,342	118,341
Repayments of debt	(405,246)	(99,742)
Repayment of deferred financing obligation	(28,388)	0
Employee income taxes paid related to shares withheld upon vesting of equity awards	(1,921)	(1,084)
Distributions to noncontrolling interests in other consolidated partnerships	(19)	(29)
Additions to deferred financing costs	(82)	(191)
Proceeds from exercise of options	123	233
Net cash used in financing activities	(158,139)	(6,648)
Effect of foreign currency rate changes on cash and cash equivalents	591	(381)
Net decrease in cash and cash equivalents	(2,681)	(2,214)
Cash and cash equivalents, beginning of period	21,558	16,875
Cash and cash equivalents, end of period	18,877	14,661
Tanger Properties Limited Partnership [Member]
OPERATING ACTIVITIES
Net income	28,617	36,386
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,567	23,989
Amortization of deferred financing costs	744	599
Gain on sale of assets and interests in unconsolidated entities	(4,887)	(13,726)
Equity in earnings of unconsolidated joint ventures	(3,499)	(2,543)
Share-based compensation expense	4,001	3,613
Amortization of debt (premiums) and discounts, net	959	14
Amortization (accretion) of market rent rate adjustments, net	664	916
Straight-line rent adjustments	(1,607)	(1,269)
Distributions of cumulative earnings from unconsolidated joint ventures	2,709	2,719
Changes in other assets and liabilities:
Other assets	301	1,828
Accounts payable and accrued expenses	(579)	2,854
Net cash provided by operating activities	53,990	55,380
INVESTING ACTIVITIES
Additions to rental property	(34,896)	(51,044)
Additions to investments in unconsolidated joint ventures	(12,161)	(16,419)
Net proceeds on sale of assets and interests in unconsolidated entities	25,785	15,495
Change in restricted cash	121,306	0
Proceeds from insurance reimbursements	72	103
Additions to non-real estate assets	(2,144)	(208)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,394	4,837
Additions to deferred lease costs	(1,520)	(2,338)
Net cash provided by (used in) investing activities	100,836	(49,574)
FINANCING ACTIVITIES
Cash dividends paid	(49,948)	(24,176)
Proceeds from debt issuances	327,342	118,341
Repayments of debt	(405,246)	(99,742)
Repayment of deferred financing obligation	(28,388)	0
Employee income taxes paid related to shares withheld upon vesting of equity awards	(1,921)	(1,084)
Distributions to noncontrolling interests in other consolidated partnerships	(19)	(29)
Additions to deferred financing costs	(82)	(191)
Proceeds from exercise of options	123	233
Net cash used in financing activities	(158,139)	(6,648)
Effect of foreign currency rate changes on cash and cash equivalents	591	(381)
Net decrease in cash and cash equivalents	(2,722)	(1,223)
Cash and cash equivalents, beginning of period	21,552	15,806
Cash and cash equivalents, end of period	$ 18,830	$ 14,583

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Business

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business

Business

Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of March 31, 2016, we owned and operated 33 consolidated outlet centers, with a total gross leasable area of approximately 11.5 million square feet. We also had partial ownership interests in 9 unconsolidated outlet centers totaling approximately 2.8 million square feet, including 4 outlet centers in Canada.

Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term, "Company", refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, "Operating Partnership", refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires.

The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of March 31, 2016, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 96,126,507 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 5,052,743 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

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Basis of Presentation

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company's and the Operating Partnership's combined Annual Report on Form 10-K for the year ended December 31, 2015. The December 31, 2015 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year.

The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant.

We consolidate properties that are wholly owned or properties where we own less than 100% but we control. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management agreements and other contractual arrangements.

Investments in real estate joint ventures that we do not control but may exercise significant influence are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the joint venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting.

For certain of these investments, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. In the event a basis difference is created between our underlying interest in the venture's net assets and our initial investment, we amortize such amount over the estimated life of the venture as a component of equity in earnings of unconsolidated joint ventures.

We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets. The carrying amount of our investments in the Charlotte and Galveston/Houston joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization.

We have concluded that our Savannah and Southaven joint ventures are each considered a VIE because our voting rights are disproportionate to our economic interests and substantially all of each venture's activities either involve us or are conducted on our behalf.

The operating, development, leasing, and management agreements of the Savannah joint venture provide that the activities that most significantly impact the economic performance of the venture require unanimous consent. Accordingly, we determined that we are not the primary beneficiary since we do not have the power to direct the significant activities that affect the economic performance of the venture, and have applied the equity method of accounting. The carrying amount of our investment in Savannah is reflected in investments in unconsolidated joint ventures on our consolidated balance sheets and was $43.8 million as of March 31, 2016. We are unable to estimate our maximum exposure to loss at this time because our guarantees are limited and based on the future operating performance of Savannah.

The management agreement and other contractual arrangements for the Southaven joint venture give us, but not necessarily our joint venture partner, significant participating rights over activities that most significantly impact the economic performance of the ventures, thus we have concluded that we are the primary beneficiary and have consolidated the venture's balance sheet and results of operations. At March 31, 2016, total assets of this venture were $82.8 million and total liabilities were $57.1 million. The primary classification of the assets on the consolidated balance sheets are total rental property, net of $79.2 million; cash of $1.5 million and other assets of $2.1 million (including deferred lease costs and other intangibles) and the primary classification of the liabilities include accounts payable and accrued expenses of $4.7 million and mortgages payable net of debt origination costs of $51.5 million. These assets include only those assets that can be used to settle obligations of the VIE. The liabilities include third party liabilities and exclude intercompany balances that are eliminated in consolidation.

"Noncontrolling interests in the Operating Partnership" reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements.

As a result of the adoption of Accounting Standards Update (ASU) No. 2015-03 Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, our deferred debt origination costs and related accumulated amortization previously recorded in the line item “deferred debt origination costs, net” have been reclassified from assets to the respective debt line items within the liabilities section in the consolidated balance sheet as of December 31, 2015. The reclassification decreases previously reported total assets and total liabilities by $11.9 million.

In February 2015, FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. During the first quarter of 2016, we adopted ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" and this adoption did not have a material impact on our financial position, results of operations or cash flows.

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Disposition of Properties and Properties Held for Sale

3 Months Ended

Mar. 31, 2016

Disposition of Properties and Properties Held for Sale [Abstract]

Disposition of Properties and Properties Held for Sale

Disposition of Properties and Properties Held for Sale

In January 2016, we sold our outlet center in Fort Myers, Florida located near Sanibel Island for net proceeds of approximately $25.8 million. The proceeds from the sale of this unencumbered asset were used to pay down balances outstanding under our unsecured lines of credit.

The following table sets forth certain summarized information regarding the properties sold during the quarter ended March 31, 2016:

Properties	Locations	Date Sold	Square Feet (in 000's)	Net Sales Price (in 000's)		Gain on Sale(in 000's)
Sold:
Sanibel Center	Fort Myers, Florida	January 2016	199	$	25,785	$	4,887

The rental property sold did not meet the criteria for reporting discontinued operations, thus its results of operations have remained in continuing operations.

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Developments of Consolidated Outlet Centers

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Developments of Consolidated Outlet Centers

Developments of Consolidated Outlet Centers

The table below sets forth our consolidated outlet centers under development as of March 31, 2016:

Project	Approximate square feet (in 000's)	Costs Incurred to Date (in millions)		Borrowed to date (in millions)	Projected Opening
Daytona Beach	352	$	33.4	—	Holiday 2016

Daytona Beach

In November 2015, we purchased land for approximately$9.9 million and commenced construction on the development of a wholly owned outlet center in Daytona Beach, Florida.

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Investments in Unconsolidated Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2016

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

Investments in Unconsolidated Real Estate Joint Ventures

Investments in Unconsolidated Real Estate Joint Ventures

The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:

As of March 31, 2016
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Net Debt (in millions)(1)
Columbus	Columbus, OH	50.0	%	—	$	30.7		$	—
National Harbor	National Harbor, MD	50.0	%	339	5.5			85.9
RioCan Canada	Various	50.0	%	902	126.4			11.9
Savannah (2)	Savannah, GA	50.0	%	377	43.8			93.5
Westgate	Glendale, AZ	58.0	%	411	12.3			61.9
					$	218.7		$	253.2
Charlotte(3)	Charlotte, NC	50.0	%	398	$	(1.4	)	$	89.6
Galveston/Houston (3)	Texas City, TX	50.0	%	353	(2.1		)	64.8
					$	(3.5	)	$	154.4

As of December 31, 2015
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Net Debt (in millions)(1)
Columbus	Columbus, OH	50.0	%	—	$	21.1		$	—
National Harbor	National Harbor, MD	50.0	%	339	6.1			85.8
RioCan Canada	Various	50.0	%	870	117.2			11.3
Savannah (2)	Savannah, GA	50.0	%	377	44.4			87.6
Westgate	Glendale, AZ	58.0	%	411	12.3			61.9
					$	201.1		$	246.6
Charlotte(3)	Charlotte, NC	50.0	%	398	$	(1.1	)	$	89.6
Galveston/Houston(3)	Texas City, TX	50.0	%	353	(1.5		)	64.7
					$	(2.6	)	$	154.3

(1) Net of debt origination costs and including premiums of $2.8 million and $3.3 million as of March 31, 2016 and December 31, 2015, respectively.

(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 Ownership column, which states our legal interest in this venture. As of March 31 2016, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our 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.

(3) The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners.

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Fee:
Development and leasing	$	192	$	581
Loan guarantee	182		196
Management and marketing	747		506
Total Fees	$	1,121	$	1,283

Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the "Summary Balance Sheets - Unconsolidated Joint Ventures" shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $4.1 million and $3.9 million as of March 31, 2016 and December 31, 2015, respectively) are amortized over the various useful lives of the related assets.

Columbus, Ohio

During the second quarter of 2015, the joint venture purchased land for approximately $8.9 million and began construction on Tanger Outlets Columbus. We and our partner currently expect to complete construction in time to open the center during the second quarter of 2016. As of March 31, 2016, we and our partner had each contributed$30.0 millionto fund development activities. Our partner is providing development services to the joint venture and we, along with our partner, are providing joint leasing services. Once the center opens, we will provide property management, marketing and leasing services to the joint venture.

Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):

Condensed Combined Balance Sheets - Unconsolidated Joint Ventures	March 31, 2016			December 31, 2015
Assets
Land	$	107,403		$	103,046
Buildings, improvements and fixtures	632,456			615,662
Construction in progress, including land	83,701			62,308
	823,560			781,016
Accumulated depreciation	(69,754		)	(60,629		)
Total rental property, net	753,806			720,387
Cash and cash equivalents	27,671			28,723
Deferred lease costs, net	18,605			18,399
Prepaids and other assets	17,217			14,455
Total assets	$	817,299		$	781,964
Liabilities and Owners' Equity
Mortgages payable, net	$	407,640		$	400,935
Accounts payable and other liabilities	27,604			31,805
Total liabilities	435,244			432,740
Owners' equity	382,055			349,224
Total liabilities and owners' equity	$	817,299		$	781,964

	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures	2016			2015
Revenues	$	27,698		$	23,965
Expenses
Property operating	10,318			9,144
General and administrative	117			218
Depreciation and amortization	8,799			7,822
Total expenses	19,234			17,184
Operating income	8,464			6,781
Interest expense	(2,554		)	(1,770		)
Other nonoperating income	1			8
Net income	$	5,911		$	5,019
The Company and Operating Partnership's share of:
Net income	$	3,499		$	2,543
Depreciation expense (real estate related)	$	5,339		$	4,076

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Debt of the Company

3 Months Ended

Mar. 31, 2016

Tanger Factory Outlet Centers, Inc [Member]

Debt of the Company

Debt of the Company

All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries.

The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $520.0 million. The Company also guarantees the Operating Partnership's unsecured term loan.

The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):

	March 31, 2016		December 31, 2015
Unsecured lines of credit	$	263,700	$	190,300
Unsecured term loan	$	250,000	$	250,000

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Debt of the Operating Partnership

3 Months Ended

Mar. 31, 2016

Tanger Properties Limited Partnership [Member]

Debt of the Operating Partnership

Debt of the Operating Partnership

The debt of the Operating Partnership consisted of the following (in thousands):

				As of				As of
				March 31, 2016				December 31, 2015
	Stated Interest Rate(s)		Maturity Date	Principal		Book Value(1)		Principal		Book Value(1)
Senior, unsecured notes:
Senior notes	6.125	%	June 2020	$	300,000	$	297,860	$	300,000	$	297,739
Senior notes	3.875	%	December 2023	250,000		244,977		250,000		244,829
Senior notes	3.750	%	December 2024	250,000		246,798		250,000		246,717
Mortgages payable:
Atlantic City (2)	5.14%-7.65%		November 2021- December 2026	42,617		45,728		43,312		46,605
Deer Park	LIBOR + 1.50%		—	—		—		150,000		149,145
Foxwoods	LIBOR + 1.65%		December 2017	70,250		69,651		70,250		69,564
Southaven	LIBOR + 1.75%		April 2018	52,717		52,224		45,824		45,273
Unsecured note payable (2)	1.50	%	June 2016	10,000		9,959		10,000		9,919
Unsecured term loan	LIBOR + 1.05%		February 2019	250,000		248,581		250,000		248,443
Unsecured term note	LIBOR + 1.30%		—	—		—		7,500		7,470
Unsecured lines of credit	LIBOR + .90%		October 2019	263,700		259,890		190,300		186,220
				$	1,489,284	$	1,475,668	$	1,567,186	$	1,551,924

(1) Including premiums and net of debt discount and net debt origination costs.

(2) The effective interest rates assigned during the purchase price allocation to the assumed mortgage and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and unsecured note payable 3.15%.

Certain of our properties, which had a net book value of approximately $337.0 million at March 31, 2016 and $622.8 million at December 31, 2015, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $520.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $500.0 million syndicated line. The syndicated line may be increased to $1.0 billion through an accordion feature in certain circumstances.

We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal.  The principal guarantees include terms for release or reduction based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests.

The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of March 31, 2016, we were in compliance with all of our debt covenants.

Deer Park Debt Repayment

In January 2016, we repaid our $150.0 million floating rate mortgage loan, which had an original maturity date in August 2018 and related to our 749,000 square foot Deer Park outlet center.

Unsecured Term Note Repayment

In February 2016, we repaid our $7.5 million unsecured term note, which had an original maturity date in August 2017.

Debt Maturities

Maturities of the existing long-term debt as of March 31, 2016 for the next five years and thereafter are as follows (in thousands):

Calendar Year	Amount
2016	$	12,148
2017	73,258
2018	55,900
2019	517,069
2020	303,566
Thereafter	527,343
Subtotal	1,489,284
Net discount and debt origination costs	(13,616		)
Total	$	1,475,668

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Deferred Financing Obligation

3 Months Ended

Mar. 31, 2016

Other Liabilities Disclosure [Abstract]

Deferred Financing Obligation

Deferred Financing Obligation

In September 2015, the noncontrolling interest in our outlet center in Deer Park, New York exercised its right to require us to acquire their ownership interest in the property for $28.4 million. We closed on the transaction in January 2016 and repaid the deferred financing obligation, which was recorded in the other liabilities section of our consolidated balance sheet as of December 31, 2015.

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Derivative Financial Instruments

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The following table summarizes the terms and fair values of our derivative financial instruments, recorded in other liabilities within the consolidated balance sheets, (in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		March 31, 2016			December 31, 2015
Liabilities:
November 14, 2013	August 14, 2018	$	50,000	1 month LIBOR	1.3075	%	$	(673	)	$	(212	)
November 14, 2013	August 14, 2018	50,000		1 month LIBOR	1.2970	%	(661		)	(198		)
November 14, 2013	August 14, 2018	50,000		1 month LIBOR	1.3025	%	(668		)	(206		)
Total		$	150,000				$	(2,002	)	$	(616	)

The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, each with a separate counterparty. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges.

The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative, if any, is recognized directly in earnings. For the three months ended March 31, 2016, the ineffective portion was not significant.

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):

	Three months ended March 31,
	2016			2015
Interest Rate Swaps (Effective Portion):
Change in fair value of cash flow hedges	$	(1,386	)	$	(1,287	)

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Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows:

Tier	Description
Level 1	Observable inputs such as quoted prices in active markets
Level 2	Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3	Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions

The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):

				Level 1		Level 2			Level 3
				Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs			Significant Unobservable Inputs
	Total
Fair value as of March 31, 2016
Liabilities:
Interest rate swaps (other liabilities)	$	(2,002	)	$	—	$	(2,002	)	$	—
Total liabilities	$	(2,002	)	$	—	$	(2,002	)	$	—

				Level 1		Level 2			Level 3
				Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs			Significant Unobservable Inputs
	Total
Fair value as of December 31, 2015:
Liabilities:
Interest rate swaps (other liabilities)	$	(616	)	$	—	$	(616	)	$	—
Total assets	$	(616	)	$	—	$	(616	)	$	—

Fair values of interest rate swaps are approximated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions.

The estimated fair value and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):

	March 31, 2016		December 31, 2015
Fair value of debt	$	1,556,139	$	1,615,833
Recorded value of debt	$	1,475,668	$	1,551,924

With the exception of the unsecured term loan and unsecured lines of credit, that have variable rates and considered at market value, fair values of the senior notes and mortgage loans are determined using discounted cash flow analysis with an interest rate or credit spread similar to that of current market borrowing arrangements. Because the Company's senior unsecured notes are publicly traded with limited trading volume, these instruments are classified as Level 2 in the hierarchy. In contrast, mortgage loans are classified as Level 3 given the unobservable inputs utilized in the valuation. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on the disposition of the financial instruments.

The carrying values of cash and cash equivalents, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.

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Partners' Equity of the Operating Partnership

3 Months Ended

Mar. 31, 2016

Tanger Properties Limited Partnership [Member]

Schedule of Partners' Equity of the Operating Partnership [Line Items]

Partners' Equity of the Operating Partnership

Partners' Equity of the Operating Partnership

All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the issuance of restricted share awards or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP trust, a wholly owned subsidiary of the Company.

The following table sets forth the changes in outstanding partnership units for the three months endedMarch 31, 2016 and March 31, 2015.

		Limited Partnership Units
	General Partnership Units	Class A	Class B		Total
Balance December 31, 2014	1,000,000	5,078,406	94,509,781		99,588,187
Issuance of restricted units	—	—	348,844		348,844
Units issued upon exercise of options	—	—	8,300		8,300
Units withheld for employee income taxes	—	—	(30,578	)	(30,578	)
Balance March 31, 2015	1,000,000	5,078,406	94,836,347		99,914,753
Balance December 31, 2015	1,000,000	5,052,743	94,880,825		99,933,568
Issuance of restricted units	—	—	277,524		277,524
Issuance of deferred units	—	—	24,040		24,040
Units issued upon exercise of options	—	—	4,500		4,500
Units withheld for employee income taxes	—	—	(60,382	)	(60,382	)
Balance March 31, 2016	1,000,000	5,052,743	95,126,507		100,179,250

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Earnings Per Share of the Company

3 Months Ended

Mar. 31, 2016

Tanger Factory Outlet Centers, Inc [Member]

Earnings Per Share of the Company

Earnings Per Share of the Company

The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts):

	Three months ended March 31,
	2016			2015
Numerator
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	27,150		$	34,512
Less allocation of earnings to participating securities	(294		)	(408		)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	26,856		$	34,104
Denominator
Basic weighted average common shares	94,944			94,536
Effect of notional units	—			82
Effect of outstanding options and certain restricted common shares	59			79
Diluted weighted average common shares	95,003			94,697
Basic earnings per common share:
Net income	$	0.28		$	0.36
Diluted earnings per common share:
Net income	$	0.28		$	0.36

The notional units are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method.

The computation of diluted earnings per share excludes options to purchase common shares when the exercise price is greater than the average market price of the common shares for the period. For the three months ended March 31, 2016, 218,200 options were excluded from the computation and for the three months ended March 31, 2015, 252,000 options were excluded from the computation, as they were anti-dilutive. The assumed exchange of the partnership units held by the Non-Company LPs as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a common limited partnership unit, as if exchanged, is equivalent to earnings allocated to a common share.

Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of these unvested restricted common share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards based on dividends declared and the unvested restricted common shares' participation rights in undistributed earnings. Unvested restricted common shares that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per share computation if the effect is dilutive, using the treasury stock method.

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Earnings Per Unit of the Operating Partnership

3 Months Ended

Mar. 31, 2016

Tanger Properties Limited Partnership [Member]

Earnings Per Unit of the Operating Partnership

Earnings Per Unit of the Operating Partnership

The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):

	Three months ended March 31,
	2016			2015
Numerator
Net income attributable to partners of the Operating Partnership	$	28,594		$	36,367
Less allocation of earnings to participating securities	(294		)	(408		)
Net income available to common unitholders of the Operating Partnership	$	28,300		$	35,959
Denominator
Basic weighted average common units	99,997			99,614
Effect of notional units	—			82
Effect of outstanding options and certain restricted common units	59			79
Diluted weighted average common units	100,056			99,775
Basic earnings per common unit:
Net income	$	0.28		$	0.36
Diluted earnings per common unit:
Net income	$	0.28		$	0.36

The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method.

The computation of diluted earnings per unit excludes options to purchase common units when the exercise price is greater than the average market price of the common units for the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the three months ended March 31, 2016, 218,200 options were excluded from the computation and for the three months ended March 31, 2015, 252,000 options were excluded from the computation, as they were anti-dilutive.

Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method.

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Equity Based Compensation of the Company

3 Months Ended

Mar. 31, 2016

Tanger Factory Outlet Centers, Inc [Member]

Equity Based Compensation of the Company

Equity Based Compensation of the Company

We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (Amended and Restated as of April 4, 2014) (the "Plan"), which covers our independent directors, officers, employees and consultants. For each common share issued by the Company, the Operating Partnership issues one corresponding unit of partnership interest to the Company's wholly owned subsidiaries. Therefore, when the Company grants an equity based award, the Operating Partnership treats each award as having been granted by the Operating Partnership. In the discussion below, the term "we" refers to the Company and the Operating Partnership together and the term "shares" is meant to also include corresponding units of the Operating Partnership.

We recorded share-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Restricted common shares	$	2,939	$	2,658
Notional unit performance awards	885		841
Options	177		114
Total share-based compensation	$	4,001	$	3,613

Share-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Share-based compensation expense capitalized	$	230	$	188

Restricted Common Share Awards

During February 2016, the Company granted 286,524 restricted common shares to the Company's independent directors and the Company's senior executive officers. The grant date fair value of the awards ranged from $26.48 to $31.15 per share. The independent directors' restricted common shares vest ratably over a three year period and the senior executive officers' restricted shares vest ratably over a four or five year period. For the restricted shares issued to our chief executive officer, the restricted share agreement requires him to hold the shares for a minimum of three years following each vesting date. Compensation expense related to the amortization of the deferred compensation is being recognized in accordance with the vesting schedule of the restricted shares.

For certain shares that vest during the period, we withhold shares with value equivalent to the employees' minimum statutory obligation for the applicable income and other employment taxes, and remit cash to the appropriate taxing authorities. The total number of shares withheld upon vesting was 60,382 and 30,578 for the three months ended March 31, 2016 and 2015, respectively, and was based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date. Total amounts paid for the employees' tax obligation to taxing authorities was $1.9 million and $1.1 million for the three months ended March 31, 2016 and 2015, respectively, and is reflected as a financing activity within the consolidated statements of cash flows.

2016 Outperformance Plan

In February 2016, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approved the terms of the Tanger Factory Outlet Centers, Inc. 2016 Outperformance Plan (the “2016 OPP"), a long-term incentive compensation plan. Under the 2016 OPP, the Company granted to award recipients an aggregate of 321,900 performance share units with a grant date fair value of $15.10 per unit, which may convert, subject to the achievement of the goals described below, into a maximum of 321,900 restricted common shares of the Company based on the Company’s absolute share price appreciation and its share price appreciation relative to its peer group, over the three-year measurement period from February 10, 2016 through February 9, 2019.

The maximum number of shares will be earned under this plan if the Company both (a) achieves 35% or higher share price appreciation, inclusive of all dividends paid, over the three-year measurement period and (b) is in the 70th or greater percentile of its peer group for total shareholder return over the three-year measurement period. The Company expects that the value of the awards, if the Company achieves a 35% share price appreciation and is in the 70th or greater percentile of its peer group for total shareholder return over the three-year measurement period, will equal approximately $12.8 million.

Any shares earned on February 9, 2019 are also subject to a time based vesting schedule, which provides that, subject to continued employment with the Company, 50% of the shares will vest on February 15, 2019 and the remaining 50% will vest on February 15, 2020.

With respect to 50% of the performance share units (representing a right to receive up to 160,950 restricted shares), 20% of this portion of the award (representing a right to receive 32,190 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period, equals 18% over the three-year measurement period, 60% of this portion of the award (representing a right to receive 96,750 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period equals 26.5%, and 100% of this portion of the award (representing a right to receive 160,950 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period, equals 35% or higher.

With respect to the other 50% of the performance share units (representing a right to receive up to 160,950 restricted shares), 20% of this portion of the award (representing a right to receive up to 32,190 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 40th percentile of its peer group over the three-year measurement period, 60% of this portion of the award (representing a right to receive up to 96,750 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 55th percentile of its peer group during this period, and 100% of this portion of the award (representing a right to receive 160,950 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 70th percentile of its peer group or greater during this period. The peer group is based on companies included in the SNL Equity REIT index.

The number of restricted shares received in respect of the performance share units will be determined on a pro-rata basis by linear interpolation between share price appreciation thresholds, both for absolute share price appreciation and for relative share price appreciation amongst the Company's peer group. The share price targets will be reduced on a dollar-for-dollar basis with respect to any dividend payments made during the measurement period.

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Accumulated Other Comprehensive Loss of the Company

3 Months Ended

Mar. 31, 2016

Tanger Factory Outlet Centers, Inc [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Loss of the Company

Accumulated Other Comprehensive Loss of the Company

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2016 (in thousands):

	Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss)									Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)
	Foreign Currency			Cash flow hedges			Total			Foreign Currency			Cash flow hedges			Total
Balance December 31, 2015	$	(36,130	)	$	(585	)	$	(36,715	)	$	(1,956	)	$	(31	)	$	(1,987	)
Unrealized gain on foreign currency translation adjustments	8,217			—			8,217			437			—			437
Change in fair value of cash flow hedges	—			(1,316		)	(1,316		)	—			(70		)	(70		)
Balance March 31, 2016	$	(27,913	)	$	(1,901	)	$	(29,814	)	$	(1,519	)	$	(101	)	$	(1,620	)

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months endedMarch 31, 2015 (in thousands):

	Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss)									Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)
	Foreign Currency			Cash flow hedges			Total			Foreign Currency			Cash flow hedges			Total
Balance December 31, 2014	$	(14,113	)	$	90		$	(14,023	)	$	(773	)	$	5		$	(768	)
Unrealized loss on foreign currency translation adjustments	(10,511		)	—			(10,511		)	(565		)	—			(565		)
Change in fair value of cash flow hedges	—			(1,221		)	(1,221		)	—			(66		)	(66		)
Balance March 31, 2015	$	(24,624	)	$	(1,131	)	$	(25,755	)	$	(1,338	)	$	(61	)	$	(1,399	)

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Accumulated Other Comprehensive Loss of the Operating Partnership

3 Months Ended

Mar. 31, 2016

Tanger Properties Limited Partnership [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Loss of the Operating Partnership

Accumulated Other Comprehensive Loss of the Operating Partnership

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2016 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015	$	(38,086	)	$	(616	)	$	(38,702	)
Unrealized gain on foreign currency translation adjustments	8,654			—			8,654
Change in fair value of cash flow hedges	—			(1,386		)	(1,386		)
Balance March 31, 2016	$	(29,432	)	$	(2,002	)	$	(31,434	)

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months endedMarch 31, 2015 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014	$	(14,886	)	$	95		$	(14,791	)
Unrealized loss on foreign currency translation adjustments	(11,076		)	—			(11,076		)
Change in fair value of cash flow hedges	—			(1,287		)	(1,287		)
Balance March 31, 2015	$	(25,962	)	$	(1,192	)	$	(27,154	)

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New Accounting Pronouncements

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

New Accounting Standards

New Accounting Pronouncements

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, this standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used during all previous periods. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) ("AOCI") will be recognized through earnings. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of the guidance will be applied prospectively to increases in the level of ownership interest or degree of influence occurring after the new standards effective date. Additional transition disclosures are not required upon adoption. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815) – Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”), which will reduce diversity of practice in identifying embedded derivatives in debt instruments. ASU 2016-06 clarifies that the nature of an exercise contingency is not subject to the “clearly and closely” criteria for purposes of assessing whether the call or put option must be separated from the debt instrument and accounted for separately as a derivative. ASU No. 2016-06 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Entities are required to apply the guidance to existing debt instruments using a modified retrospective transition method as of the period of adoption. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02, codified in ASC 842, amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt the new pronouncement in the first quarter of fiscal 2018 using one of two retrospective application methods. In March and April, 2016 the FASB issued the following amendments to clarify the implementation guidance: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

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Non-Cash Activities

3 Months Ended

Mar. 31, 2016

Nonmonetary Transactions [Abstract]

Non-Cash Activities

Non-Cash Activities

We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows (in thousands):

	March 31, 2016		March 31, 2015
Costs relating to construction included in accounts payable and accrued expenses	$	19,620	$	31,859

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Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In April 2016, we amended our unsecured term loan to increase the size of the loan from $250.0 million to $325.0 million, extend the maturity date from February 23, 2019 to April 13, 2021, reduce the interest rate spread over LIBOR from 1.05% to 0.95%, and increase the incremental loan availability through an accordion feature from $150.0 million to $175.0 million. We also entered into four separate interest rate swap agreements, effective April 13, 2016, that fix the base LIBOR rate at an average of 1.03% on notional amounts totaling $175.0 million through January 1, 2021.

In April 2016, the Company's Board of Directors declared a $0.325 cash dividend per common share payable on May 13, 2016 to each shareholder of record on April 29, 2016, and caused a $0.325 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

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New Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, this standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used during all previous periods. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) ("AOCI") will be recognized through earnings. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of the guidance will be applied prospectively to increases in the level of ownership interest or degree of influence occurring after the new standards effective date. Additional transition disclosures are not required upon adoption. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815) – Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”), which will reduce diversity of practice in identifying embedded derivatives in debt instruments. ASU 2016-06 clarifies that the nature of an exercise contingency is not subject to the “clearly and closely” criteria for purposes of assessing whether the call or put option must be separated from the debt instrument and accounted for separately as a derivative. ASU No. 2016-06 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Entities are required to apply the guidance to existing debt instruments using a modified retrospective transition method as of the period of adoption. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02, codified in ASC 842, amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt the new pronouncement in the first quarter of fiscal 2018 using one of two retrospective application methods. In March and April, 2016 the FASB issued the following amendments to clarify the implementation guidance: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) and ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements.

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Disposition of Properties and Properties Held for Sale (Tables)

3 Months Ended

Mar. 31, 2016

Disposition of Properties and Properties Held for Sale [Abstract]

Disposition of Properties and Properties Held for Sale

The following table sets forth certain summarized information regarding the properties sold during the quarter ended March 31, 2016:

Properties	Locations	Date Sold	Square Feet (in 000's)	Net Sales Price (in 000's)		Gain on Sale(in 000's)
Sold:
Sanibel Center	Fort Myers, Florida	January 2016	199	$	25,785	$	4,887

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Developments of Consolidated Outlet Centers (Tables)

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of development of consolidated real estate properties

Developments of Consolidated Outlet Centers

The table below sets forth our consolidated outlet centers under development as of March 31, 2016:

Project	Approximate square feet (in 000's)	Costs Incurred to Date (in millions)		Borrowed to date (in millions)	Projected Opening
Daytona Beach	352	$	33.4	—	Holiday 2016

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Investments in Unconsolidated Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2016

Investments In Unconsolidated Real Estate Joint Ventures [Abstract]

Schedule of Equity Method Investments

We have an ownership interest in the following unconsolidated real estate joint ventures:

As of March 31, 2016
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Net Debt (in millions)(1)
Columbus	Columbus, OH	50.0	%	—	$	30.7		$	—
National Harbor	National Harbor, MD	50.0	%	339	5.5			85.9
RioCan Canada	Various	50.0	%	902	126.4			11.9
Savannah (2)	Savannah, GA	50.0	%	377	43.8			93.5
Westgate	Glendale, AZ	58.0	%	411	12.3			61.9
					$	218.7		$	253.2
Charlotte(3)	Charlotte, NC	50.0	%	398	$	(1.4	)	$	89.6
Galveston/Houston (3)	Texas City, TX	50.0	%	353	(2.1		)	64.8
					$	(3.5	)	$	154.4

As of December 31, 2015
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Net Debt (in millions)(1)
Columbus	Columbus, OH	50.0	%	—	$	21.1		$	—
National Harbor	National Harbor, MD	50.0	%	339	6.1			85.8
RioCan Canada	Various	50.0	%	870	117.2			11.3
Savannah (2)	Savannah, GA	50.0	%	377	44.4			87.6
Westgate	Glendale, AZ	58.0	%	411	12.3			61.9
					$	201.1		$	246.6
Charlotte(3)	Charlotte, NC	50.0	%	398	$	(1.1	)	$	89.6
Galveston/Houston(3)	Texas City, TX	50.0	%	353	(1.5		)	64.7
					$	(2.6	)	$	154.3

(1) Net of debt origination costs and including premiums of $2.8 million and $3.3 million as of March 31, 2016 and December 31, 2015, respectively.

(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 Ownership column, which states our legal interest in this venture. As of March 31 2016, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our 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.

(3) The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners.

Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Fee:
Development and leasing	$	192	$	581
Loan guarantee	182		196
Management and marketing	747		506
Total Fees	$	1,121	$	1,283

Summary Financial Information of Unconsolidated JVs Balance Sheet

Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):

Condensed Combined Balance Sheets - Unconsolidated Joint Ventures	March 31, 2016			December 31, 2015
Assets
Land	$	107,403		$	103,046
Buildings, improvements and fixtures	632,456			615,662
Construction in progress, including land	83,701			62,308
	823,560			781,016
Accumulated depreciation	(69,754		)	(60,629		)
Total rental property, net	753,806			720,387
Cash and cash equivalents	27,671			28,723
Deferred lease costs, net	18,605			18,399
Prepaids and other assets	17,217			14,455
Total assets	$	817,299		$	781,964
Liabilities and Owners' Equity
Mortgages payable, net	$	407,640		$	400,935
Accounts payable and other liabilities	27,604			31,805
Total liabilities	435,244			432,740
Owners' equity	382,055			349,224
Total liabilities and owners' equity	$	817,299		$	781,964

Summary Financial Information Of Unconsolidated JVs Statements of Operations

	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures	2016			2015
Revenues	$	27,698		$	23,965
Expenses
Property operating	10,318			9,144
General and administrative	117			218
Depreciation and amortization	8,799			7,822
Total expenses	19,234			17,184
Operating income	8,464			6,781
Interest expense	(2,554		)	(1,770		)
Other nonoperating income	1			8
Net income	$	5,911		$	5,019
The Company and Operating Partnership's share of:
Net income	$	3,499		$	2,543
Depreciation expense (real estate related)	$	5,339		$	4,076

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Debt of the Company (Tables)

3 Months Ended

Mar. 31, 2016

Tanger Factory Outlet Centers, Inc [Member]

Debt Instrument [Line Items]

Schedule of Debt

The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):

	March 31, 2016		December 31, 2015
Unsecured lines of credit	$	263,700	$	190,300
Unsecured term loan	$	250,000	$	250,000

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Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]

3 Months Ended

Mar. 31, 2016

Schedule of Debt

The debt of the Operating Partnership consisted of the following (in thousands):

				As of				As of
				March 31, 2016				December 31, 2015
	Stated Interest Rate(s)		Maturity Date	Principal		Book Value(1)		Principal		Book Value(1)
Senior, unsecured notes:
Senior notes	6.125	%	June 2020	$	300,000	$	297,860	$	300,000	$	297,739
Senior notes	3.875	%	December 2023	250,000		244,977		250,000		244,829
Senior notes	3.750	%	December 2024	250,000		246,798		250,000		246,717
Mortgages payable:
Atlantic City (2)	5.14%-7.65%		November 2021- December 2026	42,617		45,728		43,312		46,605
Deer Park	LIBOR + 1.50%		—	—		—		150,000		149,145
Foxwoods	LIBOR + 1.65%		December 2017	70,250		69,651		70,250		69,564
Southaven	LIBOR + 1.75%		April 2018	52,717		52,224		45,824		45,273
Unsecured note payable (2)	1.50	%	June 2016	10,000		9,959		10,000		9,919
Unsecured term loan	LIBOR + 1.05%		February 2019	250,000		248,581		250,000		248,443
Unsecured term note	LIBOR + 1.30%		—	—		—		7,500		7,470
Unsecured lines of credit	LIBOR + .90%		October 2019	263,700		259,890		190,300		186,220
				$	1,489,284	$	1,475,668	$	1,567,186	$	1,551,924

(1) Including premiums and net of debt discount and net debt origination costs.

(2) The effective interest rates assigned during the purchase price allocation to the assumed mortgage and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and unsecured note payable 3.15%.

Schedule of Maturities of Long-term Debt

Maturities of the existing long-term debt as of March 31, 2016 for the next five years and thereafter are as follows (in thousands):

Calendar Year	Amount
2016	$	12,148
2017	73,258
2018	55,900
2019	517,069
2020	303,566
Thereafter	527,343
Subtotal	1,489,284
Net discount and debt origination costs	(13,616		)
Total	$	1,475,668

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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes the terms and fair values of our derivative financial instruments, recorded in other liabilities within the consolidated balance sheets, (in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		March 31, 2016			December 31, 2015
Liabilities:
November 14, 2013	August 14, 2018	$	50,000	1 month LIBOR	1.3075	%	$	(673	)	$	(212	)
November 14, 2013	August 14, 2018	50,000		1 month LIBOR	1.2970	%	(661		)	(198		)
November 14, 2013	August 14, 2018	50,000		1 month LIBOR	1.3025	%	(668		)	(206		)
Total		$	150,000				$	(2,002	)	$	(616	)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):

	Three months ended March 31,
	2016			2015
Interest Rate Swaps (Effective Portion):
Change in fair value of cash flow hedges	$	(1,386	)	$	(1,287	)

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):

				Level 1		Level 2			Level 3
				Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs			Significant Unobservable Inputs
	Total
Fair value as of March 31, 2016
Liabilities:
Interest rate swaps (other liabilities)	$	(2,002	)	$	—	$	(2,002	)	$	—
Total liabilities	$	(2,002	)	$	—	$	(2,002	)	$	—

				Level 1		Level 2			Level 3
				Quoted Prices in Active Markets for Identical Assets or Liabilities		Significant Observable Inputs			Significant Unobservable Inputs
	Total
Fair value as of December 31, 2015:
Liabilities:
Interest rate swaps (other liabilities)	$	(616	)	$	—	$	(616	)	$	—
Total assets	$	(616	)	$	—	$	(616	)	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):

	March 31, 2016		December 31, 2015
Fair value of debt	$	1,556,139	$	1,615,833
Recorded value of debt	$	1,475,668	$	1,551,924

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Partners' Equity of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2016

Tanger Properties Limited Partnership [Member]

Schedule of Partners' Equity of the Operating Partnership [Line Items]

Schedule of Partners' Equity of the Operating Partnership

The following table sets forth the changes in outstanding partnership units for the three months endedMarch 31, 2016 and March 31, 2015.

		Limited Partnership Units
	General Partnership Units	Class A	Class B		Total
Balance December 31, 2014	1,000,000	5,078,406	94,509,781		99,588,187
Issuance of restricted units	—	—	348,844		348,844
Units issued upon exercise of options	—	—	8,300		8,300
Units withheld for employee income taxes	—	—	(30,578	)	(30,578	)
Balance March 31, 2015	1,000,000	5,078,406	94,836,347		99,914,753
Balance December 31, 2015	1,000,000	5,052,743	94,880,825		99,933,568
Issuance of restricted units	—	—	277,524		277,524
Issuance of deferred units	—	—	24,040		24,040
Units issued upon exercise of options	—	—	4,500		4,500
Units withheld for employee income taxes	—	—	(60,382	)	(60,382	)
Balance March 31, 2016	1,000,000	5,052,743	95,126,507		100,179,250

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Earnings Per Share of the Company (Tables)

3 Months Ended

Mar. 31, 2016

Tanger Factory Outlet Centers, Inc [Member]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts):

	Three months ended March 31,
	2016			2015
Numerator
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	27,150		$	34,512
Less allocation of earnings to participating securities	(294		)	(408		)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	26,856		$	34,104
Denominator
Basic weighted average common shares	94,944			94,536
Effect of notional units	—			82
Effect of outstanding options and certain restricted common shares	59			79
Diluted weighted average common shares	95,003			94,697
Basic earnings per common share:
Net income	$	0.28		$	0.36
Diluted earnings per common share:
Net income	$	0.28		$	0.36

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Earnings Per Unit of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2016

Tanger Properties Limited Partnership [Member]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts):

	Three months ended March 31,
	2016			2015
Numerator
Net income attributable to partners of the Operating Partnership	$	28,594		$	36,367
Less allocation of earnings to participating securities	(294		)	(408		)
Net income available to common unitholders of the Operating Partnership	$	28,300		$	35,959
Denominator
Basic weighted average common units	99,997			99,614
Effect of notional units	—			82
Effect of outstanding options and certain restricted common units	59			79
Diluted weighted average common units	100,056			99,775
Basic earnings per common unit:
Net income	$	0.28		$	0.36
Diluted earnings per common unit:
Net income	$	0.28		$	0.36

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Equity Based Compensation of the Company (Tables)

3 Months Ended

Mar. 31, 2016

Tanger Factory Outlet Centers, Inc [Member]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

We recorded share-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Restricted common shares	$	2,939	$	2,658
Notional unit performance awards	885		841
Options	177		114
Total share-based compensation	$	4,001	$	3,613

Share-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):

	Three months ended
	March 31,
	2016		2015
Share-based compensation expense capitalized	$	230	$	188

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Accumulated Other Comprehensive Loss of the Company (Tables)

3 Months Ended

Mar. 31, 2016

Tanger Factory Outlet Centers, Inc [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2016 (in thousands):

	Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss)									Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)
	Foreign Currency			Cash flow hedges			Total			Foreign Currency			Cash flow hedges			Total
Balance December 31, 2015	$	(36,130	)	$	(585	)	$	(36,715	)	$	(1,956	)	$	(31	)	$	(1,987	)
Unrealized gain on foreign currency translation adjustments	8,217			—			8,217			437			—			437
Change in fair value of cash flow hedges	—			(1,316		)	(1,316		)	—			(70		)	(70		)
Balance March 31, 2016	$	(27,913	)	$	(1,901	)	$	(29,814	)	$	(1,519	)	$	(101	)	$	(1,620	)

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months endedMarch 31, 2015 (in thousands):

	Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss)									Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss)
	Foreign Currency			Cash flow hedges			Total			Foreign Currency			Cash flow hedges			Total
Balance December 31, 2014	$	(14,113	)	$	90		$	(14,023	)	$	(773	)	$	5		$	(768	)
Unrealized loss on foreign currency translation adjustments	(10,511		)	—			(10,511		)	(565		)	—			(565		)
Change in fair value of cash flow hedges	—			(1,221		)	(1,221		)	—			(66		)	(66		)
Balance March 31, 2015	$	(24,624	)	$	(1,131	)	$	(25,755	)	$	(1,338	)	$	(61	)	$	(1,399	)

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Accumulated Other Comprehensive Loss of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2016

Tanger Properties Limited Partnership [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2016 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015	$	(38,086	)	$	(616	)	$	(38,702	)
Unrealized gain on foreign currency translation adjustments	8,654			—			8,654
Change in fair value of cash flow hedges	—			(1,386		)	(1,386		)
Balance March 31, 2016	$	(29,432	)	$	(2,002	)	$	(31,434	)

The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months endedMarch 31, 2015 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014	$	(14,886	)	$	95		$	(14,791	)
Unrealized loss on foreign currency translation adjustments	(11,076		)	—			(11,076		)
Change in fair value of cash flow hedges	—			(1,287		)	(1,287		)
Balance March 31, 2015	$	(25,962	)	$	(1,192	)	$	(27,154	)

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Non-Cash Activities (Tables)

3 Months Ended

Mar. 31, 2016

Nonmonetary Transactions [Abstract]

Schedule of Other Significant Noncash Transactions

Expenditures included in accounts payable and accrued expenses were as follows (in thousands):

	March 31, 2016		March 31, 2015
Costs relating to construction included in accounts payable and accrued expenses	$	19,620	$	31,859

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Business (Details) ft² in Millions	Mar. 31, 2016 ft² shares subsidiary OutletCenter
Entity Information [Line Items]
Number of Operating Partnership Units Owned by the Company | shares	96,126,507
Exchange ratio of Partnership Units for common shares	1
Tanger Factory Outlet Centers, Inc [Member]
Entity Information [Line Items]
Number of wholly-owned subsidiaries | subsidiary	2
Class A Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member]
Entity Information [Line Items]
Number of Operating Partnership units owned by the Operating Partnership and other limited partners | shares	5,052,743
Consolidated Properties [Member]
Entity Information [Line Items]
Number of Outlet Centers	33
Total gross leaseable area of outlet centers (in square feet) | ft²	11.5
Unconsolidated Properties [Member]
Entity Information [Line Items]
Number of Outlet Centers	9
Total gross leaseable area of outlet centers (in square feet) | ft²	2.8
Unconsolidated Properties [Member] | CANADA
Entity Information [Line Items]
Number of Outlet Centers	4

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Basis of Presentation (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Savannah [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	[1]	$ 43.8	$ 44.4
Southaven [Member]
Schedule of Equity Method Investments [Line Items]
Assets		82.8
Liabilities		57.1
Total rental property, net		79.2
Cash and cash equivalents		1.5
Other assets (including deferred lease costs and other intangibles )		2.1
Accounts Payable and accrued expenses		4.7
Book value of debt		$ 51.5
Accounting Standards Update 2015-03 [Member] | Assets, Total [Member]
Schedule of Equity Method Investments [Line Items]
Deferred Finance Costs, Net			11.9
Accounting Standards Update 2015-03 [Member] | Liabilities, Total [Member]
Schedule of Equity Method Investments [Line Items]
Deferred Finance Costs, Net			$ 11.9

[1] 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 Ownership column, which states our legal interest in this venture. As of March 31 2016, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our 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.

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Disposition of Properties and Properties Held for Sale (Details) - Sanibel [Member] ft² in Thousands, $ in Thousands	1 Months Ended
	Jan. 31, 2016 USD ($) ft²
Long Lived Assets Held-for-sale [Line Items]
Square Feet | ft²	199
Net proceeds on sale of assets	$ 25,785
Gain on sale	$ 4,887

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Disposition of Properties and Properties Held for Sale (Narrative) (Details) $ in Thousands	1 Months Ended
	Jan. 31, 2016 USD ($)
Sanibel [Member]
Long Lived Assets Held-for-sale [Line Items]
Net proceeds on sale of assets	$ 25,785

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Developments of Consolidated Outlet Centers (Details) - Daytona Beach [Member] ft² in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) ft²
Real Estate Properties [Line Items]
Square Feet | ft²	352
Costs incurred to date	$ 33,400,000
Borrowed to date	$ 0

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Developments of Consolidated Outlet Centers (Narrative) (Details) $ in Millions	1 Months Ended
	Nov. 30, 2015 USD ($)
Daytona Beach [Member]
Payments to acquire land	$ 9.9

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Investments in Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details) ft² in Thousands, $ in Millions		Mar. 31, 2016 USD ($) ft²	Dec. 31, 2015 USD ($) ft²
Schedule of Equity Method Investments [Line Items]
Total Joint Venture Debt (in millions)	[1]	$ 253.2	$ 246.6
Partnership Interest [Member]
Schedule of Equity Method Investments [Line Items]
Carrying Value of Investment (in millions)		$ 218.7	$ 201.1
Columbus [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %		50.00%	50.00%
Square Feet | ft²		0	0
Carrying Value of Investment (in millions)		$ 30.7	$ 21.1
Total Joint Venture Debt (in millions)	[1]	$ 0.0	$ 0.0
National Harbor [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %		50.00%	50.00%
Square Feet | ft²		339	339
Carrying Value of Investment (in millions)		$ 5.5	$ 6.1
Total Joint Venture Debt (in millions)	[1]	$ 85.9	$ 85.8
RioCan Canda [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %		50.00%	50.00%
Square Feet | ft²		902	870
Carrying Value of Investment (in millions)		$ 126.4	$ 117.2
Total Joint Venture Debt (in millions)	[1]	$ 11.9	$ 11.3
Savannah [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	[2]	50.00%	50.00%
Square Feet | ft²	[2]	377	377
Carrying Value of Investment (in millions)	[2]	$ 43.8	$ 44.4
Total Joint Venture Debt (in millions)	[1],[2]	$ 93.5	$ 87.6
Westgate [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %		58.00%	58.00%
Square Feet | ft²		411	411
Carrying Value of Investment (in millions)		$ 12.3	$ 12.3
Total Joint Venture Debt (in millions)	[1]	$ 61.9	$ 61.9
Charlotte [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	[3]	50.00%	50.00%
Square Feet | ft²	[3]	398	398
Equity Method Investment Reported In Liabilities	[3]	$ (1.4)	$ (1.1)
Total Joint Venture Debt (in millions)	[1],[3]	$ 89.6	$ 89.6
Galveston/Houston [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	[3]	50.00%	50.00%
Square Feet | ft²	[3]	353	353
Equity Method Investment Reported In Liabilities	[3]	$ (2.1)	$ (1.5)
Total Joint Venture Debt (in millions)	[1],[3]	64.8	64.7
Charlotte and Galveston/Houston [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment Reported In Liabilities		(3.5)	(2.6)
Total Joint Venture Debt (in millions)	[1]	$ 154.4	$ 154.3

[1] Net of debt origination costs and including premiums of $2.8 million and $3.3 million as of March 31, 2016 and December 31, 2015, respectively.

[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 Ownership column, which states our legal interest in this venture. As of March 31 2016, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our 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.

[3] The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners.

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Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Management, Leasing and Marketing Fees [Line Items]
Fees received	$ 1,121	$ 1,283
Development and Leasing Fee [Member]
Management, Leasing and Marketing Fees [Line Items]
Fees received	192	581
Loan Guarantee Fee [Member]
Management, Leasing and Marketing Fees [Line Items]
Fees received	182	196
Management and Marketing Fee [Member]
Management, Leasing and Marketing Fees [Line Items]
Fees received	$ 747	$ 506

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Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Partnership Interest [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Land	$ 107,403	$ 103,046
Buildings, improvements and fixtures	632,456	615,662
Construction in progress, including land	83,701	62,308
Rental property, at cost, total	823,560	781,016
Accumulated depreciation	(69,754)	(60,629)
Total rental property, net	753,806	720,387
Cash and cash equivalents	27,671	28,723
Deferred lease costs, net	18,605	18,399
Prepaids and other assets	17,217	14,455
Total assets	817,299	781,964
Liabilities and Owners' Equity
Mortgages payable, net	407,640	400,935
Accounts payable and other liabilities	27,604	31,805
Total liabilities	435,244	432,740
Owners' equity	382,055	349,224
Total liabilities and owners' equity	$ 817,299	$ 781,964

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Investments in Unconsolidated Real Estate Joint Ventures (Summary Statements of Operations for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Partnership Interest [Member]
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items]
Revenues	$ 27,698	$ 23,965
Property operating	10,318	9,144
General and administrative	117	218
Depreciation and amortization	8,799	7,822
Total expenses	19,234	17,184
Operating income	8,464	6,781
Interest expense	(2,554)	(1,770)
Other nonoperating income	1	8
Net income	5,911	5,019
Tanger Factory Outlet Centers, Inc [Member]
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items]
Revenues	110,805	105,926
Property operating	37,874	37,732
General and administrative	11,565	11,305
Depreciation and amortization	26,567	23,989
Total expenses	76,006	73,026
Operating income	34,799	32,900
Interest expense	(14,884)	(13,089)
Other nonoperating income	316	306
Net income	28,617	36,386
The Company and Operating Partnership's share of net income (loss) of unconsolidated joint ventures	3,499	2,543
The Company and Operating Partnership's share of depreciation expense (real estate related) of unconsolidated joint ventures	$ 5,339	$ 4,076

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Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Differences in basis	$ 4.1		$ 3.9
Savannah [Member]
Schedule of Equity Method Investments [Line Items]
Economic interest percentage in joint venture	98.00%
Columbus [Member]
Schedule of Equity Method Investments [Line Items]
Payments to acquire land		$ 8.9
Company Portion of Contributed Capital to the Joint Venture	$ 30.0
Partner's Portion of Contributed Capital to the Joint Venture	30.0
Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Net of debt origination costs and including premiums	$ 2.8		$ 3.3

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Debt of the Company (Details) - Tanger Factory Outlet Centers, Inc [Member] - Debt [Member] - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Line of Credit [Member]
Line of Credit Facility [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 520,000,000
Guarantor obligation	263,700,000	$ 190,300,000
Unsecured Term Loan [Member]
Line of Credit Facility [Line Items]
Guarantor obligation	$ 250,000,000	$ 250,000,000

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Debt of the Operating Partnership (Schedule of Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal		$ 1,489,284,000	$ 1,567,186,000
Book value of debt	[1]	$ 1,475,668,000	$ 1,551,924,000
Senior Notes [Member] | 6.125% Senior Notes [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)		6.125%	6.125%
Principal		$ 300,000,000	$ 300,000,000
Book value of debt	[1]	$ 297,860,000	$ 297,739,000
Senior Notes [Member] | 3.875% Senior Notes [Member] [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)		3.875%	3.875%
Principal		$ 250,000,000	$ 250,000,000
Book value of debt	[1]	$ 244,977,000	$ 244,829,000
Senior Notes [Member] | 3.75% Senior Notes [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)		3.75%	3.75%
Principal		$ 250,000,000	$ 250,000,000
Book value of debt	[1]	$ 246,798,000	$ 246,717,000
Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s), Minimum	[2]	5.14%	5.14%
Stated Interest Rate(s), Maximum	[2]	7.65%	7.65%
Principal	[2]	$ 42,617,000	$ 43,312,000
Book value of debt	[1],[2]	45,728,000	46,605,000
Mortgages Payable [Member] | Deer Park [Member]
Debt Instrument [Line Items]
Principal		0	150,000,000
Book value of debt	[1]	0	149,145,000
Mortgages Payable [Member] | Foxwoods [Member]
Debt Instrument [Line Items]
Principal		70,250,000	70,250,000
Book value of debt	[1]	69,651,000	69,564,000
Mortgages Payable [Member] | Southaven [Member]
Debt Instrument [Line Items]
Principal		52,717,000	45,824,000
Book value of debt	[1]	$ 52,224,000	$ 45,273,000
Unsecured Notes Payable [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)	[2]	1.50%	1.50%
Principal	[2]	$ 10,000,000	$ 10,000,000
Book value of debt	[1],[2]	9,959,000	9,919,000
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Principal		250,000,000	250,000,000
Book value of debt	[1]	248,581,000	248,443,000
Unsecured Term Note [Member]
Debt Instrument [Line Items]
Principal		0	7,500,000
Book value of debt	[1]	0	7,470,000
Line of Credit [Member]
Debt Instrument [Line Items]
Principal		263,700,000	190,300,000
Book value of debt	[1]	$ 259,890,000	$ 186,220,000
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Deer Park [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Foxwoods [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.65%	1.65%
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Southaven [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%	1.75%
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.05%	1.05%
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Note [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.30%
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.90%	0.90%

[1] Including premiums and net of debt discount and net debt origination costs.

[2] The effective interest rates assigned during the purchase price allocation to the assumed mortgage and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and unsecured note payable 3.15%.

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Debt of the Operating Partnership (Debt Maturities) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Schedule of Maturities of Debt [Line Items]
2016		$ 12,148
2017		73,258
2018		55,900
2019		517,069
2020		303,566
Thereafter		527,343
Subtotal		1,489,284	$ 1,567,186
Net discount and debt origination costs		(13,616)
Total debt	[1]	$ 1,475,668	$ 1,551,924

[1] Including premiums and net of debt discount and net debt origination costs.

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Debt of the Operating Partnership (Narrative) (Details) ft² in Thousands	1 Months Ended		3 Months Ended
	Feb. 29, 2016 USD ($)	Jan. 31, 2016 USD ($) ft²	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2011
Tanger Properties Limited Partnership [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt			$ 405,246,000	$ 99,742,000
Tanger Properties Limited Partnership [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Collateral for mortgages payable			337,000,000		$ 622,800,000
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member]
Debt Instrument [Line Items]
Effective interest rates						5.05%
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Deer Park [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt		$ 150,000,000
Tanger Properties Limited Partnership [Member] | Unsecured Notes Payable [Member]
Debt Instrument [Line Items]
Effective interest rates						3.15%
Tanger Properties Limited Partnership [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, Maximum borrowing capacity			520,000,000
Line of Credit Facility, Liquidity Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings			20,000,000
Line of Credit Facility, Syndicated Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings			500,000,000
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized			$ 1,000,000,000
Line of Credit, Dividend Restrictions, Percentage of Funds From Operations Allowed on a Cumulative Basis			95.00%
Tanger Properties Limited Partnership [Member] | Unsecured Term Note [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 7,500,000
Minimum [Member]
Debt Instrument [Line Items]
Percent of guaranty of completion and principal guaranty			5.00%
Maximum [Member]
Debt Instrument [Line Items]
Percent of guaranty of completion and principal guaranty			100.00%
Deer Park [Member]
Debt Instrument [Line Items]
Square Feet | ft²		749

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Deferred Financing Obligation (Details) $ in Millions	Sep. 30, 2015 USD ($)
Deer Park [Member]
Deferred financing obligation	$ 28.4

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Derivative Financial Instruments (Classifications on Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument [Member] - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative, notional amount	$ 150,000,000
Derivative, fair value, net	(2,002,000)	$ (616,000)
Interest Rate Swap One [Member]
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000
Derivative, fixed interest rate	1.3075%
Derivative, fair value, net	$ (673,000)	(212,000)
Interest Rate Swap Two [Member]
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000
Derivative, fixed interest rate	1.297%
Derivative, fair value, net	$ (661,000)	(198,000)
Interest Rate Swap Three [Member]
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000
Derivative, fixed interest rate	1.3025%
Derivative, fair value, net	$ (668,000)	$ (206,000)

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Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of cash flow hedges	$ (1,386)	$ (1,287)

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Fair Value Measurements Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps (other liabilities)	$ (2,002)	$ (616)
Total liabilities	(2,002)	(616)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps (other liabilities)	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps (other liabilities)	(2,002)	(616)
Total liabilities	(2,002)	(616)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps (other liabilities)	0	0
Total liabilities	$ 0	$ 0

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Fair Value Measurements Debt (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt		$ 1,556,139	$ 1,615,833
Recorded value of debt	[1]	$ 1,475,668	$ 1,551,924

[1] Including premiums and net of debt discount and net debt origination costs.

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Partners' Equity of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
General and Limited Partners' Capital Account, Units [Roll Forward]
General partner (in shares)	1,000,000
Issuance of restricted shares (in shares)	277,524	348,844
Issuance of deferred units (in shares)	24,040
Units issued upon exercise of options	4,500	8,300
Units withheld for employee income taxes	(60,382)	(30,578)
General partner (in shares)	1,000,000		1,000,000
General partner [Member]
General and Limited Partners' Capital Account, Units [Roll Forward]
General partner (in shares)	1,000,000	1,000,000	1,000,000
Issuance of restricted shares (in shares)	0	0
Issuance of deferred units (in shares)	0
Units issued upon exercise of options	0	0
Units withheld for employee income taxes	0	0
General partner (in shares)	1,000,000	1,000,000	1,000,000
Class A Limited Partnership Units [Member]
General and Limited Partners' Capital Account, Units [Roll Forward]
Limited partners (in shares)	5,052,743	5,078,406	5,078,406
Issuance of restricted shares (in shares)	0	0
Issuance of deferred units (in shares)	0
Units issued upon exercise of options	0	0
Units withheld for employee income taxes	0	0
Limited partners (in shares)	5,052,743	5,078,406	5,052,743
Class B Limited Partnership Units [Member]
General and Limited Partners' Capital Account, Units [Roll Forward]
Limited partners (in shares)	94,880,825	94,509,781	94,509,781
Issuance of restricted shares (in shares)	277,524	348,844
Issuance of deferred units (in shares)	24,040
Units issued upon exercise of options	4,500	8,300
Units withheld for employee income taxes	(60,382)	(30,578)
Limited partners (in shares)	95,126,507	94,836,347	94,880,825
Limited partners [Member]
General and Limited Partners' Capital Account, Units [Roll Forward]
Limited partners (in shares)	99,933,568	99,588,187	99,588,187
Issuance of restricted shares (in shares)	277,524	348,844
Issuance of deferred units (in shares)	24,040
Units issued upon exercise of options	4,500	8,300
Units withheld for employee income taxes	(60,382)	(30,578)
Limited partners (in shares)	100,179,250	99,914,753	99,933,568

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Earnings Per Share of the Company (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator
Net income attributable to Tanger Factory Outlet Centers, Inc.	$ 27,150	$ 34,512
Less allocation of earnings to participating securities	(294)	(408)
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership	$ 26,856	$ 34,104
Denominator
Basic weighted average common shares (in shares)	94,944,000	94,536,000
Effect of notional units (in shares)	0	82,000
Effect of outstanding options and restricted common shares (in shares)	59,000	79,000
Diluted weighted average common shares (in shares)	95,003,000	94,697,000
Basic earnings per common share/unit:
Net income, basic (in dollars per share)	$ 0.28	$ 0.36
Diluted earnings per common share:
Net income, diluted (in dollars per share)	$ 0.28	$ 0.36
Antidilutive securities excluded from computation of earnings per share (in shares)	218,200	252,000

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Earnings Per Unit of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator
Net income attributable to partners of the Operating Partnership	$ 28,594	$ 36,367
Less allocation of earnings to participating securities	(294)	(408)
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership	$ 28,300	$ 35,959
Denominator
Basic weighted average common shares (in shares)	99,997,000	99,614,000
Effect of notional units (in shares)	0	82,000
Effect of outstanding options and restricted common shares (in shares)	59,000	79,000
Diluted weighted average common shares (in shares)	100,056,000	99,775,000
Basic earnings per common share/unit:
Net income, basic (in dollars per share)	$ 0.28	$ 0.36
Diluted earnings per common unit:
Net income, diluted (in dollars per share)	$ 0.28	$ 0.36
Antidilutive securities excluded from computation of earnings per share (in shares)	218,200	252,000

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Equity Based Compensation of the Company (Share-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 4,001	$ 3,613
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	2,939	2,658
Notional Unit Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	885	841
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 177	$ 114

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Equity Based Compensation of the Company (Share-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Tanger Factory Outlet Centers, Inc [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense capitalized	$ 230	$ 188

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Equity Based Compensation of the Company (Narrative) (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2018	Feb. 09, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Paid for Tax Withholding for Share Based Compensation		60,382	30,578	30,578
Payments Related to Tax Withholding for Share-based Compensation		$ 1,921	$ 1,084
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Unites, granted (in shares/units)	286,524
Lower limit, grant date fair value (in dollars per share)	$ 26.48
Upper limit, grant date fair value (in dollars per share)	$ 31.15
2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Unites, granted (in shares/units)	321,900
Aggregate number of restricted common shares that may be earned (in units)	321,900
Grant date fair value (per unit)	$ 15.10
Share-based Award Measurement Period	3 years
Percent of share price appreciation	35.00%
Threshold Percentage for Performance Target	70.00%
Scenario, Forecast [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Potential Share-Based Compensation					$ 12,800
Price appreciation minimum [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares that may be earned (in units)						32,190
Share-based Compensation Award, Tranche One [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage						50.00%
Share-based Compensation Award, Tranche One [Member] | Price appreciation minimum [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of Shares Earned if Threshold Met						20.00%
Percent of share price appreciation						18.00%
Share-based Compensation Award, Tranche One [Member] | Price appreciation middle [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares that may be earned (in units)						96,750
Percent of Shares Earned if Threshold Met						60.00%
Share-based Compensation Award, Tranche One [Member] | Price appreciation maximum [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares that may be earned (in units)						160,950
Percent of Shares Earned if Threshold Met						100.00%
Percent of share price appreciation						26.50%
Share-based Compensation Award, Tranche Two [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage						50.00%
Share-based Compensation Award, Tranche Two [Member] | Price appreciation minimum [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of Shares Earned if Threshold Met						20.00%
Threshold Percentage for Performance Target						40.00%
Share-based Compensation Award, Tranche Two [Member] | Price appreciation middle [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares that may be earned (in units)						96,750
Percent of Shares Earned if Threshold Met						60.00%
Threshold Percentage for Performance Target						55.00%
Share-based Compensation Award, Tranche Two [Member] | Price appreciation maximum [Member] | 2016 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common shares that may be earned (in units)						160,950
Percent of Shares Earned if Threshold Met						100.00%
Threshold Percentage for Performance Target						70.00%
Director [Member] | Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Chief Executive Officer [Member] | Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement award holding period	3 years
Minimum [Member] | Executive Officer [Member] | Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Maximum [Member] | Executive Officer [Member] | Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years

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Accumulated Other Comprehensive Loss of the Company (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (36,715)
Unrealized gains (losses) on foreign currency translation adjustments	8,654	$ (11,076)
Change in fair value of cash flow hedges	(1,386)	(1,287)
Ending balance	(29,814)
Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(36,715)	(14,023)
Unrealized gains (losses) on foreign currency translation adjustments	8,217	(10,511)
Change in fair value of cash flow hedges	(1,316)	(1,221)
Ending balance	(29,814)	(25,755)
Parent [Member] | Foreign Currency [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(36,130)	(14,113)
Unrealized gains (losses) on foreign currency translation adjustments	8,217	(10,511)
Ending balance	(27,913)	(24,624)
Parent [Member] | Cash flow hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(585)	90
Change in fair value of cash flow hedges	(1,316)	(1,221)
Ending balance	(1,901)	(1,131)
Noncontrolling interests in Operating Partnership [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,987)	(768)
Unrealized gains (losses) on foreign currency translation adjustments	437	(565)
Change in fair value of cash flow hedges	(70)	(66)
Ending balance	(1,620)	(1,399)
Noncontrolling interests in Operating Partnership [Member] | Foreign Currency [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,956)	(773)
Unrealized gains (losses) on foreign currency translation adjustments	437	(565)
Ending balance	(1,519)	(1,338)
Noncontrolling interests in Operating Partnership [Member] | Cash flow hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(31)	5
Change in fair value of cash flow hedges	(70)	(66)
Ending balance	$ (101)	$ (61)

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Accumulated Other Comprehensive Loss of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (38,702)	$ (14,791)
Unrealized gains (losses) on foreign currency translation adjustments	8,654	(11,076)
Change in fair value of cash flow hedges	(1,386)	(1,287)
Ending balance	(31,434)	(27,154)
Foreign Currency [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(38,086)	(14,886)
Unrealized gains (losses) on foreign currency translation adjustments	8,654	(11,076)
Ending balance	(29,432)	(25,962)
Cash flow hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(616)	95
Change in fair value of cash flow hedges	(1,386)	(1,287)
Ending balance	$ (2,002)	$ (1,192)

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Non-Cash Activities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Nonmonetary Transactions [Abstract]
Costs relating to construction included in accounts payable and accrued expenses	$ 19,620	$ 31,859

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Subsequent Events (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2016 USD ($) derivativeagreement $ / shares	Mar. 31, 2016 USD ($) $ / shares	Mar. 31, 2015 $ / shares	Dec. 31, 2015 USD ($)
Tanger Properties Limited Partnership [Member]
Subsequent Event [Line Items]
Principal		$ 1,489,284,000		$ 1,567,186,000
Distribution declared per common unit (in dollars per share) | $ / shares		$ 0.285	$ 0.240
Tanger Factory Outlet Centers, Inc [Member]
Subsequent Event [Line Items]
Cash dividends declared per commons share (in dollars per share) | $ / shares		$ 0.285	$ 0.240
Subsequent Event [Member] | Tanger Properties Limited Partnership [Member]
Subsequent Event [Line Items]
Distribution declared per common unit (in dollars per share) | $ / shares	$ 0.325
Subsequent Event [Member] | Tanger Factory Outlet Centers, Inc [Member]
Subsequent Event [Line Items]
Cash dividends declared per commons share (in dollars per share) | $ / shares	$ 0.325
Unsecured Term Loan [Member] | Tanger Properties Limited Partnership [Member]
Subsequent Event [Line Items]
Principal		$ 250,000,000		$ 250,000,000
Incremental loan availability through an accordion feature		$ 150,000,000
Unsecured Term Loan [Member] | Subsequent Event [Member] | Tanger Properties Limited Partnership [Member]
Subsequent Event [Line Items]
Principal	$ 325,000,000
Incremental loan availability through an accordion feature	$ 175,000,000
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member] | Tanger Properties Limited Partnership [Member]
Subsequent Event [Line Items]
Basis spread on variable rate		1.05%		1.05%
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member] | Subsequent Event [Member] | Tanger Properties Limited Partnership [Member]
Subsequent Event [Line Items]
Basis spread on variable rate	0.95%
Designated as Hedging Instrument [Member]
Subsequent Event [Line Items]
Derivative, notional amount		$ 150,000,000
Designated as Hedging Instrument [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of swaps entered into | derivativeagreement	4
Derivative, fixed interest rate	1.03%
Derivative, notional amount	$ 175,000,000