North Carolina | 1-11986 | 56-1815473 | ||||||||
(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
3200 Northline Avenue, Greensboro, North Carolina 27408 | ||||
(Address of principal executive offices) (Zip Code) |
(336) 292-3010 | ||||
(Registrants' telephone number, including area code) |
N/A | ||||
(former name or former address, if changed since last report) |
Exhibit 99.1 | Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended June 30, 2016. |
Exhibit 99.2 | Supplemental operating and financial information of the Company as of and for the quarter ended June 30, 2016. |
Exhibit No. | ||
99.1 | Press release announcing the results of operations and financial condition of the Company as of and for the quarter ended June 30, 2016. | |
99.2 | Supplemental operating and financial information of the Company as of and for the quarter ended June 30, 2016. | |
• | Same Center NOI for the consolidated portfolio increased 4.1% during the first half of 2016, on top of a 4.3% increase for the first half of 2015 |
• | Blended average base rental rates on space renewed and released throughout the consolidated portfolio increased 20.2% during the first half of 2016, on top of a 24.9% increase for the first half of 2015 |
• | Consolidated portfolio occupancy rate of 96.9% as of June 30, 2016, compared to 96.8% at June 30, 2015 and 96.6% at March 31, 2016 |
• | Average tenant sales for the consolidated portfolio for the rolling twelve months ended June 30, 2016 were $395 per square foot, stable when compared to the rolling twelve months ended June 30, 2015 |
• | Debt-to-total market capitalization ratio was 28% as of June 30, 2016, compared to 32% as of June 30, 2015 |
• | Interest coverage ratio for the quarter was 4.68 times, compared to 4.67 for the second quarter of 2015 |
• | Opened a new Tanger Outlet Center in the Columbus, Ohio market on June 24, 2016 |
• | Acquired partners' ownership interests in Tanger Outlets Westgate, increasing the Company's ownership interest to 100% from 58% |
• | Continued construction of a Tanger Outlet Center in Daytona Beach, Florida, currently scheduled to open in November 2016 |
• | Raised regular quarterly common share cash dividend in April 2016 by 14% on an annualized basis to $1.30 per share, marking the 23rd consecutive year of increased dividends |
• | Amended the $250 million unsecured term loan in April 2016 to expand the facility to $325 million, extend the maturity to April 2021, and reduce the interest rate spread by 10 basis points |
• | Reduced floating rate debt exposure by $175 million in April 2016 by entering into interest rate swap agreements |
For the year ended December 31, 2016: | |||
Low Range | High Range | ||
Estimated diluted net income per share | $1.55 | $1.60 | |
Noncontrolling interest, depreciation and amortization | |||
of real estate assets including noncontrolling interest | |||
share and our share of unconsolidated joint ventures, | |||
gains on sale of real estate, and gain on previously held | |||
interest in acquired joint venture | 0.76 | 0.76 | |
Estimated diluted FFO per share | $2.31 | $2.36 | |
AFFO adjustments per share | 0.01 | 0.01 | |
Estimated diluted AFFO per share | $2.32 | $2.37 |
• | Expects 2016 Same Center NOI growth between 3.0% and 3.5% for the consolidated portfolio |
• | Assumes tenant sales remain stable |
• | Reflects the net dilutive impact related to assets sold during 2015 and January 2016 of approximately $0.05 per share for net income and $0.08 per share for FFO |
• | Expects average general and administrative expense of approximately $11.4 million to $11.9 million per quarter |
• | Expects average management, leasing, and other services income of approximately $1.0 million per quarter |
• | Expects approximately 100.2 million weighted average diluted common shares for 2016 |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenues | ||||||||||||||||
Base rentals (a) | $ | 75,003 | $ | 72,329 | $ | 147,626 | $ | 139,958 | ||||||||
Percentage rentals | 2,326 | 2,042 | 4,476 | 4,271 | ||||||||||||
Expense reimbursements | 30,754 | 29,909 | 63,996 | 63,273 | ||||||||||||
Management, leasing and other services | 1,332 | 1,727 | 2,453 | 3,010 | ||||||||||||
Other income | 1,918 | 1,729 | 3,587 | 3,150 | ||||||||||||
Total revenues | 111,333 | 107,736 | 222,138 | 213,662 | ||||||||||||
Expenses | ||||||||||||||||
Property operating | 35,012 | 34,958 | 72,886 | 72,690 | ||||||||||||
General and administrative | 11,675 | 11,612 | 23,240 | 22,917 | ||||||||||||
Depreciation and amortization | 26,306 | 24,272 | 52,873 | 48,261 | ||||||||||||
Total expenses | 72,993 | 70,842 | 148,999 | 143,868 | ||||||||||||
Operating income | 38,340 | 36,894 | 73,139 | 69,794 | ||||||||||||
Other income/(expense) | ||||||||||||||||
Interest expense | (13,800 | ) | (13,088 | ) | (28,684 | ) | (26,177 | ) | ||||||||
Gain on sale of assets and interests in unconsolidated entities | — | — | 4,887 | 13,726 | ||||||||||||
Gain on previously held interest in acquired joint venture | 49,258 | — | 49,258 | — | ||||||||||||
Other nonoperating income (expense) | 38 | (493 | ) | 354 | (187 | ) | ||||||||||
Income before equity in earnings of unconsolidated joint ventures | 73,836 | 23,313 | 98,954 | 57,156 | ||||||||||||
Equity in earnings of unconsolidated joint ventures | 3,466 | 2,046 | 6,965 | 4,589 | ||||||||||||
Net income | 77,302 | 25,359 | 105,919 | 61,745 | ||||||||||||
Noncontrolling interests in Operating Partnership | (3,897 | ) | (1,313 | ) | (5,341 | ) | (3,168 | ) | ||||||||
Noncontrolling interests in other consolidated partnerships | 12 | 435 | (11 | ) | 416 | |||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | 73,417 | 24,481 | 100,567 | 58,993 | ||||||||||||
Allocation of earnings to participating securities | (725 | ) | (308 | ) | (1,019 | ) | (716 | ) | ||||||||
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | 72,692 | $ | 24,173 | $ | 99,548 | $ | 58,277 | ||||||||
Basic earnings per common share: | ||||||||||||||||
Net income | $ | 0.76 | $ | 0.26 | $ | 1.05 | $ | 0.62 | ||||||||
Diluted earnings per common share: | ||||||||||||||||
Net income | $ | 0.76 | $ | 0.26 | $ | 1.04 | $ | 0.62 | ||||||||
a. | Includes straight-line rent and market rent adjustments of $1,186 and $1,278 for the three months ended and $2,244 and $1,746 for the six months ended June 30, 2016 and 2015, respectively. |
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Assets | |||||||
Rental property | |||||||
Land | $ | 254,809 | $ | 240,267 | |||
Buildings, improvements and fixtures | 2,377,765 | 2,249,417 | |||||
Construction in progress | 61,038 | 23,533 | |||||
2,693,612 | 2,513,217 | ||||||
Accumulated depreciation | (769,777 | ) | (748,341 | ) | |||
Total rental property, net | 1,923,835 | 1,764,876 | |||||
Cash and cash equivalents | 27,107 | 21,558 | |||||
Restricted cash (a) | — | 121,306 | |||||
Investments in unconsolidated joint ventures | 210,486 | 201,083 | |||||
Deferred lease costs and other intangibles, net | 133,578 | 127,089 | |||||
Prepaids and other assets | 84,346 | 78,913 | |||||
Total assets (b) | $ | 2,379,352 | $ | 2,314,825 | |||
Liabilities and Equity | |||||||
Liabilities | |||||||
Debt | |||||||
Senior, unsecured notes, net | $ | 789,991 | $ | 789,285 | |||
Unsecured term loans, net | 321,980 | 265,832 | |||||
Mortgages payable, net | 235,215 | 310,587 | |||||
Unsecured lines of credit, net | 255,661 | 186,220 | |||||
Total debt (b) | 1,602,847 | 1,551,924 | |||||
Accounts payable and accrued expenses | 62,658 | 97,396 | |||||
Deferred financing obligation | — | 28,388 | |||||
Other liabilities | 53,433 | 31,085 | |||||
Total liabilities | 1,718,938 | 1,708,793 | |||||
Commitments and contingencies | — | — | |||||
Equity | |||||||
Tanger Factory Outlet Centers, Inc. | |||||||
Common shares, $.01 par value, 300,000,000 shares authorized, 96,052,907 and 95,880,825 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 960 | 959 | |||||
Paid in capital | 811,853 | 806,379 | |||||
Accumulated distributions in excess of net income | (153,465 | ) | (195,486 | ) | |||
Accumulated other comprehensive loss | (32,090 | ) | (36,715 | ) | |||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 627,258 | 575,137 | |||||
Equity attributable to noncontrolling interests | |||||||
Noncontrolling interests in Operating Partnership | 32,996 | 30,309 | |||||
Noncontrolling interests in other consolidated partnerships | 160 | 586 | |||||
Total equity | 660,414 | 606,032 | |||||
Total liabilities and equity | $ | 2,379,352 | $ | 2,314,825 |
a. | Represents net proceeds from the sale of four properties being held by a qualified intermediary. |
b. | In accordance with recent accounting guidance, "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. |
June 30, | |||||||
2016 | 2015 | ||||||
Gross leasable area open at end of period (in thousands)- | |||||||
Consolidated | 11,942 | 11,657 | |||||
Partially owned - unconsolidated | 2,766 | 2,747 | |||||
Outlet centers in operation at end of period - | |||||||
Consolidated | 34 | 37 | |||||
Partially owned - unconsolidated | 9 | 9 | |||||
States operated in at end of period (1) | 21 | 23 | |||||
Occupancy at end of period (1) ,(2) | 96.9 | % | 96.8 | % |
(1) | Excludes the centers in which we have ownership interests but are held in unconsolidated joint ventures. |
(2) | 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. |
• | 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. |
• | 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. |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 77,302 | $ | 25,359 | $ | 105,919 | $ | 61,745 | ||||||||
Adjusted for: | ||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 25,937 | 23,919 | 52,142 | 47,556 | ||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 5,808 | 5,038 | 11,147 | 9,114 | ||||||||||||
Gain on sale of assets and interests in unconsolidated entities | — | — | (4,887 | ) | (13,726 | ) | ||||||||||
Gain on previously held interest in acquired joint venture | (49,258 | ) | — | (49,258 | ) | — | ||||||||||
FFO | 59,789 | 54,316 | 115,063 | 104,689 | ||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | (12 | ) | 412 | (59 | ) | 370 | ||||||||||
Allocation of earnings to participating securities | (564 | ) | (583 | ) | (1,133 | ) | (1,143 | ) | ||||||||
FFO available to common shareholders (1) | $ | 59,213 | $ | 54,145 | $ | 113,871 | $ | 103,916 | ||||||||
As further adjusted for: | ||||||||||||||||
Accelerated vesting of share-based compensation (2) | — | — | 293 | — | ||||||||||||
Demolition costs | 182 | — | 182 | — | ||||||||||||
Write-off of debt discount due to repayment of debt prior to maturity (3) | — | — | 882 | — | ||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | (1 | ) | — | (13 | ) | — | ||||||||||
AFFO available to common shareholders (1) | $ | 59,394 | $ | 54,145 | $ | 115,215 | $ | 103,916 | ||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.59 | $ | 0.54 | $ | 1.14 | $ | 1.04 | ||||||||
AFFO available to common shareholders per share - diluted (1) | $ | 0.59 | $ | 0.54 | $ | 1.15 | $ | 1.04 | ||||||||
Weighted Average Shares | ||||||||||||||||
Basic weighted average common shares | 95,124 | 94,741 | 95,034 | 94,639 | ||||||||||||
Effect of notional units | 183 | — | 167 | — | ||||||||||||
Effect of outstanding options and restricted common shares | 68 | 54 | 64 | 66 | ||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 95,375 | 94,795 | 95,265 | 94,705 | ||||||||||||
Exchangeable operating partnership units | 5,053 | 5,078 | 5,053 | 5,078 | ||||||||||||
Diluted weighted average common shares (for FFO and AFFO per share computations) (1) | 100,428 | 99,873 | 100,318 | 99,783 |
(1) | 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. |
(2) | Represents restricted shares that vested immediately upon the death of Director Donald Drapkin. |
(3) | Due to the January 28, 2016 early repayment of the $150 million mortgage secured by the Deer Park, New York property, which was scheduled to mature August 30, 2018. |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 77,302 | $ | 25,359 | $ | 105,919 | $ | 61,745 | ||||||||
Adjusted to exclude: | ||||||||||||||||
Equity in earnings of unconsolidated joint ventures | $ | (3,466 | ) | $ | (2,046 | ) | $ | (6,965 | ) | $ | (4,589 | ) | ||||
Interest expense | 13,800 | 13,088 | 28,684 | 26,177 | ||||||||||||
Gain on sale of assets and interests in unconsolidated entities | — | — | (4,887 | ) | (13,726 | ) | ||||||||||
Gain on previously held interest in acquired joint venture | (49,258 | ) | — | (49,258 | ) | — | ||||||||||
Other nonoperating income (expense) | (38 | ) | 493 | (354 | ) | 187 | ||||||||||
Depreciation and amortization | 26,306 | 24,272 | 52,873 | 48,261 | ||||||||||||
Other non-property income and losses | (379 | ) | (590 | ) | (560 | ) | (1,020 | ) | ||||||||
Demolition Costs | 182 | — | 182 | — | ||||||||||||
Corporate general and administrative expenses | 11,448 | 11,357 | 22,913 | 22,622 | ||||||||||||
Non-cash adjustments (1) | (1,049 | ) | (1,142 | ) | (1,971 | ) | (1,471 | ) | ||||||||
Termination rents | (1,487 | ) | (1,698 | ) | (2,042 | ) | (2,836 | ) | ||||||||
Portfolio NOI | 73,361 | 69,093 | 144,534 | 135,350 | ||||||||||||
Non-same center NOI (2) | (5,721 | ) | (3,909 | ) | (11,261 | ) | (7,328 | ) | ||||||||
Same Center NOI | $ | 67,640 | $ | 65,184 | $ | 133,273 | $ | 128,022 |
(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: 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; Fort Myers outlet center, which was sold in January 2016; and Glendale outlet center (Westgate), which was acquired in June 2016. |
Section | |
Portfolio Data: | |
Geographic Diversification | |
Property Summary - Occupancy at End of Each Period Shown | |
Portfolio Occupancy at the End of Each Period | |
Average Tenant Sales Per Square Foot by Outlet Center Ranking | |
Major Tenants | |
Lease Expirations as of June 30, 2016 | |
Leasing Activity | |
Development Summary | |
Financial Data: | |
Consolidated Balance Sheets | |
Consolidated Statements of Operations | |
Unconsolidated Joint Venture Information | |
Debt Outstanding Summary | |
Future Scheduled Principal Payments | |
Senior Unsecured Notes Financial Covenants | |
Non-GAAP Supplemental Measures: | |
Non-GAAP Definitions | |
FFO and FAD Analysis | |
Portfolio NOI and Same Center NOI | |
Pro Rata Balance Sheet | |
Pro Rata Statement of Operations | |
Investor Information |
As of June 30, 2016 | ||||||||
State | # of Centers | GLA | % of GLA | |||||
South Carolina | 5 | 1,598,375 | 13 | % | ||||
New York | 2 | 1,478,808 | 12 | % | ||||
Pennsylvania | 3 | 867,460 | 7 | % | ||||
Georgia | 2 | 692,478 | 6 | % | ||||
Michigan | 2 | 671,539 | 6 | % | ||||
Texas | 2 | 643,497 | 5 | % | ||||
Connecticut | 2 | 601,512 | 5 | % | ||||
Alabama | 1 | 556,984 | 5 | % | ||||
Delaware | 1 | 556,405 | 5 | % | ||||
North Carolina | 3 | 505,123 | 4 | % | ||||
New Jersey | 1 | 489,706 | 4 | % | ||||
Tennessee | 1 | 448,335 | 4 | % | ||||
Ohio | 1 | 411,776 | 3 | % | ||||
Arizona | 1 | 410,673 | 3 | % | ||||
Missouri | 1 | 329,861 | 3 | % | ||||
Mississippi | 1 | 320,337 | 3 | % | ||||
Utah | 1 | 319,661 | 3 | % | ||||
Louisiana | 1 | 318,666 | 3 | % | ||||
Iowa | 1 | 276,331 | 2 | % | ||||
New Hampshire | 1 | 245,698 | 2 | % | ||||
Maryland | 1 | 198,840 | 2 | % | ||||
Total | 34 | 11,942,065 | 100 | % |
# of Centers | GLA | Ownership % | ||||||
Savannah, GA | 1 | 419,197 | 50.00 | % | ||||
Charlotte, NC | 1 | 397,839 | 50.00 | % | ||||
Columbus, OH | 1 | 355,220 | 50.00 | % | ||||
Texas City, TX | 1 | 352,705 | 50.00 | % | ||||
National Harbor, MD | 1 | 338,786 | 50.00 | % | ||||
Ottawa, ON | 1 | 316,494 | 50.00 | % | ||||
Cookstown, ON | 1 | 308,517 | 50.00 | % | ||||
Bromont, QC | 1 | 161,307 | 50.00 | % | ||||
Saint-Sauveur, QC | 1 | 115,771 | 50.00 | % | ||||
Total | 9 | 2,765,836 |
Consolidated properties | ||||||||||||||||||
Location | Total GLA 6/30/16 | % Occupied 6/30/16 | % Occupied 3/31/16 | % Occupied 12/31/15 | % Occupied 9/30/15 | % Occupied 6/30/15 | ||||||||||||
Deer Park, NY | 749,074 | 96 | % | 96 | % | 95 | % | 95 | % | 94 | % | |||||||
Riverhead, NY | 729,734 | 99 | % | 99 | % | 99 | % | 98 | % | 97 | % | |||||||
Foley, AL | 556,984 | 96 | % | 94 | % | 96 | % | 93 | % | 96 | % | |||||||
Rehoboth Beach, DE | 556,405 | 100 | % | 99 | % | 100 | % | 100 | % | 99 | % | |||||||
Atlantic City, NJ | 489,706 | 92 | % | 91 | % | 91 | % | 94 | % | 95 | % | |||||||
San Marcos, TX | 465,697 | 98 | % | 98 | % | 98 | % | 98 | % | 95 | % | |||||||
Sevierville, TN | 448,335 | 99 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||
Myrtle Beach Hwy 501, SC | 425,247 | 97 | % | 96 | % | 95 | % | 97 | % | 98 | % | |||||||
Jeffersonville, OH | 411,776 | 98 | % | 98 | % | 100 | % | 99 | % | 97 | % | |||||||
Glendale, AZ (Westgate) | 410,673 | 97 | % | N/A | N/A | N/A | N/A | |||||||||||
Myrtle Beach Hwy 17, SC | 402,797 | 100 | % | 98 | % | 100 | % | 99 | % | 100 | % | |||||||
Charleston, SC | 382,117 | 98 | % | 98 | % | 99 | % | 99 | % | 99 | % | |||||||
Pittsburgh, PA | 372,958 | 100 | % | 100 | % | 100 | % | 100 | % | 99 | % | |||||||
Commerce, GA | 371,408 | 99 | % | 94 | % | 97 | % | 97 | % | 96 | % | |||||||
Grand Rapids, MI | 357,080 | 94 | % | 94 | % | 95 | % | 93 | % | N/A | ||||||||
Branson, MO | 329,861 | 100 | % | 100 | % | 100 | % | 100 | % | 99 | % | |||||||
Locust Grove, GA | 321,070 | 100 | % | 100 | % | 100 | % | 100 | % | 99 | % | |||||||
Southaven, MS | 320,337 | 96 | % | 97 | % | 96 | % | N/A | N/A | |||||||||
Park City, UT | 319,661 | 97 | % | 98 | % | 100 | % | 99 | % | 99 | % | |||||||
Mebane, NC | 318,910 | 97 | % | 98 | % | 100 | % | 95 | % | 100 | % | |||||||
Gonzales, LA | 318,666 | 98 | % | 98 | % | 99 | % | 100 | % | 100 | % | |||||||
Howell, MI | 314,459 | 92 | % | 92 | % | 94 | % | 94 | % | 93 | % | |||||||
Mashantucket, CT (Foxwoods) | 311,614 | 96 | % | 96 | % | 95 | % | 94 | % | 91 | % | |||||||
Westbrook, CT | 289,898 | 87 | % | 92 | % | 94 | % | 93 | % | 95 | % | |||||||
Williamsburg, IA | 276,331 | 97 | % | 95 | % | 99 | % | 99 | % | 97 | % | |||||||
Hershey, PA | 247,500 | 100 | % | 99 | % | 100 | % | 98 | % | 95 | % | |||||||
Lancaster, PA | 247,002 | 97 | % | 97 | % | 99 | % | 99 | % | 99 | % | |||||||
Tilton, NH | 245,698 | 97 | % | 97 | % | 98 | % | 98 | % | 96 | % | |||||||
Hilton Head II, SC | 206,544 | 94 | % | 95 | % | 97 | % | 95 | % | 95 | % | |||||||
Ocean City, MD | 198,840 | 81 | % | 79 | % | 79 | % | 99 | % | 99 | % | |||||||
Hilton Head I, SC | 181,670 | 97 | % | 97 | % | 97 | % | 97 | % | 100 | % | |||||||
Terrell, TX | 177,800 | 98 | % | 98 | % | 98 | % | 97 | % | 95 | % | |||||||
Blowing Rock, NC | 104,052 | 99 | % | 100 | % | 100 | % | 100 | % | 97 | % | |||||||
Nags Head, NC | 82,161 | 100 | % | 97 | % | 97 | % | 100 | % | 100 | % | |||||||
Barstow, CA (2) | N/A | N/A | N/A | N/A | 100 | % | 100 | % | ||||||||||
Fort Myers, FL (2) | N/A | N/A | N/A | 91 | % | 90 | % | 91 | % | |||||||||
Kittery I, ME(2) | N/A | N/A | N/A | N/A | N/A | 100 | % | |||||||||||
Kittery II, ME(2) | N/A | N/A | N/A | N/A | N/A | 92 | % | |||||||||||
Tuscola, IL(2) | N/A | N/A | N/A | N/A | N/A | 88 | % | |||||||||||
West Branch, MI(2) | N/A | N/A | N/A | N/A | N/A | 88 | % | |||||||||||
Total | 11,942,065 | 97 | % | (1) | 97 | % | (1) | 98 | % | (1),(3) | 97 | % | (1),(4) | 97 | % | (1) |
(1) | 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. |
(2) | Sold the Kittery I, Kittery II, Tuscola, and West Branch centers in September 2015, sold the Barstow center in October 2015 and sold Fort Myers center in January 2016. |
(3) | Excludes the occupancy rate of the Fort Myers center which was sold on January 12, 2016. |
(4) | Excludes the occupancy rate at our Barstow center which was sold on October 5, 2015. |
Unconsolidated joint venture properties | ||||||||||||||||||
Location | Total GLA 6/30/16 | % Occupied 6/30/16 | % Occupied 3/31/16 | % Occupied 12/31/15 | % Occupied 9/30/15 | % Occupied 6/30/15 | ||||||||||||
Savannah, GA | 419,197 | 99 | % | 99 | % | 99 | % | 99 | % | 96 | % | |||||||
Charlotte, NC | 397,839 | 97 | % | 98 | % | 99 | % | 99 | % | 99 | % | |||||||
Columbus, OH (1) | 355,220 | 95 | % | N/A | N/A | N/A | N/A | |||||||||||
Texas City, TX (Galveston/Houston) | 352,705 | 99 | % | 97 | % | 99 | % | 99 | % | 100 | % | |||||||
National Harbor, MD | 338,786 | 98 | % | 99 | % | 99 | % | 99 | % | 99 | % | |||||||
Ottawa, ON | 316,494 | 95 | % | 95 | % | 97 | % | 97 | % | 95 | % | |||||||
Cookstown, ON | 308,517 | 99 | % | 99 | % | 100 | % | 100 | % | 93 | % | |||||||
Bromont, QC | 161,307 | 72 | % | 74 | % | 75 | % | 74 | % | 74 | % | |||||||
Saint-Sauveur, QC | 115,771 | 97 | % | 97 | % | 97 | % | 97 | % | 97 | % | |||||||
Glendale, AZ (Westgate) (2) | N/A | N/A | 96 | % | 100 | % | 100 | % | 99 | % | ||||||||
Total | 2,765,836 | 96 | % | (3) | 96 | % | 98 | % | 97 | % | 96 | % |
(1) | Center opened in June 2016. |
(2) | The Company acquired our partners' interest in the Westgate outlet center on June 30, 2016. The center is now reported above in the section labeled consolidated properties. |
(3) | Excludes the occupancy rate at our Columbus center which opened on June 24, 2016 and has not yet stabilized. |
12 Months | Period End | Sq Ft | % of | % of Portfolio NOI, as | |||||||||
Ranking (2) | SPSF | Occupancy | (thousands) | Square Feet | adjusted (3) | ||||||||
Consolidated Centers | |||||||||||||
Centers 1 - 5 | $ | 529 | 98 | % | 2,803 | 26 | % | 33 | % | ||||
Centers 6 - 10 | $ | 441 | 99 | % | 1,472 | 13 | % | 13 | % | ||||
Centers 11 - 15 | $ | 397 | 97 | % | 1,622 | 15 | % | 15 | % | ||||
Centers 16 - 20 | $ | 357 | 97 | % | 1,791 | 16 | % | 17 | % | ||||
Centers 21 - 25 | $ | 311 | 95 | % | 1,785 | 16 | % | 13 | % | ||||
Centers 26 - 31 | $ | 273 | 95 | % | 1,480 | 14 | % | 9 | % | ||||
Cumulative | Cumulative | Cumulative | Cumulative | Cumulative % of Portfolio | |||||||||
12 Months | Period End | Sq Ft | % of | NOI, as | |||||||||
Ranking (2) | SPSF | Occupancy | (thousands) | Square Feet | adjusted (3) | ||||||||
Consolidated Centers | |||||||||||||
Centers 1 - 5 | $ | 529 | 98 | % | 2,803 | 26 | % | 33 | % | ||||
Centers 1 - 10 | $ | 495 | 98 | % | 4,275 | 39 | % | 46 | % | ||||
Centers 1 - 15 | $ | 466 | 98 | % | 5,897 | 54 | % | 61 | % | ||||
Centers 1 - 20 | $ | 438 | 98 | % | 7,688 | 70 | % | 78 | % | ||||
Centers 1 - 25 | $ | 415 | 97 | % | 9,473 | 86 | % | 91 | % | ||||
Centers 1 - 31 | $ | 395 | 97 | % | 10,953 | 100 | % | 100 | % | ||||
Unconsolidated centers (4) | $ | 398 | 98 | % | 1,509 | n/a | n/a | ||||||
(1) | Sales are based on reports by retailers leasing outlet center stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on all stores less than 20,000 square feet in size. Centers are ranked by sales per square foot for the twelve months ended June 30, 2016. | ||||||||||||
(2) | Outlet centers included in each ranking group above are as follows (in alphabetical order): | ||||||||||||
Centers 1 - 5: | Deer Park, NY | Mebane, NC | Rehoboth Beach, DE | Riverhead, NY | Sevierville, TN | ||||||||
Centers 6 - 10: | Branson, MO | Glendale, AZ | Lancaster, PA | Myrtle Beach 17, SC | Nags Head, NC | ||||||||
Centers 11 - 15: | Atlantic City, NJ | Charleston, SC | Hershey, PA | Hilton Head I, SC | Locust Grove, GA | ||||||||
Centers 16 - 20: | Gonzales, LA | Howell, MI | Park City, UT | Pittsburgh, PA | San Marcos, TX | ||||||||
Centers 21 - 25: | Commerce, GA | Foley, AL | Jeffersonville, OH | Ocean City, MD | Tilton, NH | ||||||||
Centers 26 - 31: | Blowing Rock, NC | Hilton Head II, SC | Myrtle Beach 501, SC | Terrell, TX | Westbrook, CT | Williamsburg, IA | |||||||
Excludes outlet centers not open for 12 full calendar months and the Mashantucket, CT (Foxwoods) center which opened in the second quarter of 2015 and has not yet stabilized. | |||||||||||||
(3) | Based on the Company’s forecast of 2016 Portfolio NOI (see Non-GAAP Definitions), as adjusted to include the Glendale, AZ (Westgate) center, which became a wholly-owned property on June 30, 2016. The Company’s forecast is based on management’s estimates as of June 30, 2016 and may be considered a forward-looking statement which is subject to risks and uncertainties. Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and real estate conditions. For a more detailed discussion of the factors that affect our operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2015. | ||||||||||||
(4) | Includes domestic outlet centers open 12 full calendar months (in alphabetical order): | ||||||||||||
Unconsolidated: | Charlotte, NC | National Harbor, MD | Savannah, GA | Texas City, TX |
Ten Largest Tenants as of June 30, 2016 | ||||||||
Tenant | # of Stores | GLA | % of Total GLA | |||||
The Gap, Inc. | 86 | 914,368 | 7.7 | % | ||||
Ascena Retail Group, Inc. | 138 | 839,921 | 7.0 | % | ||||
Nike, Inc. | 38 | 404,413 | 3.4 | % | ||||
PVH Corp. | 65 | 390,892 | 3.3 | % | ||||
V. F. Corporation | 38 | 343,807 | 2.9 | % | ||||
Ralph Lauren Corporation | 36 | 338,266 | 2.8 | % | ||||
G-III Apparel Group, Ltd. | 65 | 304,111 | 2.5 | % | ||||
Carter's, Inc. | 59 | 262,388 | 2.2 | % | ||||
Adidas AG | 36 | 226,469 | 1.9 | % | ||||
Hanes Brands | 40 | 221,229 | 1.9 | % | ||||
Total of All Listed Above | 601 | 4,245,864 | 35.6 | % |
(1) | Excludes unconsolidated outlet centers. See table on page 4. |
3/31/2016 | 6/30/2016 | 9/30/2016 | 12/31/2016 | Year to Date | Prior Year to Date(3) | ||||||||||||||
Re-tenanted Space : | |||||||||||||||||||
Number of leases | 63 | 35 | 98 | 95 | |||||||||||||||
Gross leasable area | 188,245 | 113,911 | 302,156 | 356,268 | |||||||||||||||
New initial base rent per square foot | $ | 29.80 | $ | 27.62 | $ | 28.98 | $ | 28.30 | |||||||||||
Prior expiring base rent per square foot | $ | 25.95 | $ | 25.87 | $ | 25.92 | $ | 24.67 | |||||||||||
Percent increase | 14.8 | % | 6.8 | % | 11.8 | % | 14.7 | % | |||||||||||
New straight line base rent per square foot | $ | 32.84 | $ | 30.54 | $ | 31.97 | $ | 31.86 | |||||||||||
Prior straight line base rent per square foot | $ | 25.19 | $ | 24.67 | $ | 25.00 | $ | 24.35 | |||||||||||
Percent increase | 30.4 | % | 23.8 | % | 27.9 | % | 30.8 | % | |||||||||||
Renewed Space: | |||||||||||||||||||
Number of leases | 166 | 34 | 200 | 215 | |||||||||||||||
Gross leasable area | 762,300 | 171,736 | 934,036 | 1,017,883 | |||||||||||||||
New initial base rent per square foot | $ | 24.69 | $ | 24.86 | $ | 24.72 | $ | 25.20 | |||||||||||
Prior expiring base rent per square foot | $ | 22.78 | $ | 23.50 | $ | 22.91 | $ | 22.43 | |||||||||||
Percent increase | 8.4 | % | 5.8 | % | 7.9 | % | 12.4 | % | |||||||||||
New straight line base rent per square foot | $ | 25.91 | $ | 26.18 | $ | 25.96 | $ | 26.72 | |||||||||||
Prior straight line base rent per square foot | $ | 21.96 | $ | 22.82 | $ | 22.12 | $ | 21.79 | |||||||||||
Percent increase | 18.0 | % | 14.7 | % | 17.4 | % | 22.6 | % | |||||||||||
Total Re-tenanted and Renewed Space (3): | |||||||||||||||||||
Number of leases | 229 | 69 | 298 | 310 | |||||||||||||||
Gross leasable area | 950,545 | 285,647 | 1,236,192 | 1,374,151 | |||||||||||||||
New initial base rent per square foot | $ | 25.70 | $ | 25.96 | $ | 25.76 | $ | 26.00 | |||||||||||
Prior expiring base rent per square foot | $ | 23.41 | $ | 24.45 | $ | 23.65 | $ | 23.01 | |||||||||||
Percent increase | 9.8 | % | 6.2 | % | 8.9 | % | 13.0 | % | |||||||||||
New straight line base rent per square foot | $ | 27.28 | $ | 27.92 | $ | 27.43 | $ | 28.05 | |||||||||||
Prior straight line base rent per square foot | $ | 22.60 | $ | 23.56 | $ | 22.82 | $ | 22.45 | |||||||||||
Percent increase | 20.7 | % | 18.5 | % | 20.2 | % | 24.9 | % |
(1) | Excludes unconsolidated outlet centers. See table on page 4. |
(2) | All 2016 information excludes the outlet center in Fort Myers, FL, which was sold on January 12, 2016 and includes the Westgate outlet center, which is consolidated as of June 30, 2016 due to our acquisition of our partners' interest. |
(3) | All 2015 information excludes the outlet centers in Kittery I & II, ME; Tuscola, IL; and West Branch, MI, which were sold on September 30, 2015, and Barstow, CA, which was sold on October 5, 2015. |
Project/Market | Projected Opening | Approx Size in Sq Ft (000s) | Est Total Net Cost (millions) | Cost to Date (millions) | Tanger Ownership Percentage | Est Total Construction Loan (millions) | Amount Drawn (millions) | Est Future Tanger Capital Requirement (millions) | Projected Stabilized Yield | ||||||||||||
Under construction: | |||||||||||||||||||||
New Developments | |||||||||||||||||||||
Daytona Beach, FL | November 2016 | 352 | 91.3 | 41.9 | 100% | — | — | 49.4 | 9.5% - 10.5% | ||||||||||||
Total New Developments | 352 | $ | 91.3 | $ | 41.9 | $ | — | $ | — | $ | 49.4 | ||||||||||
The company's estimates, projections and judgments with respect to projected opening date, approximate size, estimated total net cost, Tanger ownership percentage, estimated total construction loan, estimated future Tanger capital requirement and projected stabilized yield for new development and expansion projects are subject to adjustment prior to and during the development process. Estimated total net cost shown net of outparcel sales and public financing. There are risks inherent to real estate development, some of which are not under the direct control of the company. Please refer to the company's filings with the Securities and Exchange Commission on Form10-K and Form 10-Q for a discussion of these risks. |
6/30/2016 | 3/31/2016 | 12/31/2015 | 9/30/2015 | 6/30/2015 | |||||||||||||||
Assets | |||||||||||||||||||
Rental property | |||||||||||||||||||
Land | $ | 254,809 | $ | 235,622 | $ | 240,267 | $ | 225,306 | $ | 217,994 | |||||||||
Buildings, improvements and fixtures | 2,377,765 | 2,219,955 | 2,249,417 | 2,173,499 | 2,078,946 | ||||||||||||||
Construction in progress | 61,038 | 42,287 | 23,533 | 63,445 | 95,167 | ||||||||||||||
2,693,612 | 2,497,864 | 2,513,217 | 2,462,250 | 2,392,107 | |||||||||||||||
Accumulated depreciation | (769,777 | ) | (749,325 | ) | (748,341 | ) | (727,921 | ) | (699,836 | ) | |||||||||
Total rental property, net | 1,923,835 | 1,748,539 | 1,764,876 | 1,734,329 | 1,692,271 | ||||||||||||||
Cash and cash equivalents | 27,107 | 18,877 | 21,558 | 20,661 | 16,949 | ||||||||||||||
Restricted cash | — | — | 121,306 | 42,904 | — | ||||||||||||||
Rental property held for sale | — | — | — | 19,286 | 46,862 | ||||||||||||||
Investments in unconsolidated joint ventures | 210,486 | 218,732 | 201,083 | 197,964 | 212,939 | ||||||||||||||
Deferred lease costs and other intangibles, net | 133,578 | 123,404 | 127,089 | 130,390 | 133,909 | ||||||||||||||
Prepaids and other assets | 84,346 | 81,054 | 78,913 | 74,577 | 74,393 | ||||||||||||||
Total assets (a) | $ | 2,379,352 | $ | 2,190,606 | $ | 2,314,825 | $ | 2,220,111 | $ | 2,177,323 | |||||||||
Liabilities and Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Debt | |||||||||||||||||||
Senior, unsecured notes, net | $ | 789,991 | $ | 789,635 | $ | 789,285 | $ | 788,930 | $ | 788,577 | |||||||||
Unsecured term loans, net | 321,980 | 258,540 | 265,832 | 265,674 | 265,500 | ||||||||||||||
Mortgages payable, net | 235,215 | 167,603 | 310,587 | 280,594 | 275,463 | ||||||||||||||
Unsecured lines of credit, net | 255,661 | 259,890 | 186,220 | 193,338 | 173,533 | ||||||||||||||
Total debt (a) | 1,602,847 | 1,475,668 | 1,551,924 | 1,528,536 | 1,503,073 | ||||||||||||||
Accounts payable and accruals | 62,658 | 67,608 | 97,396 | 90,506 | 83,787 | ||||||||||||||
Deferred financing obligation | — | — | 28,388 | 28,388 | 28,388 | ||||||||||||||
Other liabilities | 53,433 | 31,758 | 31,085 | 31,405 | 30,639 | ||||||||||||||
Total liabilities | 1,718,938 | 1,575,034 | 1,708,793 | 1,678,835 | 1,645,887 | ||||||||||||||
Commitments and contingencies | — | — | — | — | — | ||||||||||||||
Equity | |||||||||||||||||||
Tanger Factory Outlet Centers, Inc. | |||||||||||||||||||
Common shares | 960 | 961 | 959 | 958 | 958 | ||||||||||||||
Paid in capital | 811,853 | 808,779 | 806,379 | 802,638 | 798,587 | ||||||||||||||
Accumulated distributions in excess of net income | (153,465 | ) | (195,654 | ) | (195,486 | ) | (256,180 | ) | (272,948 | ) | |||||||||
Accumulated other comprehensive loss | (32,090 | ) | (29,814 | ) | (36,715 | ) | (33,943 | ) | (22,470 | ) | |||||||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 627,258 | 584,272 | 575,137 | 513,473 | 504,127 | ||||||||||||||
Equity attributable to noncontrolling interests | |||||||||||||||||||
Noncontrolling interests in Operating Partnership | 32,996 | 30,711 | 30,309 | 27,207 | 26,712 | ||||||||||||||
Noncontrolling interest in other consolidated partnerships | 160 | 589 | 586 | 596 | 597 | ||||||||||||||
Total equity | 660,414 | 615,572 | 606,032 | 541,276 | 531,436 | ||||||||||||||
Total liabilities and equity | $ | 2,379,352 | $ | 2,190,606 | $ | 2,314,825 | $ | 2,220,111 | $ | 2,177,323 |
(a) | In accordance with recent accounting guidance, "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. |
Three Months Ended | YTD | |||||||||||||||||||||||||||
6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | 6/31/15 | 6/30/16 | 6/30/15 | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Base rentals | $ | 75,003 | $ | 72,623 | $ | 73,889 | $ | 75,841 | $ | 72,329 | $ | 147,626 | $ | 139,958 | ||||||||||||||
Percentage rentals | 2,326 | 2,150 | 3,261 | 2,625 | 2,042 | 4,476 | 4,271 | |||||||||||||||||||||
Expense reimbursements | 30,754 | 33,242 | 32,653 | 30,542 | 29,909 | 63,996 | 63,273 | |||||||||||||||||||||
Management, leasing and other services | 1,332 | 1,121 | 1,163 | 1,253 | 1,727 | 2,453 | 3,010 | |||||||||||||||||||||
Other income | 1,918 | 1,669 | 1,835 | 2,645 | 1,729 | 3,587 | 3,150 | |||||||||||||||||||||
Total revenues | 111,333 | 110,805 | 112,801 | 112,906 | 107,736 | 222,138 | 213,662 | |||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Property operating | 35,012 | 37,874 | 37,582 | 36,231 | 34,958 | 72,886 | 72,690 | |||||||||||||||||||||
General and administrative | 11,675 | 11,565 | 10,038 | 11,514 | 11,612 | 23,240 | 22,917 | |||||||||||||||||||||
Depreciation and amortization | 26,306 | 26,567 | 26,890 | 28,785 | 24,272 | 52,873 | 48,261 | |||||||||||||||||||||
Total expenses | 72,993 | 76,006 | 74,510 | 76,530 | 70,842 | 148,999 | 143,868 | |||||||||||||||||||||
Operating income | 38,340 | 34,799 | 38,291 | 36,376 | 36,894 | 73,139 | 69,794 | |||||||||||||||||||||
Other income/(expense) | ||||||||||||||||||||||||||||
Interest expense | (13,800 | ) | (14,884 | ) | (14,078 | ) | (13,933 | ) | (13,088 | ) | (28,684 | ) | (26,177 | ) | ||||||||||||||
Gain on sale of assets and interests in unconsolidated entities | — | 4,887 | 86,506 | 20,215 | — | 4,887 | 13,726 | |||||||||||||||||||||
Gain on previously held interest in acquired joint venture | 49,258 | — | — | — | — | 49,258 | — | |||||||||||||||||||||
Other nonoperating income (expense) | 38 | 316 | 62 | 89 | (493 | ) | 354 | (187 | ) | |||||||||||||||||||
Income before equity in earnings of unconsolidated joint ventures | 73,836 | 25,118 | 110,781 | 42,747 | 23,313 | 98,954 | 57,156 | |||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | 3,466 | 3,499 | 3,182 | 3,713 | 2,046 | 6,965 | 4,589 | |||||||||||||||||||||
Net income | 77,302 | 28,617 | 113,963 | 46,460 | 25,359 | 105,919 | 61,745 | |||||||||||||||||||||
Noncontrolling interests in Operating Partnership | (3,897 | ) | (1,444 | ) | (5,799 | ) | (2,364 | ) | (1,313 | ) | (5,341 | ) | (3,168 | ) | ||||||||||||||
Noncontrolling interests in other consolidated partnerships | 12 | (23 | ) | (32 | ) | (21 | ) | 435 | (11 | ) | 416 | |||||||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | 73,417 | 27,150 | 108,132 | 44,075 | 24,481 | 100,567 | 58,993 | |||||||||||||||||||||
Allocation to participating securities | (725 | ) | (294 | ) | (1,198 | ) | (494 | ) | (308 | ) | (1,019 | ) | (716 | ) | ||||||||||||||
Net income available to common shareholders | $ | 72,692 | $ | 26,856 | $ | 106,934 | $ | 43,581 | $ | 24,173 | $ | 99,548 | $ | 58,277 | ||||||||||||||
Basic earnings per common share | ||||||||||||||||||||||||||||
Net income | $ | 0.76 | $ | 0.28 | $ | 1.13 | $ | 0.46 | $ | 0.26 | $ | 1.05 | $ | 0.62 | ||||||||||||||
Diluted earnings per common share | ||||||||||||||||||||||||||||
Net income | $ | 0.76 | $ | 0.28 | $ | 1.13 | $ | 0.46 | $ | 0.26 | $ | 1.04 | $ | 0.62 | ||||||||||||||
Weighted average common shares | ||||||||||||||||||||||||||||
Basic | 95,124 | 94,944 | 94,768 | 94,746 | 94,741 | 95,034 | 94,639 | |||||||||||||||||||||
Diluted | 95,375 | 95,003 | 94,827 | 94,799 | 94,795 | 95,265 | 94,705 |
Joint Venture | Center Location | Tanger's Ownership % | Square Feet | Tanger's Share of Total Assets | Tanger's Share of NOI | Tanger's Share of Net Debt (2) | ||||||||||||||
Charlotte | Charlotte, NC | 50.0 | % | 397,839 | $ | 43.2 | $ | 3.6 | $ | 44.8 | ||||||||||
Columbus (3) | Columbus, OH | 50.0 | % | 355,220 | 43.4 | (0.1 | ) | — | ||||||||||||
Galveston/Houston | Texas City, TX | 50.0 | % | 352,705 | 29.8 | 2.3 | 32.4 | |||||||||||||
National Harbor | National Harbor, MD | 50.0 | % | 338,786 | 49.0 | 2.7 | 43.0 | |||||||||||||
RioCan Canada (4) | Various | 50.0 | % | 902,089 | 133.7 | 3.2 | 5.9 | |||||||||||||
Savannah (5) | Savannah, GA | 50.0 | % | 419,197 | 97.1 | 6.7 | 47.8 | |||||||||||||
Total | $ | 396.2 | $ | 18.4 | $ | 173.9 |
(1) | Excludes the Westgate joint venture as we acquired our partners' interest in the center on June 30, 2016. Our share of the joint venture's NOI for the six months ended June 30, 2016 was $3.0 million. |
(2) | Net of debt origination costs and premiums |
(3) | Center opened in June 2016. |
(4) | Includes a 161,307 square foot center in Bromont, Quebec; a 308,517 square foot center in Cookstown, Ontario; a 316,494 square foot center in Ottawa, Ontario; a 115,771 square foot center in Saint-Sauveur, Quebec; as well as due diligence costs for additional potential sites in Canada. |
(5) | Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than indicated in the Tanger's Ownership % column, which states our legal interest in this venture. As of June 30, 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. |
As of June 30, 2016 | |||||||||||
Principal Balance | Stated Interest Rate | Effective(1) Interest Rate | Maturity Date | ||||||||
Unsecured debt: | |||||||||||
Unsecured lines of credit (2) | $ | 259,200 | LIBOR + 0.90% | 10/29/2019 | |||||||
2020 Senior unsecured notes | 300,000 | 6.125% | 6.219% | 6/1/2020 | |||||||
2023 Senior unsecured notes | 250,000 | 3.875% | 4.076% | 12/1/2023 | |||||||
2024 Senior unsecured notes | 250,000 | 3.75 | % | 3.819% | 12/1/2024 | ||||||
Unsecured term loan (3) | 325,000 | LIBOR + 0.95% | 4/13/2021 | ||||||||
Net debt discounts and debt origination costs | (16,568 | ) | |||||||||
Total unsecured debt | $ | 1,367,632 | |||||||||
Secured mortgage debt: | |||||||||||
Atlantic City, NJ (4) | $ | 41,911 | 5.14% - 7.65% | 5.05% | 11/15/2021 - 12/8/2026 | ||||||
Foxwoods, CT (5) | 70,250 | LIBOR + 1.65% | 12/5/2017 | ||||||||
Southaven, MS (6) | 58,989 | LIBOR + 1.75% | 4/29/2018 | ||||||||
Westgate, AZ (7) | 62,000 | LIBOR + 1.75% | 6/27/2017 | ||||||||
Debt premium and debt origination costs | 2,065 | ||||||||||
Total secured mortgage debt | $ | 235,215 | |||||||||
Tanger's share of unconsolidated JV debt: | |||||||||||
Charlotte (8) | $ | 45,000 | LIBOR + 1.45% | 11/24/2018 | |||||||
Galveston/Houston (9) | 32,500 | LIBOR + 1.50% | 7/1/2017 | ||||||||
National Harbor (10) | 43,500 | LIBOR + 1.65% | 11/13/2019 | ||||||||
RioCan Canada(11) | 5,610 | 5.75 | % | 4.18 | % | 5/10/2020 | |||||
Savannah (12) | 48,469 | LIBOR + 1.65% | 5/21/2017 | ||||||||
Debt premium and debt origination costs | (1,134 | ) | |||||||||
Total Tanger's share of unconsolidated JV debt | $ | 173,945 |
(1) | The effective interest rate excludes interest rate swap agreements that fix the base LIBOR rate at an average of 1.16% on notional amounts aggregating $325.0 million as follows: |
(a) | Interest rate swaps entered into in October 2013 to hedge our variable interest rate exposure on notional amounts aggregating $150.0 million. These interest rate swap agreements fix the base LIBOR rate at an average of 1.30% through August 14, 2018, and |
(b) | Interest rate swaps entered into in April 2016 to hedge our variable interest rate exposure on notional amounts aggregating $175.0 million. These interest rate swap agreements fix the base LIBOR rate at an average of 1.03% through January 1, 2021. |
(2) | The company has an unsecured, syndicated credit line with a borrowing capacity totaling $500.0 million and a separate cash management line of credit with a borrowing capacity of $20.0 million with one of the participants in the syndication. The syndicated credit line may be increased to $1.0 billion through an accordion feature in certain circumstances. The unsecured lines of credit have an expiration date of October 29, 2019 with an option for a one year extension. |
(3) | On April 13, 2016, the company amended the unsecured term loan to increase the size of the loan from $250 million to $325 million, extend the maturity date from February 23, 2019 to April 13, 2021, and reduce the LIBOR spread from LIBOR plus 105 basis points to LIBOR plus 95 basis points. The additional loan proceeds of $75 million were used to pay down balances under the Operating Partnership's unsecured lines of credit. |
(4) | Represents mortgages assumed in the acquisition of this property. |
(5) | Represents a mortgage loan with the ability to borrow up to $70.3 million. The loan initially matures on December 5, 2017, with two one -year extension options. |
(6) | Represents a mortgage loan with the ability to borrow up to $60.0 million. The loan initially matures on April 29, 2018, with one two-year extension option. The additional $1.0 million is available to fund the remaining construction costs to complete the center which opened in November 2015. |
(7) | Represents a mortgage loan with with the ability to borrow up to $62.0 million. On April 1, 2015, the joint venture exercised the option to extend the maturity date of the loan to June 27, 2017. |
(8) | Represents a mortgage loan of $90.0 million. The loan initially matures on November 24, 2018, with one one -year extension option. As of June 30, 2016, the principal balance on the loan was $90.0 million. |
(9) | Represents a mortgage loan with the ability to borrow up to $70.0 million with a maturity date of July 1, 2017 and the option to extend the maturity for one additional year. As of June 30, 2016, the principal balance on the loan was $65.0 million. The additional $5.0 million is available for future expansion. |
(10) | Represents a mortgage loan with with the ability to borrow up to $87.0 million. As of June 30, 2016, the principal balance on the loan was $87.0 million. |
(11) | Represents the mortgage assumed related to the acquisition of the Saint-Sauveur, Quebec property by the RioCan co-owners in November 2012. The mortgage has a principal balance of $11.2 million and matures on May 10, 2020. |
(12) | Represents a mortgage loan with a with the ability to borrow up to $100.9 million. The mortgage loan has a maturity date of May 21, 2017, with two options to extend the maturity date each for one additional year. As of June 30, 2016, the principal balance on the loan was $96.9 million. The additional $4.0 million is available for future expansion. |
As of June 30, 2016 | |||||||||||
Year | Tanger Consolidated Payments | Tanger's Share of Unconsolidated JV Payments | Total Scheduled Payments | ||||||||
2016 | $ | 1,442 | $ | 134 | $ | 1,576 | |||||
2017 | 135,258 | 81,247 | 216,505 | ||||||||
2018 | 62,172 | 45,294 | 107,466 | ||||||||
2019 (1) | 262,569 | 43,811 | 306,380 | ||||||||
2020 | 303,566 | 4,593 | 308,159 | ||||||||
2021 | 330,793 | — | 330,793 | ||||||||
2022 | 4,436 | — | 4,436 | ||||||||
2023 | 254,768 | — | 254,768 | ||||||||
2024 | 255,140 | — | 255,140 | ||||||||
2025 | 1,501 | — | 1,501 | ||||||||
2026 & thereafter | 5,705 | — | 5,705 | ||||||||
$ | 1,617,350 | $ | 175,079 | $ | 1,792,429 | ||||||
Net debt discounts and debt origination costs | (14,503 | ) | (1,134 | ) | (15,637 | ) | |||||
$ | 1,602,847 | $ | 173,945 | $ | 1,776,792 |
(1) | Includes principal balance of $259.2 million outstanding under the company's unsecured lines of credit. |
As of June 30, 2016 | ||||||
Required | Actual | Compliance | ||||
Total Consolidated Debt to Adjusted Total Assets | <60% | 50 | % | Yes | ||
Total Secured Debt to Adjusted Total Assets | <40% | 7 | % | Yes | ||
Total Unencumbered Assets to Unsecured Debt | >150% | 178 | % | Yes | ||
Consolidated Income Available for Debt Service to Annual Debt Service Charge | >1.5 | 5.49 | Yes |
(1) | For a complete listing of all debt covenants related to the company's Senior Unsecured Notes, as well as definitions of the above terms, please refer to the company's filings with the Securities and Exchange Commission. |
• | 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. |
• | 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. |
• | The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and |
• | Other companies in our industry may calculate their pro rata interest differently than we do, limiting the usefulness as a comparative measure. |
Three Months Ended | YTD | |||||||||||||||||||||||||||
6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | 6/30/15 | 6/30/16 | 6/30/15 | ||||||||||||||||||||||
Net income | $ | 77,302 | $ | 28,617 | $ | 113,963 | $ | 46,460 | $ | 25,359 | $ | 105,919 | $ | 61,745 | ||||||||||||||
Adjusted for - | ||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 25,937 | 26,205 | 26,531 | 28,428 | 23,919 | 52,142 | 47,556 | |||||||||||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 5,808 | 5,339 | 5,528 | 5,411 | 5,038 | 11,147 | 9,114 | |||||||||||||||||||||
Gain on sale of assets and interests in unconsolidated entities | — | (4,887 | ) | (86,506 | ) | (20,215 | ) | — | (4,887 | ) | (13,726 | ) | ||||||||||||||||
Gain on previously held interest in acquired joint venture | (49,258 | ) | — | — | — | — | (49,258 | ) | — | |||||||||||||||||||
FFO | 59,789 | 55,274 | 59,516 | 60,084 | 54,316 | 115,063 | 104,689 | |||||||||||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | (12 | ) | (47 | ) | (57 | ) | (45 | ) | 412 | (59 | ) | 370 | ||||||||||||||||
Allocation to participating securities | (564 | ) | (569 | ) | (625 | ) | (640 | ) | (583 | ) | (1,133 | ) | (1,143 | ) | ||||||||||||||
FFO available to common shareholders (1) | $ | 59,213 | $ | 54,658 | $ | 58,834 | $ | 59,399 | $ | 54,145 | $ | 113,871 | $ | 103,916 | ||||||||||||||
As further adjusted for: | ||||||||||||||||||||||||||||
Acceleration (reversal) of share-based compensation (2) (3) | — | 293 | (731 | ) | — | — | 293 | — | ||||||||||||||||||||
Demolition costs | 182 | — | — | — | — | 182 | — | |||||||||||||||||||||
Write-off of debt discount due to repayment of debt prior to maturity (4) | — | 882 | — | — | — | 882 | — | |||||||||||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | (1 | ) | (12 | ) | 8 | — | — | (13 | ) | — | ||||||||||||||||||
AFFO available to common shareholders (1) | $ | 59,394 | $ | 55,821 | $ | 58,111 | $ | 59,399 | $ | 54,145 | $ | 115,215 | $ | 103,916 | ||||||||||||||
FFO per common share - diluted (1) | $ | 0.59 | $ | 0.55 | $ | 0.59 | $ | 0.59 | $ | 0.54 | $ | 1.14 | $ | 1.04 | ||||||||||||||
AFFO per common share - diluted (1) | $ | 0.59 | $ | 0.56 | $ | 0.58 | $ | 0.59 | $ | 0.54 | $ | 1.15 | $ | 1.04 | ||||||||||||||
Weighted Average Shares | ||||||||||||||||||||||||||||
Basic weighted average common shares | 95,124 | 94,944 | 94,768 | 94,746 | 94,741 | 95,034 | 94,639 | |||||||||||||||||||||
Effect of notional units | 183 | — | — | — | — | 167 | — | |||||||||||||||||||||
Effect of outstanding options and restricted common shares | 68 | 59 | 59 | 53 | 54 | 64 | 66 | |||||||||||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 95,375 | 95,003 | 94,827 | 94,799 | 94,795 | 95,265 | 94,705 | |||||||||||||||||||||
Exchangeable operating partnership units | 5,053 | 5,053 | 5,078 | 5,078 | 5,078 | 5,053 | 5,078 | |||||||||||||||||||||
Diluted weighted average common shares (for FFO and AFFO per share computations) (1) | 100,428 | 100,056 | 99,905 | 99,877 | 99,873 | 100,318 | 99,783 |
Three Months Ended | YTD | |||||||||||||||||||||||||||
6/30/16 | 3/31/16 | 12/31/15 | 9/30/15 | 6/30/15 | 6/30/16 | 6/30/15 | ||||||||||||||||||||||
FFO available to common shareholders | $ | 59,213 | $ | 54,658 | $ | 58,834 | $ | 59,399 | $ | 54,145 | $ | 113,871 | $ | 103,916 | ||||||||||||||
Adjusted for - | ||||||||||||||||||||||||||||
Corporate depreciation excluded above | 369 | 362 | 359 | 357 | 353 | 731 | 705 | |||||||||||||||||||||
Amortization of finance costs | 761 | 744 | 835 | 694 | 603 | 1,505 | 1,202 | |||||||||||||||||||||
Amortization of net debt discount (premium) | 117 | 959 | 191 | 139 | (88 | ) | 1,076 | (74 | ) | |||||||||||||||||||
Amortization of share-based compensation | 3,654 | 4,001 | 3,152 | 3,994 | 3,953 | 7,655 | 7,566 | |||||||||||||||||||||
Straight line rent adjustment | (1,713 | ) | (1,607 | ) | (1,605 | ) | (1,924 | ) | (1,549 | ) | (3,320 | ) | (2,818 | ) | ||||||||||||||
Market rent adjustment | 641 | 663 | 337 | 825 | 383 | 1,304 | 1,299 | |||||||||||||||||||||
2nd generation tenant allowances | (2,804 | ) | (1,671 | ) | (3,960 | ) | (1,428 | ) | (4,128 | ) | (4,475 | ) | (5,084 | ) | ||||||||||||||
Capital improvements | (8,391 | ) | (3,043 | ) | (1,231 | ) | (3,555 | ) | (4,558 | ) | (11,434 | ) | (7,296 | ) | ||||||||||||||
Adjustments from unconsolidated joint ventures | (504 | ) | (384 | ) | (196 | ) | (506 | ) | (399 | ) | (888 | ) | (878 | ) | ||||||||||||||
FAD available to common shareholders (1) | $ | 51,343 | $ | 54,682 | $ | 56,716 | $ | 57,995 | $ | 48,715 | $ | 106,025 | $ | 98,538 | ||||||||||||||
Dividends per share | $ | 0.325 | $ | 0.285 | $ | 0.285 | $ | 0.285 | $ | 0.285 | $ | 0.610 | $ | 0.525 | ||||||||||||||
Special dividends per share | — | — | 0.210 | — | — | — | — | |||||||||||||||||||||
Total dividends per share | $ | 0.325 | $ | 0.285 | $ | 0.495 | $ | 0.285 | $ | 0.285 | $ | 0.610 | $ | 0.525 | ||||||||||||||
FFO payout ratio (5) | 55 | % | 52 | % | 48 | % | 48 | % | 53 | % | 54 | % | 50 | % | ||||||||||||||
FAD payout ratio (5) | 64 | % | 52 | % | 50 | % | 49 | % | 58 | % | 58 | % | 53 | % | ||||||||||||||
Diluted weighted average common shares | 100,428 | 100,056 | 99,905 | 99,877 | 99,873 | 100,318 | 99,783 |
(1) | 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. |
(2) | Represents restricted shares that vested immediately upon the death of Director Donald Drapkin for the three months ended March 31, 2016 and six months ended June 30, 2016. |
(3) | The reversal of certain share-based compensation awards during the three months ended December 31, 2015 previously recognized on awards not expected to vest due to the announcement of the Company’s Chief Financial Officer's retirement in May 2016. |
(4) | Due to the January 28, 2016 early repayment of the $150 million mortgage secured by the Deer Park, New York property, which was scheduled to mature August 30, 2018. |
(5) | Excludes the special dividend of $0.21 per share paid on January 15, 2016 to holders of record on December 31, 2015. |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 77,302 | $ | 25,359 | $ | 105,919 | $ | 61,745 | ||||||||
Adjusted to exclude: | ||||||||||||||||
Equity in earnings of unconsolidated joint ventures | $ | (3,466 | ) | $ | (2,046 | ) | $ | (6,965 | ) | $ | (4,589 | ) | ||||
Interest expense | 13,800 | 13,088 | 28,684 | 26,177 | ||||||||||||
Gain on sale of assets and interests in unconsolidated entities | — | — | (4,887 | ) | (13,726 | ) | ||||||||||
Gain on previously held interest in acquired joint venture | (49,258 | ) | — | (49,258 | ) | — | ||||||||||
Other nonoperating income (expense) | (38 | ) | 493 | (354 | ) | 187 | ||||||||||
Depreciation and amortization | 26,306 | 24,272 | 52,873 | 48,261 | ||||||||||||
Other non-property income and losses | (379 | ) | (590 | ) | (560 | ) | (1,020 | ) | ||||||||
Demolition Costs | 182 | — | 182 | — | ||||||||||||
Corporate general and administrative expenses | 11,448 | 11,357 | 22,913 | 22,622 | ||||||||||||
Non-cash adjustments (1) | (1,049 | ) | (1,142 | ) | (1,971 | ) | (1,471 | ) | ||||||||
Termination rents | (1,487 | ) | (1,698 | ) | (2,042 | ) | (2,836 | ) | ||||||||
Portfolio NOI | 73,361 | 69,093 | 144,534 | 135,350 | ||||||||||||
Non-same center NOI (2) | (5,721 | ) | (3,909 | ) | (11,261 | ) | (7,328 | ) | ||||||||
Same Center NOI | $ | 67,640 | $ | 65,184 | $ | 133,273 | $ | 128,022 |
(1) | Non-cash items include straight-line rent, above and below market rent amortization and gains or losses on outparcel sales. |
(2) | Excluded from Same Center NOI: 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; Fort Myers outlet center, which was sold in January 2016; and Glendale outlet center (Westgate), which was acquired in June 2016. |
Non-GAAP Pro Rata Adjustments | |||||||||||||||
GAAP Consolidated | Pro Rata Portion Noncontrolling Interests | Pro Rata Portion Unconsolidated Joint Ventures | Non-GAAP Pro Rata Balance Sheet | ||||||||||||
Assets | |||||||||||||||
Rental property | |||||||||||||||
Land | $ | 254,809 | $ | — | $ | 54,147 | $ | 308,956 | |||||||
Buildings, improvements and fixtures | 2,377,765 | (160 | ) | 340,128 | 2,717,733 | ||||||||||
Construction in progress | 61,038 | — | 4,221 | 65,259 | |||||||||||
2,693,612 | (160 | ) | 398,496 | 3,091,948 | |||||||||||
Accumulated depreciation | (769,777 | ) | — | (33,644 | ) | (803,421 | ) | ||||||||
Total rental property, net | 1,923,835 | (160 | ) | 364,852 | 2,288,527 | ||||||||||
Cash and cash equivalents | 27,107 | — | 12,780 | 39,887 | |||||||||||
Investments in unconsolidated joint ventures | 210,486 | — | (210,486 | ) | — | ||||||||||
Deferred lease costs and other intangibles, net | 133,578 | — | 10,005 | 143,583 | |||||||||||
Prepaids and other assets | 84,346 | — | 6,546 | 90,892 | |||||||||||
Total assets | $ | 2,379,352 | $ | (160 | ) | $ | 183,697 | $ | 2,562,889 | ||||||
Liabilities and Equity | |||||||||||||||
Liabilities | |||||||||||||||
Debt | |||||||||||||||
Senior, unsecured notes, net | $ | 789,991 | $ | — | $ | — | $ | 789,991 | |||||||
Unsecured term loans, net | 321,980 | — | — | 321,980 | |||||||||||
Mortgages payable, net | 235,215 | — | 173,945 | 409,160 | |||||||||||
Unsecured lines of credit, net | 255,661 | — | — | 255,661 | |||||||||||
Total debt | 1,602,847 | — | 173,945 | 1,776,792 | |||||||||||
Accounts payable and accruals | 62,658 | — | 14,308 | 76,966 | |||||||||||
Other liabilities | 53,433 | — | (4,556 | ) | 48,877 | ||||||||||
Total liabilities | 1,718,938 | — | 183,697 | 1,902,635 | |||||||||||
Commitments and contingencies | — | — | — | — | |||||||||||
Equity | |||||||||||||||
Tanger Factory Outlet Centers, Inc. | |||||||||||||||
Common shares | 960 | — | — | 960 | |||||||||||
Paid in capital | 811,853 | — | — | 811,853 | |||||||||||
Accumulated distributions in excess of net income | (153,465 | ) | — | — | (153,465 | ) | |||||||||
Accumulated other comprehensive loss | (32,090 | ) | — | — | (32,090 | ) | |||||||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 627,258 | — | — | 627,258 | |||||||||||
Equity attributable to noncontrolling interests | |||||||||||||||
Noncontrolling interests in Operating Partnership | 32,996 | — | — | 32,996 | |||||||||||
Noncontrolling interest in other consolidated partnerships | 160 | (160 | ) | — | — | ||||||||||
Total equity | 660,414 | (160 | ) | — | 660,254 | ||||||||||
Total liabilities and equity | $ | 2,379,352 | $ | (160 | ) | $ | 183,697 | $ | 2,562,889 |
Non-GAAP Pro Rata Adjustments | |||||||||||||||
GAAP Consolidated | Pro Rata Portion Noncontrolling Interests | Pro Rata Portion Unconsolidated Joint Ventures | Non-GAAP Pro Rata Statement of Operations | ||||||||||||
Revenues | |||||||||||||||
Base rentals | $ | 147,626 | $ | (6 | ) | $ | 20,682 | $ | 168,302 | ||||||
Percentage rentals | 4,476 | — | 1,008 | 5,484 | |||||||||||
Expense reimbursements | 63,996 | (3 | ) | 10,933 | 74,926 | ||||||||||
Management, leasing and other services | 2,453 | — | — | 2,453 | |||||||||||
Other income | 3,587 | — | 844 | 4,431 | |||||||||||
Total revenues | 222,138 | (9 | ) | 33,467 | 255,596 | ||||||||||
Expense | |||||||||||||||
Property operating | 72,886 | (2 | ) | 11,923 | 84,807 | ||||||||||
General and administrative | 23,240 | — | 161 | 23,401 | |||||||||||
Depreciation and amortization | 52,873 | (3 | ) | 11,102 | 63,972 | ||||||||||
Total expenses | 148,999 | (5 | ) | 23,186 | 172,180 | ||||||||||
Operating income | 73,139 | (4 | ) | 10,281 | 83,416 | ||||||||||
Other income/(expense) | |||||||||||||||
Interest expense | (28,684 | ) | 2 | (3,363 | ) | (32,045 | ) | ||||||||
Gain on sale of assets and interests in unconsolidated entities | 4,887 | — | — | 4,887 | |||||||||||
Gain on previously held interest in acquired joint venture | 49,258 | — | — | 49,258 | |||||||||||
Other nonoperating income (expense) | 354 | — | 2 | 356 | |||||||||||
Income before equity in earnings of unconsolidated joint ventures | 98,954 | (2 | ) | 6,920 | 105,872 | ||||||||||
Equity in earnings of unconsolidated joint ventures | 6,965 | (9 | ) | (6,956 | ) | — | |||||||||
Net income | 105,919 | (11 | ) | (36 | ) | 105,872 | |||||||||
Noncontrolling interests in Operating Partnership | (5,341 | ) | — | — | (5,341 | ) | |||||||||
Noncontrolling interests in other consolidated partnerships | (11 | ) | 11 | — | — | ||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | 100,567 | — | (36 | ) | 100,531 | ||||||||||
Allocation to participating securities | (1,019 | ) | — | — | (1,019 | ) | |||||||||
Net income available to common shareholders | $ | 99,548 | $ | — | $ | (36 | ) | $ | 99,512 |
Tanger Factory Outlet Centers, Inc. | |
Investor Relations | |
Phone: | (336) 834-6892 |
Fax: | (336) 297-0931 |
e-mail: | tangerir@tangeroutlet.com |
Mail: | Tanger Factory Outlet Centers, Inc. |
3200 Northline Avenue | |
Suite 360 | |
Greensboro, NC 27408 |
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