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, 2018

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 a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer", “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Tanger Factory Outlet Centers, Inc.
Large accelerated filer x	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o
(Do not check if a smaller reporting company)	Emerging growth company o

Tanger Properties Limited Partnership
Large accelerated filer o	Accelerated filer o
Non-accelerated filer x	Smaller reporting company o
(Do not check if a smaller reporting company)	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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

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 1, 2018, there were 94,382,583 common shares of Tanger Factory Outlet Centers, Inc. outstanding, $.01 par value.

EXPLANATORY NOTE

This report combines the unaudited quarterly reports on Form 10-Q for the quarter ended March 31, 2018 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, 2018, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 94,382,583 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,995,433 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.

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.

2

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 partner's 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 partner's 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, if applicable, 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.

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.

3

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, 2018 and December 31, 2017	5
Consolidated Statements of Operations - for the three months ended March 31, 2018 and 2017	6
Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2018 and 2017	7
Consolidated Statements of Shareholders' Equity - for the three months ended March 31, 2018 and 2017	8
Consolidated Statements of Cash Flows - for the three months ended March 31, 2018 and 2017	10
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
Consolidated Balance Sheets - as of March 31, 2018 and December 31, 2017	11
Consolidated Statements of Operations - for the three months ended March 31, 2018 and 2017	12
Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2018 and 2017	13
Consolidated Statements of Equity - for the three months ended March 31, 2018 and 2017	14
Consolidated Statements of Cash Flows - for the three months ended March 31, 2018 and 2017	15
Condensed Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership	16
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3. Quantitative and Qualitative Disclosures about Market Risk	52
Item 4. Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership)	54
Part II. Other Information
Item 1. Legal Proceedings	55
Item 1A. Risk Factors	55
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 4. Mine Safety Disclosure	55
Item 6. Exhibits	56
Signatures	57

4

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, 2018			December 31, 2017
Assets
Rental property:
Land	$	279,978		$	279,978
Buildings, improvements and fixtures	2,810,980			2,793,638
Construction in progress	615			14,854
	3,091,573			3,088,470
Accumulated depreciation	(929,608		)	(901,967		)
Total rental property, net	2,161,965			2,186,503
Cash and cash equivalents	3,427			6,101
Investments in unconsolidated joint ventures	114,304			119,436
Deferred lease costs and other intangibles, net	127,493			132,061
Prepaids and other assets	98,669			96,004
Total assets	$	2,505,858		$	2,540,105
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net	$	1,135,230		$	1,134,755
Unsecured term loan, net	323,082			322,975
Mortgages payable, net	90,109			99,761
Unsecured lines of credit, net	223,634			206,160
Total debt	1,772,055			1,763,651
Accounts payable and accrued expenses	66,405			90,416
Other liabilities	73,907			73,736
Total liabilities	1,912,367			1,927,803
Commitments and contingencies
Equity
Tanger Factory Outlet Centers, Inc.:
Common shares, $.01 par value, 300,000,000 shares authorized, 94,382,583 and 94,560,536 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	944			946
Paid in capital	776,753			784,782
Accumulated distributions in excess of net income	(194,416		)	(184,865		)
Accumulated other comprehensive loss	(19,623		)	(19,285		)
Equity attributable to Tanger Factory Outlet Centers, Inc.	563,658			581,578
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership	29,833			30,724
Noncontrolling interests in other consolidated partnerships	—			—
Total equity	593,491			612,302
Total liabilities and equity	$	2,505,858		$	2,540,105

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

5

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share data, unaudited)

	Three months ended March 31,
	2018			2017
Revenues:
Base rentals	$	81,533		$	80,330
Percentage rentals	1,429			1,855
Expense reimbursements	38,280			36,598
Management, leasing and other services	613			579
Other income	1,680			2,006
Total revenues	123,535			121,368
Expenses:
Property operating	42,218			40,387
General and administrative	11,112			11,412
Abandoned pre-development costs	—			627
Depreciation and amortization	33,123			31,294
Total expenses	86,453			83,720
Operating income	37,082			37,648
Other income (expense):
Interest expense	(15,800		)	(16,487		)
Other non-operating income (expense)	209			35
Income before equity in earnings of unconsolidated joint ventures	21,491			21,196
Equity in earnings of unconsolidated joint ventures	2,194			2,318
Net income	23,685			23,514
Noncontrolling interests in Operating Partnership	(1,217		)	(1,178		)
Noncontrolling interests in other consolidated partnerships	370			—
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	22,838		$	22,336
Basic earnings per common share:
Net income	$	0.24		$	0.23
Diluted earnings per common share:
Net income	$	0.24		$	0.23
Dividends declared per common share	$	0.3425		$	0.3250

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

6

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)

	Three months ended March 31,
	2018			2017
Net income	$	23,685		$	23,514
Other comprehensive income (loss):
Foreign currency translation adjustments	(3,095		)	1,010
Change in fair value of cash flow hedges	2,739			722
Other comprehensive income (loss)	(356		)	1,732
Comprehensive income	23,329			25,246
Comprehensive income attributable to noncontrolling interests	(829		)	(1,247		)
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc.	$	22,500		$	23,999

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

7

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			Equity attributable to Tanger Factory Outlet Centers, Inc.			Noncontrolling interests in Operating Partnership			Noncontrolling interests in other consolidated partnerships		Total  equity
Balance, December 31, 2016	$	961	$	820,251		$	(122,701	)	$	(28,295	)	$	670,216		$	35,066		$	159	$	705,441
Net income	—		—			22,336			—			22,336			1,178			—		23,514
Other comprehensive income	—		—			—			1,663			1,663			69			—		1,732
Compensation under Incentive Award Plan	—		3,537			—			—			3,537			—			—		3,537
Issuance of 1,800 common shares upon exercise of options	—		54			—			—			54			—			—		54
Grant of 428,312 restricted common share awards, net of forfeitures	4		(4		)	—			—			—			—			—		—
Withholding of 69,886 common shares for employee income taxes	—		(2,435		)	—			—			(2,435		)	—			—		(2,435		)
Adjustment for noncontrolling interests in Operating Partnership	—		106			—			—			106			(106		)	—		—
Common dividends ($.325 per share)	—		—			(32,206		)	—			(32,206		)	—			—		(32,206		)
Distributions to noncontrolling interests	—		—			—			—			—			(1,634		)	—		(1,634		)
Balance, March 31, 2017	$	965	$	821,509		$	(132,571	)	$	(26,632	)	$	663,271		$	34,573		$	159	$	698,003
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			Equity attributable to Tanger Factory Outlet Centers, Inc.			Noncontrolling interests in Operating Partnership			Noncontrolling interests in other consolidated partnerships			Total  equity
Balance, December 31, 2017	$	946		$	784,782		$	(184,865	)	$	(19,285	)	$	581,578		$	30,724		$	—		$	612,302
Net income	—			—			22,838			—			22,838			1,217			(370		)	23,685
Other comprehensive loss	—			—			—			(338		)	(338		)	(18		)	—			(356		)
Compensation under Incentive Award Plan	—			3,656			—			—			3,656			—			—			3,656
Grant of 355,184 restricted common share awards, net of forfeitures	3			(3		)	—			—			—			—			—			—
Repurchase of 443,700 common shares, including transaction costs	(4		)	(9,994		)	—			—			(9,998		)	—			—			(9,998		)
Withholding of 89,437 common shares for employee income taxes	(1		)	(2,067		)	—			—			(2,068		)	—			—			(2,068		)
Contributions from noncontrolling interests	—			—			—			—			—			—			445			445
Adjustment for noncontrolling interests in Operating Partnership	—			379			—			—			379			(379		)	—			—
Common dividends ($.3425 per share)	—			—			(32,389		)	—			(32,389		)	—			—			(32,389		)
Distributions to noncontrolling interests	—			—			—			—			—			(1,711		)	(75		)	(1,786		)
Balance, March 31, 2018	$	944		$	776,753		$	(194,416	)	$	(19,623	)	$	563,658		$	29,833		$	—		$	593,491

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

9

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

	Three months ended March 31,
	2018			2017
OPERATING ACTIVITIES
Net income	$	23,685		$	23,514
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,123			31,294
Amortization of deferred financing costs	783			878
Equity in earnings of unconsolidated joint ventures	(2,194		)	(2,318		)
Equity-based compensation expense	3,392			3,292
Amortization of debt (premiums) and discounts, net	101			125
Amortization (accretion) of market rent rate adjustments, net	562			722
Straight-line rent adjustments	(1,948		)	(1,705		)
Distributions of cumulative earnings from unconsolidated joint ventures	2,198			2,473
Changes in other assets and liabilities:
Other assets	1,714			(909		)
Accounts payable and accrued expenses	(11,412		)	(761		)
Net cash provided by operating activities	50,004			56,605
INVESTING ACTIVITIES
Additions to rental property	(19,714		)	(35,527		)
Additions to investments in unconsolidated joint ventures	(514		)	(1,371		)
Additions to non-real estate assets	(303		)	(6,949		)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,494			3,313
Additions to deferred lease costs	(1,014		)	(1,430		)
Other investing activities	2,969			2,833
Net cash used in investing activities	(14,082		)	(39,131		)
FINANCING ACTIVITIES
Cash dividends paid	(32,389		)	(32,206		)
Distributions to noncontrolling interests in Operating Partnership	(1,711		)	(1,634		)
Proceeds from revolving credit facility	149,200			128,855
Repayments of revolving credit facility	(129,700		)	(117,500		)
Repayments of notes, mortgages and loans	(9,379		)	(736		)
Repurchase of common shares, including transaction costs	(9,998		)	—
Employee income taxes paid related to shares withheld upon vesting of equity awards	(2,068		)	(2,435		)
Additions to deferred financing costs	(2,606		)	(50		)
Proceeds from exercise of options	—			54
Proceeds from other financing activities	445			3,283
Payment for other financing activities	(362		)	(104		)
Net cash used in financing activities	(38,568		)	(22,473		)
Effect of foreign currency rate changes on cash and cash equivalents	(28		)	2
Net decrease in cash and cash equivalents	(2,674		)	(4,997		)
Cash and cash equivalents, beginning of period	6,101			12,222
Cash and cash equivalents, end of period	$	3,427		$	7,225

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

10

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, 2018			December 31, 2017
Assets
Rental property:
Land	$	279,978		$	279,978
Buildings, improvements and fixtures	2,810,980			2,793,638
Construction in progress	615			14,854
	3,091,573			3,088,470
Accumulated depreciation	(929,608		)	(901,967		)
Total rental property, net	2,161,965			2,186,503
Cash and cash equivalents	3,338			6,050
Investments in unconsolidated joint ventures	114,304			119,436
Deferred lease costs and other intangibles, net	127,493			132,061
Prepaids and other assets	97,860			95,384
Total assets	$	2,504,960		$	2,539,434
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net	$	1,135,230		$	1,134,755
Unsecured term loan, net	323,082			322,975
Mortgages payable, net	90,109			99,761
Unsecured lines of credit, net	223,634			206,160
Total debt	1,772,055			1,763,651
Accounts payable and accrued expenses	65,507			89,745
Other liabilities	73,907			73,736
Total liabilities	1,911,469			1,927,132
Commitments and contingencies
Equity
Partners' Equity:
General partner, 1,000,000 units outstanding at March 31, 2018 and December 31, 2017	5,743			5,844
Limited partners, 4,995,433 and 4,995,433 Class A common units, and 93,382,583 and 93,560,536 Class B common units outstanding at March 31, 2018 and December 31, 2017, respectively	608,449			626,803
Accumulated other comprehensive loss	(20,701		)	(20,345		)
Total partners' equity	593,491			612,302
Noncontrolling interests in consolidated partnerships	—			—
Total equity	593,491			612,302
Total liabilities and equity	$	2,504,960		$	2,539,434

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

11

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data, unaudited)

	Three months ended March 31,
	2018			2017
Revenues:
Base rentals	$	81,533		$	80,330
Percentage rentals	1,429			1,855
Expense reimbursements	38,280			36,598
Management, leasing and other services	613			579
Other income	1,680			2,006
Total revenues	123,535			121,368
Expenses:
Property operating	42,218			40,387
General and administrative	11,112			11,412
Abandoned pre-development costs	—			627
Depreciation and amortization	33,123			31,294
Total expenses	86,453			83,720
Operating income	37,082			37,648
Other income (expense):
Interest expense	(15,800		)	(16,487		)
Other non-operating income (expense)	209			35
Income before equity in earnings of unconsolidated joint ventures	21,491			21,196
Equity in earnings of unconsolidated joint ventures	2,194			2,318
Net income	23,685			23,514
Noncontrolling interests in consolidated partnerships	370			—
Net income available to partners	24,055			23,514
Net income available to limited partners	23,814			23,281
Net income available to general partner	$	241		$	233
Basic earnings per common unit:
Net income	$	0.24		$	0.23
Diluted earnings per common unit:
Net income	$	0.24		$	0.23
Distribution declared per common unit	$	0.3425		$	0.3250

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

12

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, unaudited)

	Three months ended March 31,
	2018			2017
Net income	$	23,685		$	23,514
Other comprehensive income (loss):
Foreign currency translation adjustments	(3,095		)	1,010
Changes in fair value of cash flow hedges	2,739			722
Other comprehensive income (loss)	(356		)	1,732
Comprehensive income	23,329			25,246
Comprehensive income attributable to noncontrolling interests in consolidated partnerships	370			—
Comprehensive income attributable to the Operating Partnership	$	23,699		$	25,246

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

13

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, 2016	$	6,485		$	728,631		$	(29,834	)	$	705,282		$	159		$	705,441
Net income	233			23,281			—			23,514			—			23,514
Other comprehensive income	—			—			1,732			1,732			—			1,732
Compensation under Incentive Award Plan	—			3,537			—			3,537			—			3,537
Issuance of 1,800 common units upon exercise of options	—			54			—			54			—			54
Grant of 428,312 restricted common share awards by the Company, net of forfeitures	—			—			—			—			—			—
Withholding of 69,886 common units for employee income taxes	—			(2,435		)	—			(2,435		)	—			(2,435		)
Common distributions ($.325 per common unit)	(325		)	(33,515		)	—			(33,840		)	—			(33,840		)
Distributions to noncontrolling interests	—			—			—			—			—			—
Balance, March 31, 2017	$	6,393		$	719,553		$	(28,102	)	$	697,844		$	159		$	698,003
	General partner			Limited partners			Accumulated other comprehensive loss			Total partners' equity			Noncontrolling interests in consolidated partnerships			Total equity
Balance, December 31, 2017	$	5,844		$	626,803		$	(20,345	)	$	612,302		$	—		$	612,302
Net income	241			23,814			—			24,055			(370		)	23,685
Other comprehensive loss	—			—			(356		)	(356		)	—			(356		)
Compensation under Incentive Award Plan	—			3,656			—			3,656			—			3,656
Grant of 355,184 restricted common share awards by the Company	—			—			—			—			—			—
Repurchase of 443,700 units, including transaction costs	—			(9,998		)	—			(9,998		)	—			(9,998		)
Withholding of 89,437 common units for employee income taxes	—			(2,068		)	—			(2,068		)	—			(2,068		)
Contributions from noncontrolling interests	—			—			—			—			445			445
Common distributions ($.3425  per common unit)	(342		)	(33,758		)	—			(34,100		)	—			(34,100		)
Distributions to noncontrolling interests	—			—			—			—			(75		)	(75		)
Balance, March 31, 2018	$	5,743		$	608,449		$	(20,701	)	$	593,491		$	—		$	593,491

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

14

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

	Three months ended March 31,
	2018			2017
OPERATING ACTIVITIES
Net income	$	23,685		$	23,514
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,123			31,294
Amortization of deferred financing costs	783			878
Equity in earnings of unconsolidated joint ventures	(2,194		)	(2,318		)
Equity-based compensation expense	3,392			3,292
Amortization of debt (premiums) and discounts, net	101			125
Amortization (accretion) of market rent rate adjustments, net	562			722
Straight-line rent adjustments	(1,948		)	(1,705		)
Distributions of cumulative earnings from unconsolidated joint ventures	2,198			2,473
Changes in other assets and liabilities:
Other assets	1,903			(869		)
Accounts payable and accrued expenses	(11,639		)	(843		)
Net cash provided by operating activities	49,966			56,563
INVESTING ACTIVITIES
Additions to rental property	(19,714		)	(35,527		)
Additions to investments in unconsolidated joint ventures	(514		)	(1,371		)
Additions to non-real estate assets	(303		)	(6,949		)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,494			3,313
Additions to deferred lease costs	(1,014		)	(1,430		)
Other investing activities	2,969			2,833
Net cash used in investing activities	(14,082		)	(39,131		)
FINANCING ACTIVITIES
Cash distributions paid	(34,100		)	(33,840		)
Proceeds from revolving credit facility	149,200			128,855
Repayments of revolving credit facility	(129,700		)	(117,500		)
Repayments of notes, mortgages and loans	(9,379		)	(736		)
Repurchase of units, including transaction costs	(9,998		)	—
Employee income taxes paid related to shares withheld upon vesting of equity awards	(2,068		)	(2,435		)
Additions to deferred financing costs	(2,606		)	(50		)
Proceeds from exercise of options	—			54
Proceeds from other financing activities	445			3,283
Payment for other financing activities	(362		)	(104		)
Net cash used in financing activities	(38,568		)	(22,473		)
Effect of foreign currency on cash and cash equivalents	(28		)	2
Net decrease in cash and cash equivalents	(2,712		)	(5,039		)
Cash and cash equivalents, beginning of period	6,050			12,199
Cash and cash equivalents, end of period	$	3,338		$	7,160

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

15

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONDENSED 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, 2018, we owned and operated 36 consolidated outlet centers, with a total gross leasable area of approximately 12.9 million square feet. We also had partial ownership interests in 8 unconsolidated outlet centers totaling approximately 2.4 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 is the sole general partner of the Operating Partnership. Tanger LP Trust holds a limited partnership interest. As of March 31, 2018, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 94,382,583 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,995,433 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, 2017. The December 31, 2017 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.

16

We consolidate properties that are wholly-owned and 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 investments in real estate joint ventures, 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.

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 because we are committed to provide further financial support to these joint ventures. 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.

"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.

17

3. 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, 2018
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Debt, Net (in millions)(1)
Columbus	Columbus, OH	50.0	%	355	$	0.1		$	84.5
National Harbor	National Harbor, MD	50.0	%	341	2.0			86.5
RioCan Canada	Various	50.0	%	923	112.2			10.6
Investments included in investments in unconsolidated joint ventures					$	114.3
Charlotte(2)	Charlotte, NC	50.0	%	398	$	(4.3	)	$	89.9
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(14.7		)	79.5
Investments included in other liabilities					$	(19.0	)

As of December 31, 2017
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Debt, Net (in millions)(1)
Columbus	Columbus, OH	50.0	%	355	$	1.1		$	84.4
National Harbor	National Harbor, MD	50.0	%	341	2.5			86.4
RioCan Canada	Various	50.0	%	923	115.8			11.1
Investments included in investments in unconsolidated joint ventures					$	119.4
Charlotte(2)	Charlotte, NC	50.0	%	398	$	(4.1	)	$	89.8
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.0		)	79.4
Investments included in other liabilities					$	(17.1	)

(1) Net of debt origination costs and including premiums of $1.3 million and $1.4 million as of March 31, 2018 and December 31, 2017, respectively.

(2) The negative carrying value is due to distributions exceeding contributions and increases or decreases from the equity in earnings of the joint venture.

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,
	2018		2017
Fee:
Management and marketing	$	567	$	542
Leasing and other fees	46		37
Total Fees	$	613	$	579

18

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 $4.2 million as of March 31, 2018 and December 31, 2017, respectively) are amortized over the various useful lives of the related assets.

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, 2018			December 31, 2017
Assets
Land	$	94,138		$	95,686
Buildings, improvements and fixtures	500,209			505,618
Construction in progress, including land under development	3,094			3,005
	597,441			604,309
Accumulated depreciation	(98,614		)	(93,837		)
Total rental property, net	498,827			510,472
Cash and cash equivalents	19,848			25,061
Deferred lease costs and other intangibles, net	10,405			10,985
Prepaids and other assets	14,614			15,073
Total assets	$	543,694		$	561,591
Liabilities and Owners' Equity
Mortgages payable, net	$	351,016		$	351,259
Accounts payable and other liabilities	11,289			14,680
Total liabilities	362,305			365,939
Owners' equity	181,389			195,652
Total liabilities and owners' equity	$	543,694		$	561,591

	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures	2018			2017
Revenues	$	23,997		$	24,062
Expenses:
Property operating	9,928			9,378
General and administrative	198			120
Depreciation and amortization	6,363			7,513
Total expenses	16,489			17,011
Operating income	7,508			7,051
Interest expense	(3,077		)	(2,260		)
Other non-operating income	52			2
Net income	$	4,483		$	4,793
The Company and Operating Partnership's share of:
Net income	$	2,194		$	2,318
Depreciation and amortization expense (real estate related)	$	3,229		$	3,838

19

4. Debt Guaranteed by 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 $600.0 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):

	As of
	March 31, 2018		December 31, 2017
Unsecured lines of credit	$	227,600	$	208,100
Unsecured term loan	$	325,000	$	325,000

5. Debt of the Operating Partnership

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

				As of				As of
				March 31, 2018				December 31, 2017
	Stated Interest Rate(s)		Maturity Date	Principal		Book Value(1)		Principal		Book Value(1)
Senior, unsecured notes:
Senior notes	3.875	%	December 2023	$	250,000	$	246,192	$	250,000	$	246,036
Senior notes	3.750	%	December 2024	250,000		247,498		250,000		247,410
Senior notes	3.125	%	September 2026	350,000		345,263		350,000		345,128
Senior notes	3.875	%	July 2027	300,000		296,277		300,000		296,182
Mortgages payable:
Atlantic City (2)(3)	5.14%-7.65%		November 2021- December 2026	36,682		39,001		37,462		39,879
Southaven	LIBOR + 1.80%		April 2021	51,400		51,108		60,000		59,881
Unsecured term loan	LIBOR + 0.95%		April 2021	325,000		323,082		325,000		322,975
Unsecured lines of credit	LIBOR + 0.875%		October 2021	227,600		223,634		208,100		206,160
				$	1,790,682	$	1,772,055	$	1,780,562	$	1,763,651

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

(2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05%.

(3) Principal and interest due monthly with remaining principal due at maturity.

Certain of our properties, which had a net book value of approximately $189.3 million at March 31, 2018, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $600.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $580.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. As of March 31, 2018, letters of credit totaling approximately $6.0 million were issued under the lines of credit.

20

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. As of March 31, 2018, the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $32.7 million.

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, 2018, we were in compliance with all of our debt covenants.

Increased Borrowing Capacity and Extension of Unsecured Lines of Credit

In January 2018, we closed on amendments to our unsecured lines of credit, which increased the borrowing capacity from $520.0 million to $600.0 million and extended the maturity date from October 2019 to October 2021, with a one-year extension option. We also reduced the interest rate spread over LIBOR from 0.90% to 0.875%, and increased the incremental borrowing availability through an accordion feature on the syndicated line from $1.0 billion to $1.2 billion. Loan origination costs associated with the amendments totaled approximately $2.3 million.

Southaven Mortgage

In February 2018, the consolidated joint venture that owns the Tanger outlet center in Southaven, Mississippi amended and restated the $60.0 million mortgage loan secured by the property that was scheduled to mature in April 2018. The amended and restated loan reduced the principal balance to $51.4 million, increased the interest rate from LIBOR + 1.75% to LIBOR + 1.80% and extended the maturity to April 2021, with a two-year extension option. In March 2018, the consolidated joint venture entered into an interest rate swap, effective March 1, 2018, that fixed the base LIBOR rate at 2.47% on a notional amount of $40.0 million through January 31, 2021.

Debt Maturities

Maturities of the existing long-term debt as of March 31, 2018 for the next five years and thereafter are as follows (in thousands):

Calendar Year	Amount
2018	$	2,404
2019	3,369
2020	3,566
2021	609,793
2022	4,436
Thereafter	1,167,114
Subtotal	1,790,682
Net discount and debt origination costs	(18,627		)
Total	$	1,772,055

21

6. Derivative Financial Instruments

The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		March 31, 2018			December 31, 2017
Assets (Liabilities)(1):
November 14, 2013	August 14, 2018	$	150,000	1 month LIBOR	1.30	%	$	369		$	326
April 13, 2016	January 1, 2021	175,000		1 month LIBOR	1.03	%	6,636			5,207
March 1, 2018	January 31, 2021	40,000		1 month LIBOR	2.47	%	(32		)	—
August 14, 2018	January 1, 2021	150,000		1 month LIBOR	2.20	%	1,111			(188		)
Total		$	515,000				$	8,084		$	5,345

(1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.

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 significant, is recognized directly in earnings. For the three months ended March 31, 2018 and 2017, 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,
	2018		2017
Interest Rate Swaps (Effective Portion):
Amount of gain recognized in OCI on derivative	$	2,739	$	722

7. 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

22

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, 2018:
Asset:
Interest rate swaps (prepaids and other assets)	$	8,116	$	—	$	8,116	$	—
Total assets	$	8,116	$	—	$	8,116	$	—
Liabilities:
Interest rate swaps (other liabilities)	$	32	$	—	$	32	$	—
Total liabilities	$	32	$	—	$	32	$	—

			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, 2017:
Asset:
Interest rate swaps (prepaids and other assets)	$	5,533	$	—	$	5,533	$	—
Total assets	$	5,533	$	—	$	5,533	$	—
Liabilities:
Interest rate swaps (other liabilities)	$	188	$	—	$	188	$	—
Total liabilities	$	188	$	—	$	188	$	—

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 within the fair value hierarchy 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, 2018		December 31, 2017
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities	$	—	$	—
Level 2 Significant Observable Inputs	1,096,355		1,139,064
Level 3 Significant Unobservable Inputs	644,249		636,476
Total fair value of debt	$	1,740,604	$	1,775,540
Recorded value of debt	$	1,772,055	$	1,763,651

23

Our senior unsecured notes are publicly-traded which provides quoted market rates. However, due to the limited trading volume of these notes, we have classified these instruments as Level 2 in the hierarchy. Our other debt is classified as Level 3 given the unobservable inputs utilized in the valuation. Our unsecured term loan, unsecured lines of credit and variable interest rate mortgages are all LIBOR based instruments. When selecting the discount rates for purposes of estimating the fair value of these instruments, we evaluated the original credit spreads and do not believe that the use of them differs materially from current credit spreads for similar instruments and therefore the recorded values of these debt instruments is considered their fair value.

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.

8. Share Repurchase Program

In May 2017, we announced that our Board of Directors authorized the repurchase of up to $125.0 million of our outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019.  Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18.  The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. During the first quarter of 2018, we repurchased approximately443,700common shares on the open market at an average price of $22.52, totaling approximately $10.0 million, exclusive of commissions and related fees. The remaining amount authorized to be repurchased under the program as of March 31, 2018 was approximately$65.7 million.

9. 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 grant of restricted common share awards, or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding number of Class B common limited partnership units to Tanger LP Trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases a corresponding number or Class B common limited partnership units held by Tanger LP Trust.

The following table sets forth the changes in outstanding partnership units for the three months endedMarch 31, 2018 and March 31, 2017:

		Limited Partnership Units
	General Partnership Units	Class A	Class B		Total
Balance December 31, 2016	1,000,000	5,027,781	95,095,891		100,123,672
Grant of restricted common share awards by the Company, net of forfeitures	—	—	428,312		428,312
Units issued upon exercise of options	—	—	1,800		1,800
Units withheld for employee income taxes	—	—	(69,886	)	(69,886	)
Balance March 31, 2017	1,000,000	5,027,781	95,456,117		100,483,898
Balance December 31, 2017	1,000,000	4,995,433	93,560,536		98,555,969
Grant of restricted common share awards by the Company, net of forfeitures	—	—	355,184		355,184
Repurchase of units	—	—	(443,700	)	(443,700	)
Units withheld for employee income taxes	—	—	(89,437	)	(89,437	)
Balance March 31, 2018	1,000,000	4,995,433	93,382,583		98,378,016

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10. 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,
	2018			2017
Numerator:
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	22,838		$	22,336
Less allocation of earnings to participating securities	(263		)	(295		)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	22,575		$	22,041
Denominator:
Basic weighted average common shares	93,644			95,245
Effect of outstanding options and certain restricted common shares	—			66
Diluted weighted average common shares	93,644			95,311
Basic earnings per common share:
Net income	$	0.24		$	0.23
Diluted earnings per common share:
Net income	$	0.24		$	0.23

We determine diluted earnings per share based on the weighted average number of common shares outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible.

Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2018 and 2017, 1,013,383 and 871,116 notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive.

With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For the three months ended March 31, 2018 and 2017,564,200 and 177,700 options were excluded from the computation, respectively, 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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11. 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,
	2018			2017
Numerator:
Net income attributable to partners of the Operating Partnership	$	24,055		$	23,514
Less allocation of earnings to participating securities	(263		)	(295		)
Net income available to common unitholders of the Operating Partnership	$	23,792		$	23,219
Denominator:
Basic weighted average common units	98,640			100,273
Effect of outstanding options and certain restricted common units	—			66
Diluted weighted average common units	98,640			100,339
Basic earnings per common unit:
Net income	$	0.24		$	0.23
Diluted earnings per common unit:
Net income	$	0.24		$	0.23

We determine diluted earnings per unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible.

Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2018 and 2017, 1,013,383 and 871,116 notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive.

With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during 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, 2018 and 2017, 564,200 and 177,700 options excluded from the computation, respectively, 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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12. 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 (as amended and restated on April 4, 2014, (the "Plan"), which covers our non-employee 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 equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):

	Three months ended
	March 31,
	2018		2017
Restricted common shares	$	2,376	$	2,349
Notional unit performance awards	937		882
Options	79		61
Total equity-based compensation	$	3,392	$	3,292

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

	Three months ended
	March 31,
	2018		2017
Equity-based compensation expense capitalized	$	264	$	246

Option Awards

During February 2018, the Company granted 331,000options to non-executive employees of the Company. The exercise price of the options granted during the first quarter of 2018 is $21.94 per share which equaled the closing market price of the Company's common shares on the day prior to the grant date. The options expire 10 years from the date of grant and 20% of the options become exercisable in each of the first five years commencing one year from the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted average grant date fair value per share of $3.62 and included the following weighted-average assumptions: expected dividend yield 6.24%; expected life of 7.1 years; expected volatility of 32.47%; a risk-free rate of 2.8%; and forfeiture rates of 3.0% to 10.0% dependent upon the employee's position within the Company.

Restricted Common Share and Restricted Share Unit Awards

During February 2018, the Company granted 407,156 in restricted common shares and restricted share units to the Company's non-employee directors and the Company's senior executive officers. The grant date fair value of the awards ranged from $18.65 to $21.94 per share. The non-employee directors' restricted common shares generally vest ratably over a three year period and the senior executive officers' restricted shares (other than our chief executive officer's) generally vest ratably over a three or five year period. Our chief executive officer’s restricted shares generally vest ratably over a two year period and his restricted share units generally vest on the third anniversary of the grant date. For the restricted shares issued to our chief executive officer, the restricted share agreement generally requires him to hold shares issued to him for a minimum of three years following vesting. For the restricted share units issued to our chief executive officer, the restricted share unit agreement generally requires him to hold shares issued to him thereunder for a minimum of three years following the applicable share issuance date. Compensation expense related to the amortization of the deferred compensation is being recognized in accordance with the vesting schedule of the restricted shares.

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For certain shares that vest during the period, we withhold shares with value equivalent up to the employees' maximum statutory obligation (minimum obligation during 2017) 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 89,437 and 69,886 for the three months ended March 31, 2018andMarch 31, 2017, respectively. The total number of shares withheld 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 $2.1 million for the three months ended March 31, 2018 and was $2.4 million for the three months ended March 31, 2017. These amounts are reflected as financing activities within the consolidated statements of cash flows.

2018 Outperformance Plan

In February 2018, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approved the terms of the Tanger Factory Outlet Centers, Inc. 2018 Outperformance Plan (the “2018 OPP"), a long-term incentive compensation plan. Recipients receive notional units which may convert, subject to the achievement of the goals described below, into common shares of the Company based on the Company’s absolute total shareholder return and its total shareholder return relative to its peer group over a three-year measurement period. For all recipients (other than our chief executive officer), any shares earned at the end of the three-year measurement period are issued immediately following such measurement period, but are restricted and remain subject to a time-based vesting schedule, with 50% of the shares vesting immediately following issuance, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting dates (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). For our chief executive officer, any shares earned at the end of the three-year measurement period remain subject to a time-based vesting schedule and are issued following vesting, with 50% of the shares vesting immediately following issuance, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting dates (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or due to retirement or (c) due to death or disability).

The following table sets forth 2018 OPP performance targets and other relevant information about the 2018 OPP:

Performance targets(1)
Absolute portion of award:
Percent of total award	33.3%
Absolute total shareholder return range	19.1% - 29.5%
Percentage of units to be earned	20%-100%
Relative portion of award:
Percent of total award	66.7%
Percentile rank of peer group range(2)	30th - 80th
Percentage of units to be earned	20%-100%
Maximum number of restricted common shares that may be earned	409,972
Grant date fair value per share	$	12.42

(1) The number of restricted common shares received under the 2018 OPP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company's peer group.

(2) The peer group is based on companies included in the FTSE NAREIT Retail Index.

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The fair values of the 2018 OPP awards granted during the three months ended March 31, 2018 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:

Risk free interest rate (1)	2.40	%
Expected dividend yield (2)	4.8	%
Expected volatility (3)	27	%

(1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants.

(2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period.

(3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period.

13. Accumulated Other Comprehensive Income (Loss) of the Company

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2018 (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, 2017	$	(24,360	)	$	5,075		$	(19,285	)	$	(1,329	)	$	269		$	(1,060	)
Other comprehensive income (loss) before reclassifications	(2,938		)	2,914			(24		)	(157		)	156			(1		)
Reclassification out of accumulated other comprehensive income into interest expense	—			(314		)	(314		)	—			(17		)	(17		)
Balance March 31, 2018	$	(27,298	)	$	7,675		$	(19,623	)	$	(1,486	)	$	408		$	(1,078	)

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months endedMarch 31, 2017 (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, 2016	$	(32,087	)	$	3,792	$	(28,295	)	$	(1,740	)	$	201	$	(1,539	)
Other comprehensive income before reclassifications	959			411		1,370			51			3		54
Reclassification out of accumulated other comprehensive income into interest expense	—			293		293			—			15		15
Balance March 31, 2017	$	(31,128	)	$	4,496	$	(26,632	)	$	(1,689	)	$	219	$	(1,470	)

We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $1.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2018.

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14. Accumulated Other Comprehensive Income (Loss) of the Operating Partnership

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2018 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2017	$	(25,689	)	$	5,344		$	(20,345	)
Other comprehensive income (loss) before reclassifications	(3,095		)	3,070			(25		)
Reclassification out of accumulated other comprehensive income into interest expense	—			(331		)	(331		)
Balance March 31, 2018	$	(28,784	)	$	8,083		$	(20,701	)

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months endedMarch 31, 2017 (in thousands):

	Foreign Currency			Cash flow hedges		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2016	$	(33,827	)	$	3,993	$	(29,834	)
Other comprehensive income before reclassifications	1,010			414		1,424
Reclassification out of accumulated other comprehensive income into interest expense	—			308		308
Balance March 31, 2017	$	(32,817	)	$	4,715	$	(28,102	)

We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $1.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2018.

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15. Supplemental Cash Flow Information

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, 2018		March 31, 2017
Costs relating to construction included in accounts payable and accrued expenses	$	18,978	$	26,923

Interest paid, net of interest capitalized was as follows (in thousands):

	March 31, 2018		March 31, 2017
Interest paid, net of interest capitalized	$	15,903	$	9,445

16. New Accounting Pronouncements

Recently adopted accounting standards

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented.  The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017,. We adopted this pronouncement on January 1, 2018, and the pronouncement did not result in changes to our consolidated statements of cash flows as there were no restricted cash amounts included in the beginning-of-period and end-of-period cash and cash equivalents totals.

In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We adopted ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach only to contracts that are not completed contracts as of January 1, 2018. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606, as amended, (collectively, Topic 606). Topic 606 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. Topic 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate.

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We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of March 31, 2018, the Company has no outstanding contract assets or contract liabilities and we did not have a cumulative catch-up upon the adoption of this standard. The adoption of this standard did not result in any material changes to our revenue recognition as compared to the previous guidance.

The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016-02, Leases (Topic 842). The revenues which will be impacted by the initial adoption of Topic 606 include revenues from management, leasing and other services provided to our unconsolidated joint ventures that we manage and other income earned at our properties. We receive management, leasing and other services revenue for services provided to our unconsolidated joint ventures that we manage. We recognize management and other services provided to our unconsolidated joint ventures in revenue as the services are transferred. Our other income earned at our properties consist primarily of revenues from vending and other on-site services or products provided to shoppers or tenants. The other income earned at our properties is recorded as the goods are transferred at a point in time or as the service is transferred over time. We have elected to disaggregate our revenue streams into the following line items on our Consolidated Statements of Operations: base rentals, percentage rentals, expense reimbursements, management, leasing and other services, and other income. We believe that these are the proper disaggregated categories as they are the best depiction of our revenue streams both qualitatively and quantitatively.

Recently issued accounting standards to be adopted

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments can be adopted immediately in any interim or annual period (including the current period). The mandatory effective date for calendar year-end public companies is January 1, 2019. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13 and January 2018 within ASU 2018-01  (collectively, Topic 842). Topic 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. Topic 842 will be effective beginning in the first quarter of 2019. Early adoption of Topic 842 as of its issuance is permitted. We will adopt Topic 842 effective January 1, 2019. 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. Based on a preliminary assessment, we expect our significant operating lease commitments, primarily ground leases at seven of our outlet centers, will be required to be recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an increase in the assets and liabilities on our consolidated balance sheets. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of our leases where we are the lessor, we are entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016-12 Revenue from Contracts with Customers (Topic 606).  We are continuing our evaluation, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. Information about our undiscounted future lease payments and the timing of those payments is in Note 23, Commitments and Contingencies of Consolidated Properties, in our Form 10-K for the year ended December 31, 2017.

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17. Subsequent Events

In April 2018, the Company's Board of Directors declared a$0.35 cash dividend per common share payable on May 15, 2018 to each shareholder of record on April 30, 2018, and the Trustees of Tanger GP Trust declared a $0.35cash 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, 2018 with the three months endedMarch 31, 2017. 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 have 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: ability to raise additional capital, including via future issuances of equity and debt, and the use of proceeds from such issuances; results of operations and financial condition; our capital expenditure and working capital needs and the funding thereof; repurchase of the Company's shares; potential developments, expansions, renovations, acquisitions or dispositions of outlet centers; compliance with debt covenants; renewal and re-lease of leased space; 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; our dispositions of assets may not achieve anticipated results; competition for the acquisition and development of outlet centers, and our inability to complete outlet centers we have identified; environmental regulations affecting our business; risk associated with a possible terrorist activity or other acts or threats of violence and threats to public safety; 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 investments; risks associated with attracting and retaining key personnel; risks associated with debt financing; risk associated with our guarantees of debt for, or other support we may provide to, joint venture properties; our potential failure to qualify as a REIT; our legal obligation to make distributions to our shareholders; legislative or regulatory actions that could adversely affect our shareholders, including the recent changes in the U.S. federal income taxation of U.S. businesses; 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 other important 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, 2017.

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General Overview

As of March 31, 2018, we had 36 consolidated outlet centers in 22 states totaling 12.9 million square feet. We also had 8 unconsolidated outlet centers in 6 states or provinces totaling 2.4 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, 2017 to March 31, 2018 (square feet in thousands):

		Consolidated Outlet Centers				Unconsolidated Joint Venture Outlet Centers
Outlet Center	Quarter Opened/Disposed	Square Feet		Number of Outlet Centers		Square Feet		Number of Outlet Centers
As of January 1, 2017		12,710		36		2,348		8
New Developments:
Fort Worth	Fourth Quarter	352		1		—		—
Expansion:
Ottawa	First & Second Quarter	—		—		39		—
Lancaster	Third Quarter	148		—		—		—
Dispositions:
Westbrook	Second Quarter	(290	)	(1	)	—		—
Other		10		—		(17	)	—
As of December 31, 2017		12,930		36		2,370		8
Other		(10	)	—		—		—
As of March 31, 2018		12,920		36		2,370		8

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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, 2018. Except as noted, all properties are fee owned.

Consolidated Outlet Centers	Legal	Square	%
Location	Ownership %	Feet	Occupied
Deer Park, New York	100	740,159	95
Riverhead, New York (1)	100	729,706	95
Rehoboth Beach, Delaware (1)	100	557,353	97
Foley, Alabama	100	556,677	96
Atlantic City, New Jersey (1) (4)	100	489,706	89
San Marcos, Texas	100	471,816	97
Sevierville, Tennessee (1)	100	448,150	100
Savannah, Georgia	100	429,089	96
Myrtle Beach Hwy 501, South Carolina	100	425,334	88
Jeffersonville, Ohio	100	411,793	89
Glendale, Arizona (Westgate)	100	410,783	97
Myrtle Beach Hwy 17, South Carolina (1)	100	403,347	99
Charleston, South Carolina	100	382,117	98
Lancaster, Pennsylvania	100	376,997	95
Pittsburgh, Pennsylvania	100	372,944	99
Commerce, Georgia	100	371,408	99
Grand Rapids, Michigan	100	357,080	94
Fort Worth, Texas	100	351,741	94
Daytona Beach, Florida	100	351,721	99
Branson, Missouri	100	329,861	100
Locust Grove, Georgia	100	321,082	100
Gonzales, Louisiana	100	321,066	97
Southaven, Mississippi (2) (4)	50	320,348	95
Park City, Utah	100	319,661	96
Mebane, North Carolina	100	318,886	100
Howell, Michigan	100	314,459	94
Mashantucket, Connecticut (Foxwoods) (1)	100	311,616	95
Williamsburg, Iowa	100	276,331	95
Tilton, New Hampshire	100	250,107	94
Hershey, Pennsylvania	100	247,500	99
Hilton Head II, South Carolina	100	206,564	94
Ocean City, Maryland (1)	100	199,425	96
Hilton Head I, South Carolina	100	181,670	98
Terrell, Texas	100	177,800	96
Blowing Rock, North Carolina	100	104,009	96
Nags Head, North Carolina	100	82,161	98
Totals		12,920,467	96	(3)

(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 Fort Worth center which opened during the fourth quarter of 2017 and has not yet stabilized.

(4) Property encumbered by mortgage. See notes 4 and 5 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
Charlotte, North Carolina (1)	50	397,857	99
Columbus, Ohio (1)	50	355,245	95
Ottawa, Ontario	50	354,978	93
Texas City, Texas (Galveston/Houston) (1)	50	352,705	96
National Harbor, Maryland (1)	50	341,156	95
Cookstown, Ontario	50	307,779	98
Bromont, Quebec	50	161,307	72
Saint-Sauveur, Quebec (1)	50	99,405	96
Total		2,370,432	94

(1) Property encumbered by mortgage. See note 3 to the consolidated financial statements for further details of our debt obligations.

Leasing Activity

The tables below show changes in rent (base rent and common area maintenance ("CAM")) for leases for new stores that opened or renewals that started during the respective trailing twelve month periods ended March 31, 2018 and 2017:

	Trailing twelve months ended March 31, 2018(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	84	415	$	34.32	$	70.88	8.55	$	26.03
Renewal	262	1,300	$	29.25	$	0.25	4.07	$	29.19
	Trailing twelve months ended March 31, 2017(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	118	383	$	40.47	$	40.86	8.59	$	35.71
Renewal	281	1,235	$	32.26	$	0.50	4.47	$	32.15

(1) Represents change in rent (base rent and common area maintenance) for all leases for new stores that opened or renewals that started during the respective trailing twelve month periods within the consolidated portfolio, expect for license agreements, seasonal tenants, and month-to-month leases.

(2) Net average straight-line base 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 base rent per year amount. The average annual straight-line base 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.

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RESULTS OF OPERATIONS

Comparison of the three months endedMarch 31, 2018 to the three months endedMarch 31, 2017

NET INCOME

Net income increased $171,000 in the 2018 period to $23.7 million as compared to $23.5 million for the 2017 period.

In the tables below, information set forth for new developments and expansions represent our Fort Worth outlet center, which opened in October 2017 and our Lancaster expansion, which opened in September 2017. Properties disposed include our Westbrook outlet center sold in May 2017.

BASE RENTALS

Base rentals increased $1.2 million, or 1%, in the 2018 period compared to the 2017 period. The following table sets forth the changes in various components of base rentals (in thousands):

	2018			2017			Increase/(Decrease)
Base rentals from existing properties	$	74,899		$	75,278		$	(379	)
Base rentals from new developments and expansions	4,083			1,699			2,384
Base rentals from property disposed	—			1,072			(1,072		)
Straight-line rent adjustments	1,948			1,705			243
Termination fees	1,051			1,184			(133		)
Amortization of above and below market rent adjustments, net	(448		)	(608		)	160
	$	81,533		$	80,330		$	1,203

Base rentals from existing properties decreased primarily due to a slight decrease in average portfolio occupancy and lease modifications for certain tenants in the prior year.

PERCENTAGE RENTALS

Percentage rentals decreased $426,000, or 23%, in the 2018 period compared to the 2017 period. (in thousands):

	2018		2017		Increase/(Decrease)
Percentage rentals from existing properties	$	1,374	$	1,789	$	(415	)
Percentage rentals from new developments and expansions	55		2		53
Percentage rentals from property disposed	—		64		(64		)
	$	1,429	$	1,855	$	(426	)

Percentage rentals represents revenues based on a percentage of tenants' sales volume above their contractual breakpoints. The decrease in percentage rentals is primarily due to annual increases in contractual breakpoints in certain leases.

EXPENSE REIMBURSEMENTS

Expense reimbursements increased $1.7 million, or 5%, in the 2018 period compared to the 2017 period. The following table sets forth the changes in various components of expense reimbursements (in thousands):

	2018		2017		Increase/(Decrease)
Expense reimbursements from existing properties	$	36,100	$	35,402	$	698
Expense reimbursements from new developments and expansions	2,180		652		1,528
Expense reimbursements from property disposed	—		544		(544		)
	$	38,280	$	36,598	$	1,682

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Expense reimbursements represent the contractual recovery from tenants of certain CAM, insurance, property tax, promotional, advertising and management expenses. Certain expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses for the property and thus generally fluctuate consistently with the related expenses. Other expense reimbursements, such as promotional, advertising and certain CAM payments, are contractually fixed and may escalate each year. See "Property Operating Expenses" below for a discussion of the decrease in operating expenses from our existing properties.

MANAGEMENT, LEASING AND OTHER SERVICES

Management, leasing and other services increased $34,000, or 6%, in the 2018 period compared to the 2017 period. The following table sets forth the changes in various components of management, leasing and other services (in thousands):

	2018		2017		Increase/(Decrease)
Management and marketing	$	567	$	542	$	25
Leasing and other fees	46		37		9
	$	613	$	579	$	34

OTHER INCOME

Other income decreased $326,000, or 16% in the 2018 period as compared to the 2017 period. The following table sets forth the changes in various components of other income (in thousands):

	2018		2017		Increase/(Decrease)
Other income from existing properties	$	1,616	$	1,948	$	(332	)
Other income from new developments and expansions	64		31		33
Other income from property disposed	—		27		(27		)
	$	1,680	$	2,006	$	(326	)

PROPERTY OPERATING EXPENSES

Property operating expenses increased $1.8 million, or 5%, in the 2018 period compared to the 2017 period. The following table sets forth the changes in various components of property operating expenses (in thousands):

	2018		2017		Increase/(Decrease)
Property operating expenses from existing properties	$	40,012	$	39,022	$	990
Property operating expenses from new developments and expansions	2,191		672		1,519
Property operating expenses from property disposed	15		693		(678		)
	$	42,218	$	40,387	$	1,831

Property operating expense from existing properties increased primarily due to higher snow removal costs in the 2018 period compared to the 2017 period.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses decreased $300,000, or 3% in the 2018 period compared to the 2017 period primarily due to lower payroll-related expenses.

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DEPRECIATION AND AMORTIZATION

Depreciation and amortization costs increased $1.8 million, or 6%, in the 2018 period compared to the 2017 period. The following table sets forth the changes in various components of depreciation and amortization costs from the 2017 period to the 2018 period (in thousands):

	2018		2017		Increase/(Decrease)
Depreciation and amortization from existing properties	$	31,039	$	30,542	$	497
Depreciation and amortization from new developments and expansions	2,084		322		1,762
Depreciation and amortization from properties disposed	—		430		(430		)
	$	33,123	$	31,294	$	1,829

INTEREST EXPENSE

Interest expense decreased $687,000, or 4%, in the 2018 period compared to the 2017 period, primarily as a result of the July 2017 bond refinancing, which effectively lowered the interest rate from 6.125% to 3.875% on $300.0 million of senior notes. This savings was partially offset by higher LIBOR interest rate levels on our outstanding variable rate debt.

EQUITY IN EARNINGS OF UNCONSOLIDATED JOINT VENTURES

Equity in earnings of unconsolidated joint ventures decreased approximately $124,000 or 5% in the 2018 period compared to the 2017 period primarily due to higher LIBOR interest rate levels on variable rate mortgages at our unconsolidated joint ventures.

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.

We are a well-known seasoned issuer with a shelf registration that expires in March 2021 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, to 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.

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The liquidity of the Company is dependent on the Operating Partnership's ability to make sufficient distributions to the Company. The Operating Partnership is a party to loan agreements with various bank lenders that require the Operating Partnership to comply with various financial and other covenants before it may make 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 and to finance its continued operations, growth strategy and additional expenses we expect to incur for at least the next twelve months. 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.

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.

In May 2017, we announced that our Board of Directors authorized the repurchase of up to $125.0 million of our outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019.  Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18.  The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. During the first quarter of 2018, we repurchased approximately443,700common shares on the open market at an average price of $22.52, totaling approximately $10.0 million exclusive of commissions and related fees. The remaining amount authorized to be repurchased under the program as of March 31, 2018 was approximately$65.7 million.

In April 2018, the Company's Board of Directors declared a$0.35 cash dividend per common share payable on May 15, 2018 to each shareholder of record on April 30, 2018, and the Trustees of Tanger GP Trust declared a $0.35cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

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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, distributions and capital expenditures needed to maintain our properties. To the extent that our cash flow from operating activities is insufficient to cover our capital needs, including new developments, expansions of existing outlet centers, acquisitions and investments in unconsolidated joint ventures, 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,
	2018			2017			Change
Net cash provided by operating activities	$	49,966		$	56,563		$	(6,597	)
Net cash used in investing activities	(14,082		)	(39,131		)	25,049
Net cash used in financing activities	(38,568		)	(22,473		)	(16,095		)
Effect of foreign currency rate changes on cash and equivalents	(28		)	2			(30		)
Net decrease in cash and cash equivalents	$	(2,712	)	$	(5,039	)	$	2,327

Operating Activities

The decrease in net cash provided by operating activities in the 2018 period compared to the 2017 period was primarily due to change in the timing of our bond interest payments.

Investing Activities

The primary cause for the decrease in net cash used in investing activities was due to higher development activity in the 2017 period. In 2017, we had construction expenditures for our Fort Worth, Daytona Beach, Lancaster and Savannah outlet centers. In the 2018 period, we had no new developments under construction.

Financing Activities

The primary cause for the increase in net cash used in financing activities was the shares purchased under our share repurchase program. During the first quarter of 2018, we repurchased approximately 443,700 common shares on the open market at an average price of $22.52, totaling approximately $10.0 million. No common shares were repurchased in the comparable 2017 period.

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Capital Expenditures

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

	Three months ended March 31,
	2018		2017			Change
Capital expenditures analysis:
New outlet center developments and expansions	$	883	$	27,329		$	(26,446	)
Major outlet center renovations	900		2,455			(1,555		)
Second generation tenant allowances	3,152		4,089			(937		)
Other capital expenditures	1,696		5,669			(3,973		)
	6,631		39,542			(32,911		)
Conversion from accrual to cash basis	13,083		(4,015		)	17,098
Additions to rental property-cash basis	$	19,714	$	35,527		$	(15,813	)

• The decrease in new outlet center developments and expansions expenditures was primarily due to construction expenditures, including first generation tenant allowances, that occurred in the 2017 period for our Fort Worth, Daytona Beach and Lancaster outlet centers.

• The decrease in major outlet center renovations in the 2018 period was primarily due to construction activities at our Riverhead and Rehoboth Beach outlet centers that occurred in 2017.

• The decrease in other capital expenditures in the 2018 period is primarily due to tenant interior build outs and the installation of solar panels at several of our outlet centers that occurred in 2017.

Current Developments

We intend to continue to grow our portfolio by developing, expanding or acquiring additional outlet centers. 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.

Potential Future Developments

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.

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. See “Off-Balance Sheet Arrangements” for a discussion of unconsolidated joint venture development activities.

Financing Arrangements

As of March 31, 2018, unsecured borrowings represented 95% of our outstanding debt and 93% of the gross book value of our real estate portfolio was unencumbered. The Company guarantees the Operating Partnership's obligations under our lines of credit. As of March 31, 2018, we had $366.4 million available under our unsecured lines of credit after taking into account outstanding letters of credit of $6.0 million.

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Increased Borrowing Capacity and Extension of Unsecured Lines of Credit

In January 2018, we closed on amendments to our unsecured lines of credit, which increased the borrowing capacity from $520.0 million to $600.0 million and extended the maturity date from October 2019 to October 2021, with a one-year extension option. We also reduced the interest rate spread over LIBOR from 0.90% to 0.875%, increased the incremental borrowing availability through an accordion feature on the syndicated line from $1.0 billion to $1.2 billion. Loan origination costs associated with the amendments totaled approximately $2.3 million. The interest rate spreads associated with our unsecured lines of credit and our unsecured term loan are based on our current investment grade credit rating.  If our credit rating is downgraded or upgraded, our interest rate spread would adjust accordingly. 

Southaven Mortgage

In February 2018, the consolidated joint venture that owns the Tanger outlet center in Southaven, Mississippi amended and restated the $60.0 million mortgage loan secured by the property that was scheduled to mature in April 2018. The amended and restated loan reduced the principal balance to $51.4 million, increased the interest rate from LIBOR + 1.75% to LIBOR + 1.80% and extended the maturity to April 2021, with a two-year extension option. In March 2018, the consolidated joint venture entered into an interest rate swap, effective March 1, 2018, which fixed the base LIBOR rate at 2.47% on a notional amount of $40.0 million through January 31, 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 March 2021, 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 for at least the next twelve months.

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 when our next significant debt maturity, which is for our unsecured lines of credit, occurs in 2021.

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, which are calculated based on contractual terms, include the following:

Senior unsecured notes financial covenants	Required	Actual
Total consolidated debt to adjusted total assets	<60%	51	%
Total secured debt to adjusted total assets	<40%	3	%
Total unencumbered assets to unsecured debt	>150%	185	%

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OFF-BALANCE SHEET ARRANGEMENTS

The following table details certain information as of March 31, 2018 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	%	355	$	0.1
National Harbor	National Harbor, MD	50.0	%	341	2.0
RioCan Canada	Various	50.0	%	923	112.2
Investments included in investments in unconsolidated joint ventures					$	114.3
Charlotte(1)	Charlotte, NC	50.0	%	398	$	(4.3	)
Galveston/Houston(1)	Texas City, TX	50.0	%	353	(14.7		)
Investments included in other liabilities					$	(19.0	)

(1) The negative carrying value is due to distributions exceeding contributions and increases or decreases from the equity in earnings of the joint venture.

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 do not 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 achievement of 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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Debt of unconsolidated joint ventures

The following table details information regarding the outstanding debt of the unconsolidated joint ventures and guarantees of such debt provided by us as of March 31, 2018 (dollars in millions):

Joint Venture	Total Joint Venture Debt			Maturity Date	Interest Rate	Percent Guaranteed by the Operating Partnership		Maximum Guaranteed Amount by the Company
Charlotte	$	90.0		November 2018	LIBOR + 1.45%	5.0	%	$	4.5
Columbus	85.0			November 2019	LIBOR + 1.65%	7.5	%	6.4
Galveston/Houston	80.0			July 2020	LIBOR + 1.65%	12.5	%	10.0
National Harbor	87.0			November 2019	LIBOR + 1.65%	10.0	%	8.7
RioCan Canada	10.3			May 2020	5.75%	30.1	%	3.1
Debt premium and debt origination costs	(1.3		)
	$	351.0						$	32.7

Fees from unconsolidated joint ventures

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,
	2018		2017
Fee:
Management and marketing	$	567	$	542
Leasing and other fees	46		37
Total Fees	$	613	$	579

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Refer to our 2017 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 2018.

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NON-GAAP SUPPLEMENTAL MEASURES

Funds From Operations

Funds From Operations ("FFO") is a widely used measure of the operating performance for 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.

47

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.

48

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

	Three months ended
	March 31,
	2018			2017
Net income	$	23,685		$	23,514
Adjusted for:
Depreciation and amortization of real estate assets - consolidated	32,542			30,855
Depreciation and amortization of real estate assets - unconsolidated joint ventures	3,229			3,838
FFO	59,456			58,207
FFO attributable to noncontrolling interests in other consolidated partnerships	370			—
Allocation of earnings to participating securities	(477		)	(512		)
FFO available to common shareholders  (1)	$	59,349		$	57,695
As further adjusted for:
Abandoned pre-development costs	—			627
Impact of above adjustments to the allocation of earnings to participating securities	—			(5		)
AFFO available to common shareholders (1)	$	59,349		$	58,317
FFO available to common shareholders per share - diluted (1)	$	0.60		$	0.58
AFFO available to common shareholders per share - diluted (1)	$	0.60		$	0.58
Weighted Average Shares:
Basic weighted average common shares	93,644			95,245
Effect of outstanding options and restricted common shares	—			66
Diluted weighted average common shares (for earnings per share computations)	93,644			95,311
Exchangeable operating partnership units	4,996			5,028
Diluted weighted average common shares (for FFO and AFFO per share computations) (1)	98,640			100,339

(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.

49

Portfolio Net Operating Income and Same Center NOI

We present portfolio net operating income ("Portfolio NOI") and same center net operating income ("Same Center NOI") as supplemental measures of our operating performance. Portfolio NOI represents our property level net operating income which is defined as total operating revenues less property operating expenses and 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. We define Same Center NOI as Portfolio NOI for the properties that were operational for the entire portion of both comparable reporting periods and which were not acquired or subject to a material expansion or non-recurring event, such as a natural disaster, during the comparable reporting periods.

We believe Portfolio NOI and Same Center NOI are non-GAAP metrics used by industry analysts, investors and management to measure the operating performance of our properties because they provide performance measures directly related to the revenues and expenses involved in owning and operating real estate assets and provide a perspective not immediately apparent from net income, FFO or AFFO. Because Same Center NOI 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 Portfolio NOI and Same Center NOI, and accordingly, our Portfolio NOI and Same Center NOI may not be comparable to other REITs.

Portfolio NOI and Same Center NOI should not be considered alternatives to net income (loss) or as an indicator of our financial performance since they do not reflect the entire operations of our portfolio, nor do they reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other non-property income and losses, 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. Because of these limitations, Portfolio NOI and Same Center NOI should not be viewed 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 Portfolio NOI and Same Center NOI only as supplemental measures.

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Below is a reconciliation of net income to Portfolio NOI and Same Center NOI for the consolidated portfolio (in thousands):

	Three months ended
	March 31,
	2018			2017
Net income	$	23,685		$	23,514
Adjusted to exclude:
Equity in earnings of unconsolidated joint ventures	(2,194		)	(2,318		)
Interest expense	15,800			16,487
Other non-operating income	(209		)	(35		)
Depreciation and amortization	33,123			31,294
Other non-property expense	432			311
Abandoned pre-development costs	—			627
Corporate general and administrative expenses	11,023			11,277
Non-cash adjustments(1)	(1,367		)	(963		)
Termination rents	(1,051		)	(1,184		)
Portfolio NOI	79,242			79,010
Non-same center NOI(2)	(4,215		)	(2,856		)
Same Center NOI	$	75,027		$	76,154

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

(2) Excluded from Same Center NOI:

Outlet centers opened:		Outlet centers sold:		Outlet center expansions:
Fort Worth	October 2017	Westbrook	May 2017	Lancaster	September 2017

51

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. A component of most leases includes a pro-rata share or escalating fixed contributions by the tenant for property operating expenses, including CAM, real estate taxes, insurance and advertising and promotion, thereby reducing exposure to increases in costs and operating expenses resulting from inflation.

A portion of our rental revenues are derived from percentage rents that directly depend on the sales volume of certain tenants. Accordingly, declines in these tenants' sales would reduce the income produced by our properties. If the sales or profitability of our retail tenants decline sufficiently, whether due to a change in consumer preferences, legislative changes that increase the cost of their operations or otherwise, such tenants may be unable to pay their existing rents as such rents would represent a higher percentage of their sales.

The current challenging retail environment could impact our business in the short-term as our operations are subject to the results of operations of our retail tenants. 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 is 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, or may request modifications to their existing lease terms. During 2017, 13 tenants in our consolidated portfolio filed for bankruptcy protection, as compared to two tenants in 2016, and a number of other retailers engaged in brand wide restructurings during 2017 that resulted in store closings. During the first 3 months of 2018, an additional 4 tenants have filed for bankruptcy protection. Largely due to the number of bankruptcy filings, store closings and lease modifications in 2017 and 2018, we currently expect our Same Center NOI for the 2018 year compared to the 2017 year to be in the range of down 1.5% to down 2.5%. If the level of bankruptcy filings, store closings and lease modifications during 2018 are at similar or greater amounts as those experienced in 2017, our 2018 results of operations and Same Center NOI could be further negatively impacted.

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, 2018, we had approximately 1.7 million square feet, or 13% of our consolidated portfolio at that time, coming up for renewal during 2018. As of March 31, 2018, we had renewed approximately 62% of this space. In addition, for the rolling twelve months ended March 31, 2018, we completed renewals and re-tenanted space totaling 1.7 million square feet at a blended 5.3% increase in average base rental rates compared to the expiring rates. While we continue to attract and retain additional tenants, there can be no assurance that we can achieve similar base rental rates. In addition, if we were unable to successfully renew or re-lease 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 7% 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 re-leased. Occupancy at our consolidated centers was 96% as of March 31, 2018 and 2017.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market Risk

Interest Rate 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 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. The following table summarizes the terms and fair values of our derivative financial instruments (notional amounts and fair values in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		March 31, 2018
Assets (Liabilities):
November 14, 2013	August 14, 2018	$	150,000	1 month LIBOR	1.30	%	$	369
April 13, 2016	January 1, 2021	175,000		1 month LIBOR	1.03	%	6,636
March 1, 2018	January 31, 2021	40,000		1 month LIBOR	2.47	%	(32		)
August 14, 2018	January 1, 2021	150,000		1 month LIBOR	2.20	%	1,111
Total		$	515,000				$	8,084

The fair value of the interest rate swap agreements represents the estimated receipts or payments that would be made to terminate the agreement. The fair value is based on dealer quotes, considering current interest rates, remaining term to maturity and our credit standing.

As of March 31, 2018, 13% of our outstanding debt, excluding variable rate debt with interest rate protection agreements in place, had variable interest rates and therefore were subject to market fluctuations. An increase in the LIBOR index of 100 basis points would result in an increase of approximately $2.4 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, 2018		December 31, 2017
Fair value of debt	$	1,740,604	$	1,775,540
Recorded value of debt	$	1,772,055	$	1,763,651

A 100 basis point increase from prevailing interest rates at March 31, 2018 and December 31, 2017 would result in a decrease in fair value of total debt of approximately $72.4 million and $77.9 million, respectively. Refer to Note 7 to the consolidated financial statements for a description of our methodology in calculating the estimated fair value of debt. 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.

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Foreign Currency Risk

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. To mitigate some of the risk related to changes in foreign currency, cash flows received from our Canadian joint ventures are either reinvested to fund ongoing Canadian development activities, if applicable, or converted to US dollars and utilized to repay amounts outstanding under our unsecured lines of credit. We generally do not hedge currency translation exposures.

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, 2018. Based on this evaluation, the Company's Chief Executive Officer and Chief Financial Officer, have concluded that the Company's disclosure controls and procedures were effective as of March 31, 2018. There were no changes to the Company's internal controls over financial reporting during the quarter ended March 31, 2018, 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 and Accounting 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, 2018. 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 that the Operating Partnership's disclosure controls and procedures were effective as of March 31, 2018. There were no changes to the Operating Partnership's internal controls over financial reporting during the quarter ended March 31, 2018, that materially affected, or are reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

54

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, 2017.

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

(c) Issuer Purchases of Equity Securities

On May 19, 2017, we announced that our Board of Directors authorized the repurchase of up to $125.0 million of our outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019.  Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated stock repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18.  The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization.

The following table summarizes our common share repurchases for the fiscal quarter ended March 31, 2018:

Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions)
January 1, 2018 to January 31, 2018	—	$	—	—	$	75.7
February 1, 2018 to February 28, 2018	443,700	22.52		443,700	65.7
March 1, 2018 to March 31, 2018	—	—		—	65.7
Total	443,700			443,700	$	65.7

For certain restricted common shares that vested during the three months ended March 31, 2018, we withheld shares with value equivalent up to the employees' maximum 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 89,437 for the three months ended March 31, 2018. The total number of shares withheld 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*	2018 Declaration of Amendment to Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership.
10.2*	Form of 2018 Outperformance Plan Notional Unit Award agreement between the Company and Certain Officers.
10.3*	Form of 2018 Outperformance Plan Notional Unit Award agreement between the Company and Steven B. Tanger.
10.4*	Form of 2018 Restricted Share Unit Agreement between the Company and Steven B. Tanger.
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, 2018, 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).
	* Management contract or compensatory plan or arrangement.
	* Filed herewith.
	** Furnished herewith.

56

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 3, 2018

TANGER FACTORY OUTLET CENTERS, INC.
By:	/s/ James F. Williams
	James F. Williams
	Senior Vice President and Chief Financial Officer
TANGER PROPERTIES LIMITED PARTNERSHIP
By: TANGER GP TRUST, its sole general partner
By:	/s/ James F. Williams
	James F. Williams
	Vice President and Treasurer (Principal Financial Officer)

57

EX-10.1

EXHIBIT 10.1

2018 DECLARATION OF AMENDMENT TO

INCENTIVE AWARD PLAN OF

TANGER FACTORY OUTLET CENTERS, INC.

AND

TANGER PROPERTIES LIMITED PARTNERSHIP

THIS 2018 DECLARATION OF AMENDMENT is made effective as of the 1^st day of January, 2018, by Tanger Factory Outlet Centers, Inc., a corporation organized under the laws of the State of North Carolina (the “Company”), and Tanger Properties Limited Partnership, a partnership organized under the laws of the State of North Carolina (the “Partnership”), to the Incentive Award Plan of the Company and the Partnership, as amended and restated as of April 4, 2014 (the “Plan”; capitalized terms used but not otherwise defined herein shall have the meanings assigned in the Plan).

RECITALS:

WHEREAS, the Committee has deemed it advisable and in the best interests of the Company and the Partnership to amend the Plan (and to the extent necessary, all outstanding Award Agreements) to allow for enhanced flexibility for the satisfaction of certain tax obligations by permitting the withholding of Common Shares otherwise issuable pursuant to Awards under the Plan in amounts and as described herein; and

WHEREAS, the Committee has adopted such amendments, and the Company and the Partnership desire to evidence such amendments by this 2018 Declaration of Amendment.

NOW, THEREFORE, THE COMMITTEE HAS DECLARED that, effective as of January 1, 2018 (the “Effective Date”):

1.Amendments to Section 11.5. Section 11.5 of the Plan is hereby deleted in its entirety and replaced with the following new Section 11.5 (the “New Tax Withholding Provision”):

The Company or the Partnership, as applicable, shall be entitled to require payment in cash or deduction from other compensation payable to each Holder of any amounts required by federal, state, local, or foreign tax law to be withheld with respect to the issuance, vesting, exercise, payment or other taxable event related to any Award. The Administrator may in its discretion and in satisfaction of the foregoing requirement, or in satisfaction of any additional withholding obligations as a Holder may have elected, allow such Holder to elect to have the Company or the Partnership, as applicable, withhold Common Shares otherwise issuable under such Award (or allow the surrender of Common Shares) having a fair market value equal to the amounts withheld. The number of Common Shares which may be so withheld or surrendered shall be no greater than the number of Common Shares which have a fair market value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the maximum statutory withholding rates in such

Holder’s applicable jurisdiction for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income. The Administrator shall determine the fair market value of the Common Shares, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a broker-assisted cashless Option or Share Appreciation Right exercise involving the sale of Common Shares to pay the Option or Share Appreciation Right exercise price or any tax withholding obligation. Without limitation to Section 2.2 hereof, issued Common Shares withheld in payment of any federal, state, local and foreign income tax and/or payroll tax in excess of the minimum statutory withholding rates in such Holder’s applicable jurisdiction for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income shall not be deemed to again be available for Awards under the Plan.

2.Award Agreements. The applicable provisions of all Award Agreements outstanding as of the Effective Date shall be interpreted, administered and applied in a manner consistent with the New Tax Withholding Provision. To the extent that any Award Agreement outstanding on or prior to the Effective Date contains provisions that are more limited than or that otherwise differ or conflict with the New Tax Withholding Provision, such provisions in such Award Agreements are hereby deemed amended, modified, supplemented and superseded to the extent necessary by the New Tax Withholding Provision. Award Agreements pertaining to future Awards shall be, and hereby are, amended, modified and supplemented to the extent necessary to effect the New Tax Withholding Provision.

3.Continued Effect. Except as set forth herein, the Plan shall remain unchanged and in full force and effect.

[Signatures Follow on Next Page]

IN WITNESS WHEREOF, this 2018 Declaration of Amendment is executed on behalf of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership effective as of the date first above written.

TANGER FACTORY OUTLET CENTERS, INC.
By:	/s/ James F. Williams
Name:	James F. Williams
Title:	SVP, Chief Financial Officer
TANGER PROPERTIES LIMITED PARTNERSHIP
By:	/s/ Chad D. Perry
Name:	Chad D. Perry
Title:	Vice President & Secretary

EX-10.2

EXHIBIT 10.2

TANGER FACTORY OUTLET CENTERS, INC.
NOTIONAL UNIT

AWARD AGREEMENT

Name of Grantee: ______________(the “Grantee”)
No. of Notional Units: ____________
Grant Date: February 16, 2018 (the “Grant Date”)

RECITALS

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

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 Dividend Equivalents and the Company wishes to award Performance Awards, in the form of Notional Units, and Dividend Equivalents hereunder.

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, with corresponding Dividend Equivalents described below.

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; provided that, 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, the transaction or event described in the

1

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.

“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 for any twenty (20)-trading day period ending on a trading day 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 trading day within such a twenty (20)-day trading period includes the ex-dividend date for a dividend or other distribution on the Common Shares, then the Fair Market Value for each trading day in such period determined based on the closing price of the Common Shares 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 closing price of the Common Shares 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 (assuming converted to 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 16, 2018.

“Effective Date Common Share Price” means $21.94.

“80th 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 80% of the REITs included in the Peer Group.

“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.

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“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.

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 (a) 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), (b) the Company has thirty (30) days after receipt of such notice to remedy such condition(s) and (c) 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 29.50%.

“Measurement Date” means February 15, 2021.

“Minimum Total Return to Shareholders” means Total Return to Shareholders equal to 19.10%.

“Notional Unit” means a Performance Award granted pursuant to the Plan which entitles the Grantee the opportunity to 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, 0.067, (b) in the event the Total Return to Shareholders is equal to the Target Total Return to Shareholders, 0.20 , (c) in the event the Total Return to Shareholders is equal to or exceeds the Maximum Total Return to Shareholders, 0.333, 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 0.067 and 0.20 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 Absolute Conversion Ratio will be pro-rated between 0.20 and 0.333 by linear interpolation (e.g., other than in the event of a Change in Control, the Notional Unit Conversation Ratio will increase by approximately 0.02558 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 30th Percentile, 0.133, (b) in the event the Total Return to Shareholders is equal to the 55th Percentile, 0.40, (c) in the event the Total Return to Shareholders is equal to or exceeds the 80th Percentile, 0.667 , and (d) in the event the Total Return to Shareholders is (i) greater than the 30th Percentile and less than the 55th Percentile, the

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Notional Unit Relative Conversion Ratio will be pro-rated between 0.133 and 0.40 by linear interpolation and (ii) greater than the 55th Percentile and less than the 80th Percentile, the Notional Unit Relative Conversion Ratio will be pro-rated between 0.40 and 0.667 by linear interpolation (e.g., other than in the event of a Change in Control, the Notional Unit Conversation Ratio will increase by 0.01068 for each percentile point by which the Total Return to Shareholders exceeds the 30th Percentile up to the 80th Percentile).

“Peer Group” means, subject to Section 7(a), the peer group of companies set forth on Exhibit A.

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

“Share Issuance Date” means the earlier of (a) February 17, 2021 and (b) the date upon which a Change in Control shall occur.

“Target Total Return to Shareholders” means Total Return to Shareholders equal to 24.30%.

“30th 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 30% of the REITs included in the Peer Group.

“Total Return to Shareholders” means, with respect to the period from the Effective Date to the Valuation Date, the cumulative return (calculated as a percentage) that would have been realized by a shareholder who (A) bought one Common Share on the Effective Date at the Effective Date Common Share Price, (B) reinvested each dividend and other distribution declared during such period of time with respect to such Common Share (and any other Common Shares previously received upon reinvestment of dividends or other distributions) in additional Common Shares at the Fair Market Value on the applicable dividend payment date, and (C) sold all the Common Shares described in (A) and (B) on the Valuation Date at the Common Share Price on such date. 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 share dividends, share splits, reverse share 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, the Partnership 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

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Common Shares (such restricted Common Shares, “Restricted Shares”) to the extent provided inSections 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 (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 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) (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 sum of the following:

(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

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(2)    If, as of the date of such Change in Control, the Total Return to Shareholders is equal to or greater than the 30th 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 30th 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 of consummation of a Change in Control), 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 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 (but subject to Section 409A), 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:

(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 30th 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

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less than the Minimum Total Return to Shareholders and less than the 30th 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 30th Percentile, 55th Percentile and 80th 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 17, 2021; and

(ii)50% of such Restricted Shares shall vest on February 17, 2022.

(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, the Dividend Equivalents 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 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

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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, or the payments in respect of the Dividend Equivalents. 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)Withholding of vested Common Shares issuable under this Award or surrender of other Common Shares otherwise held by the Grantee (including, without limitation, Common Shares that have vested prior to or concurrent with the issuance of Common Shares hereunder, whether in connection with this Award or otherwise, but excluding Common Shares that remain subject to any vesting or holding period requirements) having a fair market value equal to the amounts withheld; provided that the number of Common Shares which may be so withheld or surrendered shall be no greater than the number of Common Shares which have a fair market value on the date of withholding or surrender equal to the aggregate amount of the withholding taxes based on the maximum statutory withholding rates in the Grantee’s applicable jurisdiction for federal, state, local and foreign income tax and payroll tax purposes that are applicable to his or her taxable income; 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 or the payments in respect of the Dividend Equivalents.

4.Dividend Equivalents.

(a)Each Notional Unit granted hereunder is hereby granted in tandem with corresponding a Dividend Equivalent, which shall entitle the Grantee to receive payment described in this Section 4. The Dividend Equivalents and any amounts that may become payable in respect thereof shall be treated separately from the Notional Units and the rights arising in connection therewith for purposes of Section 409A (including for purposes of the designation of the time and form of payments required by Section 409A). Upon the forfeiture of any Notional Unit (including, without limitation, in connection with settlement thereof in Restricted Shares as described above), the Dividend Equivalent with respect to such forfeited Notional Unit shall also be forfeited.

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(b)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 an ex-dividend date on or after the Effective Date to and including the Share Issuance Date. 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.

(c)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 an ex-dividend 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.

(d)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 an ex-dividend date on or after the Effective Date and on or 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 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 ex-dividend 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.

(e)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. For the avoidance of doubt, the Grantee shall not be entitled to any payment in respect of Dividend Equivalents to the extent he has received a dividend in respect of the Restricted Shares or Common Shares underlying the Notional Units corresponding with such Dividend Equivalents.

5.Restrictions on Transfer. The Notional Units and Dividend Equivalents 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.

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6.Changes in Capital Structure. In addition to any actions by the Committee permitted under Section 11.3 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, Dividend Equivalents 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 11.3 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. Without limiting the foregoing, (i) the Committee shall determine whether the Minimum Total Return to Shareholders, Target Total Return to Shareholders or Maximum Total Return to Shareholders and 30th Percentile, 55th Percentile or 80th Percentile (and, in each case, any performance level between such thresholds) are attained, and in making such determination all dollar values and percentages utilized for purposes of determining attainment of such performance levels (including, without limitation, Common Share Price and Total Return to Shareholders) shall be rounded to the nearest cent or nearest one-hundredth of one percent, as applicable, (ii) if a constituent company(s) in the Peer Group ceases to be actively traded, due, for example, to merger or bankruptcy, then the Committee may 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, and (iii) in calculating performance hereunder, the Committee may in its discretion use total return to shareholders data for the Company and the Peer Group available from one or more third party sources and/or retain the services of a consultant to analyze relevant data or perform necessary calculations for purpose of the Award. Without limiting Section 10.4 of the Plan, if the Committee retains a valuation or other expert or consultant to calculate Total Return to Shareholders, including matters such as the determination of dividend reinvestment and the inclusion or exclusion of persons in the Peer Group, the Committee is entitled to rely on the advice, opinions, valuations, reports and other information furnished by such valuation or other expert or consultant. 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, the Dividend Equivalents 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, the Partnership 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, the Partnership 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, Dividend Equivalents and/or Restricted Shares shall be

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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.

(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, Dividend Equivalents 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.

(i)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, Dividend Equivalents 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 for the Notional Units, Dividend Equivalents and/or Restricted Shares, as applicable, 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.

(ii)Notwithstanding any provision to the contrary in this Agreement, if the Grantee is deemed at the time of his or her separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i), to the extent delayed commencement (any such delayed commencement, a “Payment Delay”) of any portion of the Notional Units, Dividend Equivalents and/or the Restricted Shares (or any portion thereof) to which the Grantee is entitled under this Agreement (after taking into account all exclusions applicable to such termination benefits under Section 409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i), such portion of the Notional Units, Dividend Equivalents and/or

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the Restricted Shares (or any portion thereof) hereunder shall not be provided to the Grantee prior to the earlier of (x) the expiration of the six-month period measured from the date of the Grantee’s “separation from service” with the Company (as such term is defined in the Department of Treasury Regulations issued under Section 409A) or (y) the date of the Grantee’s death. Upon the earlier of such dates (the “Delayed Payment Date”), all the Notional Units, Dividend Equivalents and/or the Restricted Shares (or any portion thereof) deferred pursuant to this Section 7(l)(ii) shall be completed in a lump sum to the Grantee; (C) the determination of whether the Grantee is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A and applicable guidance thereunder (including without limitation Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto); and (D) for purposes of Section 409A, the Grantee’s right to receive installment payments shall be treated as a right to receive a series of separate and distinct payments.

(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, Dividend Equivalents and the Restricted Shares, and rights no greater than the right as a general unsecured creditor to receive Common Shares with respect to Notional Units and the Restricted Shares, as and when payable hereunder and cash in respect of the Dividend Equivalents.

(n)Clawback. The Grantee acknowledges and agrees that the Notional Units and Dividend Equivalents and Restricted Shares (including any proceeds, gains or other economic benefit actually or constructively received by the Grantee upon any receipt of the Notional Units, Dividend Equivalents or Restricted Shares or upon the receipt or resale of any Common Shares underlying the Notional Units) shall be subject to the provisions of any claw-back policy implemented by the Company, the Partnership or any Subsidiary, including, without limitation, any claw back policy adopted to comply with the requirements of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder.    

(o)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.

[signature page follows]

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

TANGER FACTORY OUTLET CENTERS, INC.

Name:

GRANTEE

Name:

Signature Page for Notional Unit Award Agreement

EXHIBIT A

List of Peer Group

[see attached]

EXHIBIT A - List of Peer Group

EX-10.3

EXHIBIT 10.3

TANGER FACTORY OUTLET CENTERS, INC.

NOTIONAL UNIT

AWARD AGREEMENT

Name of Grantee: ___________________(the “Grantee”)

No. of Notional Units: ____________

Grant Date: February 16, 2018 (the “Grant Date”)

RECITALS

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

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 Dividend Equivalents and the Company wishes to award Performance Awards, in the form of Notional Units, and Dividend Equivalents hereunder.

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, with corresponding Dividend Equivalents described below.

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 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

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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; provided that 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.

“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 for any twenty (20)-trading day period ending on a trading day 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 trading day within such a twenty (20)-day trading period includes the ex-dividend date for a dividend or other distribution on the Common Shares, then the Fair Market Value for each trading day in such period determined based on the closing price of the Common Shares 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 closing price of the Common Shares 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 (assuming converted to 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 16, 2018.

“Effective Date Common Share Price” means $21.94.

“80th 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 80% of the REITs included in the Peer Group.

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“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.

“Final Share Issuance Date” means the earlier of (a) February 17, 2022 and (b) the date upon which a Change in Control shall occur.

The Grantee shall have “Good Reason” to terminate his employment in the event of the Company’s material breach of the terms of the Grantee’s employment; provided that (a) 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), (b) the Company has thirty (30) days after receipt of such notice to remedy such condition(s) and (c) if the Company fails to remedy the condition(s), the Grantee terminates his 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.

“Initial Share Issuance Date” means the earlier of (a) February 17, 2021 and (b) the date upon which a Change in Control shall occur.

“Maximum Total Return to Shareholders” means Total Return to Shareholders equal to 29.50%.

“Measurement Date” means February 15, 2021.

“Minimum Total Return to Shareholders” means Total Return to Shareholders equal to 19.10%.

“Notional Unit” means a Performance Award granted pursuant to the Plan which entitles the Grantee the opportunity to receive Common Shares on or after the Share Issuance Dates 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, 0.067, (b) in the event the Total Return to Shareholders is equal to the Target Total Return to Shareholders, 0.20 , (c) in the event the Total Return to Shareholders is equal to or exceeds the Maximum Total Return to Shareholders, 0.333, 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 0.067 and 0.20 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 Absolute Conversion Ratio will be pro-rated between 0.20 and 0.333 by linear interpolation (e.g., other than in the event of a Change in Control, the Notional Unit Conversation Ratio will increase by approximately 0.02558

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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 30th Percentile, 0.133, (b) in the event the Total Return to Shareholders is equal to the 55th Percentile, 0.40, (c) in the event the Total Return to Shareholders is equal to or exceeds the 80th Percentile, 0.667 , and (d) in the event the Total Return to Shareholders is (i) greater than the 30th Percentile and less than the 55th Percentile, the Notional Unit Relative Conversion Ratio will be pro-rated between 0.133 and 0.40 by linear interpolation and (ii) greater than the 55th Percentile and less than the 80th Percentile, the Notional Unit Relative Conversion Ratio will be pro-rated between 0.40 and 0.667 by linear interpolation (e.g., other than in the event of a Change in Control, the Notional Unit Conversation Ratio will increase by 0.01068 for each percentile point by which the Total Return to Shareholders exceeds the 30th Percentile up to the 80th Percentile).

“Peer Group” means, subject to Section 7(a), the peer group of companies set forth on Exhibit A.

“Retirement” means a resignation by the Grantee of his employment (other than for Good Reason) which occurs on or after the date the Grantee reaches age 72 provided he has had at least twenty (20) years of service to the Company and/or the Partnership (including any predecessor entities).

“Share Issuance Dates” means the Initial Share Issuance Date and the Final Share Issuance Date.

“Target Total Return to Shareholders” means Total Return to Shareholders equal to 24.30%.

“30th 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 30% of the REITs included in the Peer Group.

“Total Return to Shareholders” means, with respect to the period from the Effective Date to the Valuation Date, the cumulative return (calculated as a percentage) that would have been realized by a shareholder who (A) bought one Common Share on the Effective Date at the Effective Date Common Share Price, (B) reinvested each dividend and other distribution declared during such period of time with respect to such Common Share (and any other Common Shares previously received upon reinvestment of dividends or other distributions) in additional Common Shares at the Fair Market Value on the applicable dividend payment date, and (C) sold all the Common Shares described in (A) and (B) on the Valuation Date at the Common Share Price on such date. 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 share dividends, share splits, reverse share 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.

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(a)     Award. In consideration of the Grantee’s past and/or continued employment with or service to the Company, the Partnership 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 Common Shares to the extent provided in Sections 2 and 3, and (ii) to the extent not inconsistent herewith, 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 a 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 then-outstanding 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. For the avoidance of doubt, if such Termination of Employment occurs between the Initial Share Issuance Date and the Final Share Issuance Date, the Grantee shall retain the Common Shares granted on the Initial Share Issuance Date.

(ii)Except as provided in Section 2(b)(iii), if, prior to a Share Issuance Date, a Termination of Employment of the Grantee (1) without Cause by the Company, (2) with Good Reason by the Grantee, (3) due to Retirement by the Grantee, or (4) due to the Grantee’s death or Disability, occurs, the Grantee shall be entitled on each Share Issuance Date after such Termination of Employment to the number of Common 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 Common Shares he or she would have received on such Share Issuance Date pursuant to Section 3(b) as if no Termination of Employment of the Grantee had occurred, multiplied by (A) in the case of Termination of Employment other than due to Retirement by Grantee, 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 (such fraction not to exceed one (1)), and (B) in the case of Termination of Employment due to Retirement by Grantee, one (1), which Common Shares shall be fully vested upon issuance. On each Share Issuance Date, all Notional Units in respect of which Common Shares are issued 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 such 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) (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 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 30th 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 30th 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.Common Shares.

(a)Grant of Common Shares. Subject to Section 3(e) and to the extent that Section 2(b)(ii) does not apply, on each Share Issuance Date (unless such date is the date of consummation of a Change in Control), the Company shall, subject to the Grantee’s continued employment with the Company from the Grant Date through the applicable Share Issuance Date, deliver to the Grantee a number of Common 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 50% of the number of Common Shares that are issuable pursuant to Section 3(b). Upon each Share Issuance Date, all Notional Units in respect of which Common Shares are issued 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 such Notional Units.

(b)Number of Common Shares. The number of Common 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:

(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

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(ii)If, as of the Valuation Date, the Total Return to Shareholders is equal to or greater than the 30th 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 30th Percentile, the Grantee shall not receive any Common Shares pursuant to Section 3(a). The number of Common 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 Common Shares with respect to the Notional Units subject to this Agreement unless and until the Committee determines the Total Return to Shareholders, the 30th Percentile, 55th Percentile and 80th 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 Common Shares equal to the number that is determined pursuant to this Section 3(b).

(c)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, the Dividend Equivalents or any Common Shares underlying the Notional Units and deliverable hereunder unless and until such Common 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).

(d)Conditions on Delivery of Common Shares. The Common Shares deliverable hereunder, or any portion thereof, may be either previously authorized but unissued Common Shares or issued Common Shares which have then been reacquired by the Company. Such Common Shares shall be fully paid and nonassessable. Notwithstanding anything to the contrary herein, 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(e). If the issuance or delivery of any Common Shares issuable hereunder would violate any applicable law, rule or regulation, (A) the Company agrees to take commercially reasonable steps to permit the issuance or delivery of such Common Shares in the time period required by Section 409A (taking into account the permitted delays under Treas. Reg. 1.409A-2(b)(7)), (B) the Common Shares shall be issued at the earliest date at which the Committee reasonably anticipates that Common Shares can again be issued in accordance with Section 3(d)(i), and (C) any Dividend Equivalents that would have been forfeited upon issuance of Common Shares on the Share Issuance Date but for Section 3(d)(i) will remain outstanding through the actual date of issuance of such Common Shares in accordance with Section 3(d)(i).

(e)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 issuance of the Common Shares related thereto, or the payments in respect of the Dividend Equivalents. Such payment shall be made by deduction from other compensation payable to the Grantee (to the extent permitted by Section 409A) or in such other form of consideration acceptable to the Company which may, in the sole discretion of the Committee, include:

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(i)Cash or check;

(ii)Withholding of vested Common Shares issuable under this Award or surrender of other Common Shares otherwise held by the Grantee (including, without limitation, Common Shares that have vested prior to or concurrent with the issuance of Common Shares hereunder, whether in connection with this Award or otherwise, but excluding Common Shares that remain subject to any vesting or holding period requirements) having a fair market value equal to the amounts withheld; provided that the number of Common Shares which may be so withheld or surrendered shall be no greater than the number of Common Shares which have a fair market value on the date of withholding or surrender equal to the aggregate amount of the withholding taxes based on the maximum statutory withholding rates in the Grantee’s applicable jurisdiction for federal, state, local and foreign income tax and payroll tax purposes that are applicable to his taxable income; or

(iii)Other property acceptable to the Committee.

The Company shall not be obligated to deliver any new certificate representing the Common Shares issuable hereunder to the Grantee or the Grantee’s legal representative or enter such Common 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 issuance of Common Shares related thereto or the payments in respect of the Dividend Equivalents.

4.Dividend Equivalents.

(a)Each Notional Unit granted hereunder is hereby granted in tandem with corresponding a Dividend Equivalent, which shall entitle the Grantee to receive payment described in this Section 4. The Dividend Equivalents and any amounts that may become payable in respect thereof shall be treated separately from the Notional Units and the rights arising in connection therewith for purposes of Section 409A (including for purposes of the designation of the time and form of payments required by Section 409A). Upon the forfeiture of any Notional Unit (including, without limitation, in connection with settlement thereof in Common Shares as described above), the Dividend Equivalent with respect to such forfeited Notional Unit shall also be forfeited, subject to Section 3(d). For the avoidance of doubt, such forfeiture of Dividend Equivalents will not result in forfeiture of any right to receive payments in respect of such Dividend Equivalents that were payable prior to the date of forfeiture.

(b)Upon the grant of Common Shares pursuant to Section 2(b)(ii) on a Share Issuance Date, the Grantee shall be entitled to receive, for each Common Share granted on such Share Issuance Date, an amount equal to the per share amount of all dividends declared with respect to Common Shares with an ex-dividend date on or after the Effective Date to and including such Share Issuance Date. After the date of grant of the Common Shares pursuant to Section 2(b)(ii) on a Share Issuance Date, 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 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

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

(d)Upon grant of the Common Shares pursuant to Section 3(a) on a Share Issuance Date, the Grantee shall be entitled to receive, for each of the Common Shares granted on such Share Issuance Date, an amount in cash equal to the per share amount of all dividends declared with respect to the Common Shares with an ex-dividend date on or after the Effective Date and on or before such Share Issuance Date (other than those with respect to which an adjustment was made pursuant to Section 6). After each Share Issuance Date, the holder of Common Shares shall be entitled to receive dividends in the same manner as dividends are paid to all other holders of Common Shares.

(e)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 Common Shares issuable thereunder. For the avoidance of doubt, the Grantee shall not be entitled to any payment in respect of Dividend Equivalents to the extent he has received a dividend in respect of the Common Shares underlying the Notional Units corresponding with such Dividend Equivalents.

5.Restrictions on Transfer. The Notional Units and the Dividend Equivalents 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”). Neither the Notional Units, Dividend Equivalents nor any interest or right therein shall be liable for the debts, contracts or engagements of the Grantee or his 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. Notwithstanding the provision of this Agreement to the contrary, transfers by will or by the applicable laws of descent and distribution shall not be prohibited.

6.Changes in Capital Structure. In addition to any actions by the Committee permitted under Section 11.3 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

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limitation, adjustments in the number and/or terms and conditions of the Notional Units, Dividend Equivalents or Common Shares issuable hereunder, Common Share Price, Total Return to Shareholders and payments to be made pursuant to Section 4. The Grantee acknowledges that the Notional Units, Dividend Equivalents and Common Shares granted or issuable hereunder are subject to amendment or modification as provided in this Section 6 and amendment, modification or termination as set forth in Section 11.3 of the Plan (provided that clause (ii) of Section 11.3(b) of the Plan shall not apply without the Grantee’s prior consent).

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. Without limiting the foregoing, (i) the Committee shall determine whether the Minimum Total Return to Shareholders, Target Total Return to Shareholders or Maximum Total Return to Shareholders and 30th Percentile, 55th Percentile or 80th Percentile (and, in each case, any performance level between such thresholds) are attained, and in making such determination all dollar values and percentages utilized for purposes of determining attainment of such performance levels (including, without limitation, Common Share Price and Total Return to Shareholders) shall be rounded to the nearest cent or nearest one-hundredth of one percent, as applicable, (ii) if a constituent company(s) in the Peer Group ceases to be actively traded, due, for example, to merger or bankruptcy, then the Committee may 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, and (iii) in calculating performance hereunder, the Committee may in its discretion use total return to shareholders data for the Company and the Peer Group available from one or more third party sources and/or retain the services of a consultant to analyze relevant data or perform necessary calculations for purpose of the Award. Without limiting Section 10.4 of the Plan, if the Committee retains a valuation or other expert or consultant to calculate Total Return to Shareholders, including matters such as the determination of dividend reinvestment and the inclusion or exclusion of persons in the Peer Group, the Committee is entitled to rely on the advice, opinions, valuations, reports and other information furnished by such valuation or other expert or consultant. 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, the Dividend Equivalents or the Common Shares issuable hereunder.

(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 any such amendment, modification, suspension or termination that adversely affects the rights of the Grantee must be consented to by the Grantee to be effective as against him.

(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, this Agreement shall govern.

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(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, the Partnership 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, the Partnership 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 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, Dividend Equivalents and/or Common Shares issuable hereunder 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.

(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, Dividend Equivalents and the Common Shares issuable hereunder 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.

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(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, and inure to the benefit of, the Grantee and his heirs, executors, administrators, successors and assigns.

(k)Entire Agreement. The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof 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.

(i)This Agreement is intended to comply with Section 409A and, as such, this Agreement shall be interpreted in accordance with Section 409A. The Company and the Partnership agree that, to the extent permitted under Section 409A, they shall cooperate to modify any of the provisions of this Agreement, either at the reasonable request of the Grantee, or as the Company or the Partnership may propose, in any such case to the extent necessary to comply with all applicable requirements of, and to avoid the imposition on the Grantee of any additional tax, interest and penalties under, Section 409A in connection with the Notional Units, Dividend Equivalents or the Common Shares issuable hereunder. Any such modification shall be intended to maintain the original intent and economic benefit to the Grantee of the applicable provision of this Agreement, to the maximum extent reasonably possible without violating any applicable requirement 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, the Partnership or any of their respective affiliates, employees or agents unless such liability arises as a result of the Company’s, the Partnership’s or any of their respective affiliate’s material breach of this Agreement.

(ii)Notwithstanding any provision to the contrary in this Agreement, (A) if the Grantee is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i), to the extent delayed commencement (any such delayed commencement, a “Payment Delay”) of any portion of issuance of the Common Shares hereunder to which the Grantee is entitled under this Agreement (after taking into account all exclusions applicable to such termination benefits under Section 409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i), such portion of the issuance of Common Shares hereunder shall not be provided to the Grantee prior to the earlier of (x) the expiration of the six-month period measured from the date of the Grantee’s “separation from service” with the Company (as such term is defined in the Department of Treasury Regulations issued under Section 409A) or (y) the date of the Grantee’s death. Upon the earlier of such dates (the “Delayed Payment Date”), all Common Share issuances deferred pursuant to this Section 7(l)(ii) shall be completed in a lump sum to the Grantee; (B) the determination of whether the Grantee is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A and applicable guidance thereunder (including without limitation Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto); and (C) for purposes of Section 409A, the Grantee’s right to receive installment payments shall be treated as

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a right to receive a series of separate and distinct payments.

(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, Dividend Equivalents and the Common Shares issuable hereunder, and rights no greater than the right as a general unsecured creditor to receive Common Shares with respect to Notional Units, as and when payable hereunder and cash in respect of the Dividend Equivalents.

(n)Clawback. The Grantee acknowledges and agrees that the Notional Units and Dividend Equivalents and Common Shares (including any proceeds, gains or other economic benefit actually or constructively received by the Grantee upon any receipt of the Notional Units, Dividend Equivalents or Common Shares or upon the receipt or resale of any Common Shares underlying the Notional Units) shall be subject to the provisions of any claw-back policy implemented by the Company, the Partnership or any Subsidiary prior to the termination of his employment and applicable to him as an executive of the Company, the Partnership or any Subsidiary, including, without limitation, any claw back policy adopted to comply with the requirements of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder. The Company, the Partnership and any Subsidiary agree, however, that any such policy shall be applied to the Grantee consistent with how such policy is applied to other senior executives of the Company, the Partnership or any Subsidiary with respect to the same subject matter.        

(o)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.

[signature page follows]

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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

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EXHIBIT A

List of Peer Group

[see attached]

US-DOCS\99677923.5

EXHIBIT A - List of Peer Group

US-DOCS\99677923.5

EX-10.4

EXHIBIT 10.4

TANGER FACTORY OUTLET CENTERS, INC.RESTRICTED SHARE UNIT

AWARD AGREEMENT

Name of Grantee:     ____________
No. of Restricted Share Units:     ____________
Grant Date:     February 16, 2018

Share Issuance Date(s): February 15, 2021 with respect to ____ Restricted Share Units; or the date of consummation of a Change in Control, if earlier.

RECITALS

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

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 Restricted Share Units and the Company wishes to award Restricted Share Units hereunder.

The Company has historically granted dividends at least annually, the Plan permits the award of Dividend Equivalents and the Company wishes to award Dividend Equivalents hereunder.

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 Restricted Share Units set forth above, with corresponding Dividend Equivalents described below.

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” has the meaning set forth in the Employment Agreement.

“Change in Control” has the meaning set forth in the Plan; provided that the transaction or event described in the Change in Control definition set forth in the Plan must also constitute a

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“change in control event,” as defined in Department of Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Section 409A.

“Disability” has the meaning set forth in the Employment Agreement.

“Employment Agreement” means that certain Amended and Restated Employment Agreement, as of December 14, 2016, by and among the Company, the Partnership and the Grantee, as may be amended from time to time.

“Good Reason” has the meaning set forth in the Employment Agreement.

“Retirement” has the meaning set forth in the Employment Agreement.

2.Restricted Share Unit Award.

(a)Award. In consideration of the Grantee’s past and/or continued employment with or service to the Company, the Partnership 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 Restricted Share Units set forth above, which will be subject to (i) forfeiture or conversion into Common Shares to the extent provided in Sections 2 and 3, and (ii) to the extent not inconsistent herewith, 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 with respect to any Restricted Share Units granted hereunder, a Termination of Employment of the Grantee occurs for any reason other than those reasons described in Section 2(b)(ii), then all outstanding Restricted Share Units granted hereunder 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 Share Units.

(ii)Except as provided in Section 2(b)(iii), if, prior to the Share Issuance Date with respect to any Restricted Share Units granted hereunder, a Termination of Employment of the Grantee (1) without Cause by the Company, (2) with Good Reason by the Grantee, (3) due to Retirement by the Grantee, or (4) due to the Grantee’s death or Disability, occurs, the Grantee shall be entitled on the Share Issuance Date to a number of Common 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 such Restricted Share Units. On the Share Issuance Date, all Restricted Share Units with respect to which Common Shares are issued pursuant to this Section 2(b)(ii) 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 such Restricted Share Units.

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(iii)Notwithstanding anything to the contrary, on the date of a Change in Control occurring prior to February 15, 2021, 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, a number of Common 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 such Restricted Share Units. On the date of such Change in Control, all outstanding Restricted Share 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 Restricted Share Units.

3.Common Shares.

(a)Grant of Common Shares. Subject to Section 3(c) and to the extent that Section 2(b)(ii) does not apply, on the Share Issuance Date with respect to any Restricted Share Units that remain outstanding (unless such date is the date of consummation of a Change in Control), 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 a number of Common 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 such Restricted Share Units. Upon the Share Issuance Date, all such Restricted Share 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 such Restricted Share Units.

(b)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 Restricted Share Units, the Dividend Equivalents or any Common Shares underlying the Restricted Share Units and deliverable hereunder unless and until such Common 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).

(c)Conditions on Delivery of Common Shares. The Common Shares deliverable hereunder, or any portion thereof, may be either previously authorized but unissued Common Shares or issued Common Shares which have then been reacquired by the Company. Such Common Shares shall be fully paid and nonassessable. Notwithstanding anything to the contrary herein, 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(d). If the issuance or delivery of any Common Shares issuable hereunder would violate any applicable law, rule or regulation, (A) the Company agrees to take commercially reasonable steps to permit the issuance or delivery of such Common Shares in the time period required by Section 409A (taking into account the permitted delays under Treas. Reg. 1.409A-2(b)(7)), (B) the Common

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Shares shall be issued at the earliest date at which the Committee reasonably anticipates that Common Shares can again be issued in accordance with Section 3(c)(i), and (C) any Dividend Equivalents that would have been forfeited upon issuance of Common Shares on the Share Issuance Date but for Section 3(c)(i) will remain outstanding through the actual date of issuance of such Common Shares in accordance with Section 3(c)(i).

(d)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 or vesting of the Restricted Share Units, the payments in respect of the Dividend Equivalents, or the issuance of the Common Shares hereunder. Such payment shall be made by deduction from other compensation payable to the Grantee (to the extent permitted by Section 409A) 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)Withholding of Common Shares issuable under this Award or surrender of other Common Shares otherwise held by the Grantee (including, without limitation, Common Shares that have vested prior to or concurrent with the issuance of Common Shares hereunder, whether in connection with this Award or otherwise, but excluding Common Shares that remain subject to any vesting or holding period requirements) having a fair market value equal to the amounts withheld; provided that the number of Common Shares which may be so withheld or surrendered shall be no greater than the number of Common Shares which have a fair market value on the date of withholding or surrender equal to the aggregate amount of the withholding taxes based on the maximum statutory withholding rates in the Grantee’s applicable jurisdiction for federal, state, local and foreign income tax and payroll tax purposes that are applicable to his or her taxable income; or

(iii)Other property acceptable to the Committee.

The Company shall not be obligated to deliver any new certificate representing the Common Shares issued to the Grantee or the Grantee’s legal representative hereunder or enter such Common 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 and vesting of the Restricted Share Units, the Dividend Equivalents and the issuance of Common Shares hereunder.

4.Dividend Equivalents.

(a)Each Restricted Share Unit granted hereunder is hereby granted in tandem with corresponding a Dividend Equivalent, which shall entitle the Grantee to receive payment described in this Section 4. The Dividend Equivalents and any amounts that may become payable in respect thereof shall be treated separately from the Restricted Share Units and the rights arising in connection therewith for purposes of Section 409A (including for purposes of the designation of the time and form of payments required by Section 409A). Upon the forfeiture of any Restricted Share Unit (including, without limitation, in connection with

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settlement thereof in Common Shares as described above), the Dividend Equivalent with respect to such forfeited Restricted Share Unit shall also be forfeited, subject to Section 3(c). For the avoidance of doubt, such forfeiture of Dividend Equivalents will not result in forfeiture of any right to receive payments in respect of such Dividend Equivalents that were payable prior to the date of forfeiture.

(b)Within 30 days following each ex-dividend date for any cash dividend of the Company as of which the Dividend Equivalents remain outstanding, the Grantee shall be entitled to receive, for each Common Share underlying the Restricted Share Units corresponding with such Dividend Equivalents, an amount equal to the per share cash amount of the dividend declared with respect to Common Shares held on such ex-dividend date. After the date of issuance of Common Shares in connection with any Restricted Share Units, the Grantee shall be entitled to receive dividends with respect to such Common Shares in the same manner as dividends are paid to all other holders of Common Shares and shall no longer be entitled to any payments with respect to the Dividend Equivalents corresponding with such Restricted Share Units (other than payments under this Section 4(b) with respect to dividends with ex-dividend dates on or prior to the date of issuance of such Common Shares).

(c)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 Restricted Share Units and/or Common Shares granted hereunder. For the avoidance of doubt, the Grantee shall not be entitled to any payment in respect of Dividend Equivalents to the extent he has received a dividend in respect of the Common Shares underlying the Restricted Share Units corresponding with such Dividend Equivalents.

5.Restrictions on Transfer; Holding Period. Unless otherwise determined by the Committee:

(a)The Restricted Share Units and the Dividend Equivalents 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. Neither the Restricted Share Units, the Dividend Equivalents, the Common Shares granted hereunder 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. Notwithstanding the provision of this Agreement to the contrary, transfers by will or by the applicable laws of descent and distribution shall not be prohibited.

(b)Notwithstanding any provision of this Agreement to the contrary, except as otherwise provided in the Employment Agreement or in the last sentence of Section 5(a) above, no Common Share granted hereunder may be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered until the third anniversary (or, to the extent the issuance of Common Shares is delayed pursuant to Section 7(l)(ii), the 30-month anniversary) of the date on which such Common Share is issued in respect of the Restricted Share Units granted hereunder.

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(c)The Common Shares granted hereunder (whether or not the restrictions in this Section 5 have lapsed with respect to such Common Shares) shall be subject to the restrictions on ownership and transfer set forth in the Company’s Articles of Incorporation.

6.Changes in Capital Structure. In addition to any actions by the Committee permitted under Section 11.3 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 Restricted Share Units and Dividend Equivalents. The Grantee acknowledges that the Restricted Share Units, Dividend Equivalents and Common Shares granted or issuable hereunder are subject to amendment or modification as provided in this Section 6 and amendment, modification or termination as set forth in Section 11.3 of the Plan (provided that clause (ii) of Section 11.3(b) of the Plan shall not apply without the Grantee’s prior consent).

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 Restricted Share Units, the Dividend Equivalents or the Common Shares granted hereunder.

(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 any such amendment, modification, suspension or termination that adversely affects the rights of the Grantee must be consented to by the Grantee to be effective as against him.

(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, this Agreement 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.

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(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, the Partnership 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, the Partnership 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 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 Restricted Share Units, Dividend Equivalents and/or Common 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.

(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 Restricted Share Units, Dividend Equivalents and the Common Shares granted hereunder 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

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in Section 5, this Agreement shall be binding upon, and inure to the benefit of, 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 with respect to the subject matter hereof 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.

(i)This Agreement is intended to comply with Section 409A and, as such, this Agreement shall be interpreted in accordance with Section 409A. The Company and the Partnership agree that, to the extent permitted under Section 409A, they shall cooperate to modify any of the provisions of this Agreement, either at the reasonable request of the Grantee, or as the Company or the Partnership may propose, in any such case to the extent necessary to comply with all applicable requirements of, and to avoid the imposition on the Grantee of any additional tax, interest and penalties under, Section 409A in connection with the Restricted Share Units, Dividend Equivalents or Common Shares issuable under this Agreement. Any such modification shall be intended to maintain the original intent and economic benefit to the Grantee of the applicable provision of this Agreement, to the maximum extent reasonably possible without violating any applicable requirement 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, the Partnership or any of their respective affiliates, employees or agents unless such liability arises as a result of the Company’s, the Partnership’s or any of their respective affiliate’s material breach of this Agreement.

(ii)Notwithstanding any provision to the contrary in this Agreement: (A) if the Grantee is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i), to the extent delayed commencement (any such delayed commencement, a “Payment Delay”) of any portion of the issuance of Common Shares to which the Grantee is entitled under this Agreement (after taking into account all exclusions applicable to such termination benefits under Section 409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i), such portion of the issuance of Common Shares hereunder shall not be provided to the Grantee prior to the earlier of (x) the expiration of the six-month period measured from the date of the Grantee’s “separation from service” with the Company (as such term is defined in the Department of Treasury Regulations issued under Section 409A) or (y) the date of the Grantee’s death. Upon the earlier of such dates (the “Delayed Payment Date”), all Common Share issuances deferred pursuant to this Section 7(l)(ii) shall be completed in a lump sum to the Grantee; and (B) the determination of whether the Grantee is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A and applicable guidance thereunder (including without limitation Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto).

8

(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 Restricted Share Units, Dividend Equivalents and Common Shares granted hereunder, and rights no greater than the right to receive Common Shares or payments in respect of the Dividend Equivalents as a general unsecured creditor, as and when payable hereunder.

(n)Clawback. The Grantee acknowledges and agrees that the Restricted Share Units and Dividend Equivalents (including any proceeds, gains or other economic benefit actually or constructively received by the Grantee upon any receipt of the Restricted Share Units or Dividend Equivalents or upon the receipt or resale of any Common Shares underlying the Restricted Share Units) shall be subject to the provisions of any claw-back policy implemented by the Company, the Partnership or any Subsidiary prior to the termination of his employment and applicable to him as an executive of the Company, the Partnership or any Subsidiary, including, without limitation, any claw back policy adopted to comply with the requirements of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder. The Company, the Partnership and any Subsidiary agree, however, that any such policy shall be applied to the Grantee consistent with how such policy is applied to other senior executives of the Company, the Partnership or any Subsidiary with respect to the same subject matter.    

(o)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.

[signature page follows]

9

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 Restricted Share Unit Award Agreement

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,
	2018		2017
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests	$	21,491	$	21,196
Add:
Distributed income of unconsolidated joint ventures	2,198		2,473
Amortization of capitalized interest	192		170
Interest expense	15,800		16,487
Portion of rent expense - interest factor	599		609
Total earnings	40,280		40,935
Fixed charges:
Interest expense	15,800		16,487
Capitalized interest and capitalized amortization of debt issue costs	73		520
Portion of rent expense - interest factor	599		609
Total fixed charges	$	16,472	$	17,616
Ratio of earnings to fixed charges	2.4		2.3
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests	$	21,491	$	21,196
Add:
Distributed income of unconsolidated joint ventures	2,198		2,473
Amortization of capitalized interest	192		170
Interest expense	15,800		16,487
Portion of rent expense - interest factor	599		609
Total Earnings	40,280		40,935
Fixed charges and preferred share dividends:
Interest expense	15,800		16,487
Capitalized interest and capitalized amortization of debt issue costs	73		520
Portion of rent expense - interest factor	599		609
Preferred share dividends	—		—
Total combined fixed charges and preferred share dividends	$	16,472	$	17,616
Ratio of earnings to combined fixed charges and preferred share dividends	2.4		2.3

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,
	2018		2017
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests	$	21,491	$	21,196
Add:
Distributed income of unconsolidated joint ventures	2,198		2,473
Amortization of capitalized interest	192		170
Interest expense	15,800		16,487
Portion of rent expense - interest factor	599		609
Total earnings	40,280		40,935
Fixed charges:
Interest expense	15,800		16,487
Capitalized interest and capitalized amortization of debt issue costs	73		520
Portion of rent expense - interest factor	599		609
Total fixed charges	$	16,472	$	17,616
Ratio of earnings to fixed charges	2.4		2.3
Earnings:
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests	$	21,491	$	21,196
Add:
Distributed income of unconsolidated joint ventures	2,198		2,473
Amortization of capitalized interest	192		170
Interest expense	15,800		16,487
Portion of rent expense - interest factor	599		609
Total earnings	40,280		40,935
Fixed charges and preferred unit distributions:
Interest expense	15,800		16,487
Capitalized interest and capitalized amortization of debt issue costs	73		520
Portion of rent expense - interest factor	599		609
Preferred unit distributions	—		—
Total combined fixed charges and preferred unit distributions	$	16,472	$	17,616
Ratio of earnings to combined fixed charges and preferred unit distributions	2.4		2.3

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, 2018;

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 3, 2018

/s/ Steven B. Tanger

Steven B. Tanger

Chief Executive Officer

Tanger Factory Outlet Centers, Inc.

EX-31.2

Exhibit 31.2

I, James F. Williams, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period endedMarch 31, 2018;

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 3, 2018

/s/ James F. Williams

James F. Williams

Senior 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, 2018;
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 3, 2018
/s/ Steven B. Tanger
Steven B. Tanger
Chief Executive Officer
Tanger GP Trust, sole general partner of the Operating Partnership

EX-31.4

Exhibit 31.4

I, James F. Williams, certify that:

1	I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended March 31, 2018;
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 3, 2018
/s/ James F. Williams
James F. Williams
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, 2018 (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 3, 2018	/s/ Steven B. Tanger
		Steven B. Tanger 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, 2018 (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 3, 2018	/s/ James F. Williams
		James F. Williams Senior 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, 2018 (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 3, 2018	/s/ Steven B. Tanger
		Steven B. Tanger
		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, 2018 (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 3, 2018	/s/ James F. Williams
		James F. Williams
		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, 2018	May 01, 2018
Entity Information [Line Items]
Entity Registrant Name	TANGER FACTORY OUTLET CENTERS INC
Entity Central Index Key	0000899715
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Entity Common Stock, Shares Outstanding		94,382,583
Tanger Properties Limited Partnership [Member]
Entity Information [Line Items]
Entity Registrant Name	TANGER PROPERTIES LIMITED PARTNERSHIP
Entity Central Index Key	0001004036
Entity Filer Category	Non-accelerated Filer

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Tanger Factory Outlet Centers, Inc. [Member]
Rental property:
Land	$ 279,978	$ 279,978
Buildings, improvements and fixtures	2,810,980	2,793,638
Construction in progress	615	14,854
Rental property, at cost, total	3,091,573	3,088,470
Accumulated depreciation	(929,608)	(901,967)
Total rental property, net	2,161,965	2,186,503
Cash and cash equivalents	3,427	6,101
Investments in unconsolidated joint ventures	114,304	119,436
Deferred lease costs and other intangibles, net	127,493	132,061
Prepaids and other assets	98,669	96,004
Total assets	2,505,858	2,540,105
Debt:
Senior, unsecured notes, net	1,135,230	1,134,755
Unsecured term loan, net	323,082	322,975
Mortgages payable, net	90,109	99,761
Unsecured lines of credit, net	223,634	206,160
Total debt	1,772,055	1,763,651
Accounts payable and accrued expenses	66,405	90,416
Other liabilities	73,907	73,736
Total liabilities	1,912,367	1,927,803
Commitments and contingencies
Tanger Factory Outlet Centers, Inc.:
Common shares, $.01 par value, 300,000,000 shares authorized, 94,382,583 and 94,560,536 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	944	946
Paid in capital	776,753	784,782
Accumulated distributions in excess of net income	(194,416)	(184,865)
Partners' Equity:
Accumulated other comprehensive loss	(19,623)	(19,285)
Equity attributable to Tanger Factory Outlet Centers, Inc.	563,658	581,578
Noncontrolling interests in Operating Partnership	29,833	30,724
Noncontrolling interests in other consolidated partnerships	0	0
Total equity	593,491	612,302
Total liabilities and equity	2,505,858	2,540,105
Tanger Properties Limited Partnership [Member]
Rental property:
Land	279,978	279,978
Buildings, improvements and fixtures	2,810,980	2,793,638
Construction in progress	615	14,854
Rental property, at cost, total	3,091,573	3,088,470
Accumulated depreciation	(929,608)	(901,967)
Total rental property, net	2,161,965	2,186,503
Cash and cash equivalents	3,338	6,050
Investments in unconsolidated joint ventures	114,304	119,436
Deferred lease costs and other intangibles, net	127,493	132,061
Prepaids and other assets	97,860	95,384
Total assets	2,504,960	2,539,434
Debt:
Senior, unsecured notes, net	1,135,230	1,134,755
Unsecured term loan, net	323,082	322,975
Mortgages payable, net	90,109	99,761
Unsecured lines of credit, net	223,634	206,160
Total debt	1,772,055	1,763,651
Accounts payable and accrued expenses	65,507	89,745
Other liabilities	73,907	73,736
Total liabilities	1,911,469	1,927,132
Commitments and contingencies
Partners' Equity:
General partner, 1,000,000 units outstanding at March 31, 2018 and December 31, 2017	5,743	5,844
Limited partners, 4,995,433 and 4,995,433 Class A common units, and 93,382,583 and 93,560,536 Class B common units outstanding at March 31, 2018 and December 31, 2017, respectively	608,449	626,803
Accumulated other comprehensive loss	(20,701)	(20,345)
Total partners' equity	593,491	612,302
Noncontrolling interests in other consolidated partnerships	0	0
Total equity	593,491	612,302
Total liabilities and equity	$ 2,504,960	$ 2,539,434

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Tanger Factory Outlet Centers, Inc. [Member]
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	300,000,000	300,000,000
Common shares, issued (in shares)	94,382,583	94,560,536
Common shares, outstanding (in shares)	94,382,583	94,560,536
Tanger Properties Limited Partnership [Member]
General partner units, outstanding (in units)	1,000,000	1,000,000
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member]
Limited partners units, outstanding (in units)	4,995,433	4,995,433
Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member]
Limited partners units, outstanding (in units)	93,382,583	93,560,536

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Management, leasing and other services	$ 613	$ 579
Tanger Factory Outlet Centers, Inc. [Member]
Revenues:
Base rentals	81,533	80,330
Percentage rentals	1,429	1,855
Expense reimbursements	38,280	36,598
Management, leasing and other services	613	579
Other income	1,680	2,006
Total revenues	123,535	121,368
Expenses:
Property operating	42,218	40,387
General and administrative	11,112	11,412
Abandoned pre-development costs	0	627
Depreciation and amortization	33,123	31,294
Total expenses	86,453	83,720
Operating income	37,082	37,648
Other income (expense):
Interest expense	(15,800)	(16,487)
Other non-operating income (expense)	209	35
Income before equity in earnings of unconsolidated joint ventures	21,491	21,196
Equity in earnings of unconsolidated joint ventures	2,194	2,318
Net income	23,685	23,514
Noncontrolling interests in Operating Partnership	(1,217)	(1,178)
Noncontrolling interests in other consolidated partnerships	370	0
Net income attributable to Tanger Factory Outlet Centers, Inc.	$ 22,838	$ 22,336
Basic earnings per common share/unit
Net income (in dollars per share)	$ 0.24	$ 0.23
Diluted earnings per common share/unit
Net income (in dollars per share)	0.24	0.23
Dividends declared per common share (in dollars per share)	$ 0.3425	$ 0.325
Tanger Properties Limited Partnership [Member]
Revenues:
Base rentals	$ 81,533	$ 80,330
Percentage rentals	1,429	1,855
Expense reimbursements	38,280	36,598
Management, leasing and other services	613	579
Other income	1,680	2,006
Total revenues	123,535	121,368
Expenses:
Property operating	42,218	40,387
General and administrative	11,112	11,412
Abandoned pre-development costs	0	627
Depreciation and amortization	33,123	31,294
Total expenses	86,453	83,720
Operating income	37,082	37,648
Other income (expense):
Interest expense	(15,800)	(16,487)
Other non-operating income (expense)	209	35
Income before equity in earnings of unconsolidated joint ventures	21,491	21,196
Equity in earnings of unconsolidated joint ventures	2,194	2,318
Net income	23,685	23,514
Noncontrolling interests in consolidated partnerships	370	0
Net income attributable to Tanger Factory Outlet Centers, Inc.	24,055	23,514
Net income available to limited partners	23,814	23,281
Net income available to general partner	$ 241	$ 233
Basic earnings per common share/unit
Net income (in dollars per share)	$ 0.24	$ 0.23
Diluted earnings per common share/unit
Net income (in dollars per share)	0.24	0.23
Dividends declared per common share (in dollars per share)	$ 0.3425	$ 0.325

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Tanger Factory Outlet Centers, Inc. [Member]
Net income	$ 23,685	$ 23,514
Other comprehensive income (loss):
Foreign currency translation adjustments	(3,095)	1,010
Change in fair value of cash flow hedges	2,739	722
Other comprehensive income (loss)	(356)	1,732
Comprehensive income	23,329	25,246
Comprehensive income attributable to noncontrolling interests	(829)	(1,247)
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership	22,500	23,999
Tanger Properties Limited Partnership [Member]
Net income	23,685	23,514
Other comprehensive income (loss):
Foreign currency translation adjustments	(3,095)	1,010
Change in fair value of cash flow hedges	2,739	722
Other comprehensive income (loss)	(356)	1,732
Comprehensive income	23,329	25,246
Comprehensive income attributable to noncontrolling interests	370	0
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership	$ 23,699	$ 25,246

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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Tanger Factory Outlet Centers, Inc. [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 loss [Member]	Tanger Factory Outlet Centers, Inc. [Member] Total parent equity [Member]	Tanger Factory Outlet Centers, Inc. [Member] Noncontrolling interests [Member] Limited partners [Member]	Tanger Factory Outlet Centers, Inc. [Member] Noncontrolling interests [Member] Other consolidated partnerships [Member]	Tanger Properties Limited Partnership [Member]	Tanger Properties Limited Partnership [Member] Accumulated other comprehensive loss [Member]	Tanger Properties Limited Partnership [Member] Total parent equity [Member]	Tanger Properties Limited Partnership [Member] Noncontrolling interests [Member]	Tanger Properties Limited Partnership [Member] General partner [Member]	Tanger Properties Limited Partnership [Member] Limited partners [Member]
Beginning Balance at Dec. 31, 2016	$ 705,441	$ 961	$ 820,251	$ (122,701)	$ (28,295)	$ 670,216	$ 35,066	$ 159
Beginning Balance at Dec. 31, 2016										$ (29,834)	$ 705,282	$ 159	$ 6,485	$ 728,631
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2016									$ 705,441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,514			22,336		22,336	1,178	0	23,514		23,514	0	233	23,281
Other comprehensive loss	1,732				1,663	1,663	69		1,732	1,732	1,732
Compensation under Incentive Award Plan	3,537		3,537			3,537			3,537		3,537			3,537
Issuance of common shares upon exercise of options	54		54			54
Issuance of common units upon exercise of options									54		54			54
Grant of restricted common share awards, net of forfeitures		4	(4)
Withholding of common shares/units for employee income taxes	(2,435)		(2,435)			(2,435)			(2,435)		(2,435)			(2,435)
Adjustment for noncontrolling interests in Operating Partnership			106			106	(106)
Common distributions									(33,840)		(33,840)		(325)	(33,515)
Common dividends	(32,206)			(32,206)		(32,206)
Distributions to noncontrolling interests	(1,634)						(1,634)	0				0
Ending Balance at Mar. 31, 2017	698,003	965	821,509	(132,571)	(26,632)	663,271	34,573	159
Ending Balance at Mar. 31, 2017										(28,102)	697,844	159	6,393	719,553
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2017									698,003
Beginning Balance at Dec. 31, 2017	612,302	946	784,782	(184,865)	(19,285)	581,578	30,724	0
Beginning Balance at Dec. 31, 2017									612,302	(20,345)	612,302	0	5,844	626,803
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2017									612,302
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,685			22,838		22,838	1,217	(370)	23,685		24,055	(370)	241	23,814
Other comprehensive loss	(356)				(338)	(338)	(18)		(356)	(356)	(356)
Compensation under Incentive Award Plan	3,656		3,656			3,656			3,656		3,656			3,656
Grant of restricted common share awards, net of forfeitures		3	(3)
Repurchased of common shares including transaction costs	(9,998)	(4)	(9,994)			(9,998)			(9,998)		(9,998)			(9,998)
Withholding of common shares/units for employee income taxes	(2,068)	(1)	(2,067)			(2,068)			(2,068)		(2,068)			(2,068)
Contributions from noncontrolling interests	445							445	445			445
Adjustment for noncontrolling interests in Operating Partnership			379			379	(379)
Common distributions									(34,100)		(34,100)		(342)	(33,758)
Common dividends	(32,389)			(32,389)		(32,389)
Distributions to noncontrolling interests	(1,786)						(1,711)	(75)	(75)			(75)
Ending Balance at Mar. 31, 2018	$ 593,491	$ 944	$ 776,753	$ (194,416)	$ (19,623)	$ 563,658	$ 29,833	$ 0
Ending Balance at Mar. 31, 2018									593,491	$ (20,701)	$ 593,491	$ 0	$ 5,743	$ 608,449
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2018									$ 593,491

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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2018 $ / shares $ / Units shares	Mar. 31, 2017 $ / shares $ / Units shares
Tanger Factory Outlet Centers, Inc. [Member]
Common shares/units issued upon exercise of options (in shares)	0	1,800
Grant of restricted common share awards, net of forfeitures (in shares)	355,184	428,312
Shares repurchased and retired during period (in shares)	443,700	0
Shares paid for tax withholding for share based compensation (in shares)	89,437	69,886
Dividends declared per common share (in dollars per share) | $ / shares	$ 0.3425	$ 0.325
Tanger Properties Limited Partnership [Member]
Common shares/units issued upon exercise of options (in shares)	0	1,800
Grant of restricted common share awards, net of forfeitures (in shares)	355,184	428,312
Shares repurchased and retired during period (in shares)	443,700	0
Shares paid for tax withholding for share based compensation (in shares)	89,437	69,886
Common distributions (in dollars per share) | $ / Units	0.3425	0.325

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Tanger Factory Outlet Centers, Inc. [Member]
OPERATING ACTIVITIES
Net income	$ 23,685	$ 23,514
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,123	31,294
Amortization of deferred financing costs	783	878
Equity in earnings of unconsolidated joint ventures	(2,194)	(2,318)
Equity-based compensation expense	3,392	3,292
Amortization of debt (premiums) and discounts, net	101	125
Amortization (accretion) of market rent rate adjustments, net	562	722
Straight-line rent adjustments	(1,948)	(1,705)
Distributions of cumulative earnings from unconsolidated joint ventures	2,198	2,473
Changes in other assets and liabilities:
Other assets	1,714	(909)
Accounts payable and accrued expenses	(11,412)	(761)
Net cash provided by operating activities	50,004	56,605
INVESTING ACTIVITIES
Additions to rental property	(19,714)	(35,527)
Additions to investments in unconsolidated joint ventures	(514)	(1,371)
Additions to non-real estate assets	(303)	(6,949)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,494	3,313
Additions to deferred lease costs	(1,014)	(1,430)
Other investing activities	2,969	2,833
Net cash used in investing activities	(14,082)	(39,131)
FINANCING ACTIVITIES
Cash dividends paid	(32,389)	(32,206)
Distributions to noncontrolling interests in Operating Partnership	(1,711)	(1,634)
Proceeds from revolving credit facility	149,200	128,855
Repayments of revolving credit facility	(129,700)	(117,500)
Repayments of notes, mortgages and loans	(9,379)	(736)
Repurchase of common shares, including transaction costs	(9,998)	0
Employee income taxes paid related to shares withheld upon vesting of equity awards	(2,068)	(2,435)
Additions to deferred financing costs	(2,606)	(50)
Proceeds from exercise of options	0	54
Proceeds from other financing activities	445	3,283
Payment for other financing activities	(362)	(104)
Net cash used in financing activities	(38,568)	(22,473)
Effect of foreign currency rate changes on cash and cash equivalents	(28)	2
Net decrease in cash and cash equivalents	(2,674)	(4,997)
Cash and cash equivalents, beginning of period	6,101	12,222
Cash and cash equivalents, end of period	3,427	7,225
Tanger Properties Limited Partnership [Member]
OPERATING ACTIVITIES
Net income	23,685	23,514
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,123	31,294
Amortization of deferred financing costs	783	878
Equity in earnings of unconsolidated joint ventures	(2,194)	(2,318)
Equity-based compensation expense	3,392	3,292
Amortization of debt (premiums) and discounts, net	101	125
Amortization (accretion) of market rent rate adjustments, net	562	722
Straight-line rent adjustments	(1,948)	(1,705)
Distributions of cumulative earnings from unconsolidated joint ventures	2,198	2,473
Changes in other assets and liabilities:
Other assets	1,903	(869)
Accounts payable and accrued expenses	(11,639)	(843)
Net cash provided by operating activities	49,966	56,563
INVESTING ACTIVITIES
Additions to rental property	(19,714)	(35,527)
Additions to investments in unconsolidated joint ventures	(514)	(1,371)
Additions to non-real estate assets	(303)	(6,949)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	4,494	3,313
Additions to deferred lease costs	(1,014)	(1,430)
Other investing activities	2,969	2,833
Net cash used in investing activities	(14,082)	(39,131)
FINANCING ACTIVITIES
Cash dividends paid	(34,100)	(33,840)
Proceeds from revolving credit facility	149,200	128,855
Repayments of revolving credit facility	(129,700)	(117,500)
Repayments of notes, mortgages and loans	(9,379)	(736)
Repurchase of common shares, including transaction costs	(9,998)	0
Employee income taxes paid related to shares withheld upon vesting of equity awards	(2,068)	(2,435)
Additions to deferred financing costs	(2,606)	(50)
Proceeds from exercise of options	0	54
Proceeds from other financing activities	445	3,283
Payment for other financing activities	(362)	(104)
Net cash used in financing activities	(38,568)	(22,473)
Effect of foreign currency rate changes on cash and cash equivalents	(28)	2
Net decrease in cash and cash equivalents	(2,712)	(5,039)
Cash and cash equivalents, beginning of period	6,050	12,199
Cash and cash equivalents, end of period	$ 3,338	$ 7,160

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Business

3 Months Ended

Mar. 31, 2018

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, 2018, we owned and operated 36 consolidated outlet centers, with a total gross leasable area of approximately 12.9 million square feet. We also had partial ownership interests in 8 unconsolidated outlet centers totaling approximately 2.4 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 is the sole general partner of the Operating Partnership. Tanger LP Trust holds a limited partnership interest. As of March 31, 2018, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 94,382,583 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,995,433 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, 2018

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, 2017. The December 31, 2017 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 and 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 investments in real estate joint ventures, 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.

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 because we are committed to provide further financial support to these joint ventures. 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.

"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.

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Investments in Unconsolidated Real Estate Joint Ventures

3 Months Ended

Mar. 31, 2018

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, 2018
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Debt, Net (in millions)(1)
Columbus	Columbus, OH	50.0	%	355	$	0.1		$	84.5
National Harbor	National Harbor, MD	50.0	%	341	2.0			86.5
RioCan Canada	Various	50.0	%	923	112.2			10.6
Investments included in investments in unconsolidated joint ventures					$	114.3
Charlotte(2)	Charlotte, NC	50.0	%	398	$	(4.3	)	$	89.9
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(14.7		)	79.5
Investments included in other liabilities					$	(19.0	)

As of December 31, 2017
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Debt, Net (in millions)(1)
Columbus	Columbus, OH	50.0	%	355	$	1.1		$	84.4
National Harbor	National Harbor, MD	50.0	%	341	2.5			86.4
RioCan Canada	Various	50.0	%	923	115.8			11.1
Investments included in investments in unconsolidated joint ventures					$	119.4
Charlotte(2)	Charlotte, NC	50.0	%	398	$	(4.1	)	$	89.8
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.0		)	79.4
Investments included in other liabilities					$	(17.1	)

(1) Net of debt origination costs and including premiums of $1.3 million and $1.4 million as of March 31, 2018 and December 31, 2017, respectively.

(2) The negative carrying value is due to distributions exceeding contributions and increases or decreases from the equity in earnings of the joint venture.

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,
	2018		2017
Fee:
Management and marketing	$	567	$	542
Leasing and other fees	46		37
Total Fees	$	613	$	579

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 $4.2 million as of March 31, 2018 and December 31, 2017, respectively) are amortized over the various useful lives of the related assets.

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, 2018			December 31, 2017
Assets
Land	$	94,138		$	95,686
Buildings, improvements and fixtures	500,209			505,618
Construction in progress, including land under development	3,094			3,005
	597,441			604,309
Accumulated depreciation	(98,614		)	(93,837		)
Total rental property, net	498,827			510,472
Cash and cash equivalents	19,848			25,061
Deferred lease costs and other intangibles, net	10,405			10,985
Prepaids and other assets	14,614			15,073
Total assets	$	543,694		$	561,591
Liabilities and Owners' Equity
Mortgages payable, net	$	351,016		$	351,259
Accounts payable and other liabilities	11,289			14,680
Total liabilities	362,305			365,939
Owners' equity	181,389			195,652
Total liabilities and owners' equity	$	543,694		$	561,591

	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures	2018			2017
Revenues	$	23,997		$	24,062
Expenses:
Property operating	9,928			9,378
General and administrative	198			120
Depreciation and amortization	6,363			7,513
Total expenses	16,489			17,011
Operating income	7,508			7,051
Interest expense	(3,077		)	(2,260		)
Other non-operating income	52			2
Net income	$	4,483		$	4,793
The Company and Operating Partnership's share of:
Net income	$	2,194		$	2,318
Depreciation and amortization expense (real estate related)	$	3,229		$	3,838

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Debt Guaranteed by the Company

3 Months Ended

Mar. 31, 2018

Tanger Factory Outlet Centers, Inc. [Member]

Debt Guaranteed by the Company

Debt Guaranteed by 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 $600.0 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):

	As of
	March 31, 2018		December 31, 2017
Unsecured lines of credit	$	227,600	$	208,100
Unsecured term loan	$	325,000	$	325,000

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Debt of the Operating Partnership

3 Months Ended

Mar. 31, 2018

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, 2018				December 31, 2017
	Stated Interest Rate(s)		Maturity Date	Principal		Book Value(1)		Principal		Book Value(1)
Senior, unsecured notes:
Senior notes	3.875	%	December 2023	$	250,000	$	246,192	$	250,000	$	246,036
Senior notes	3.750	%	December 2024	250,000		247,498		250,000		247,410
Senior notes	3.125	%	September 2026	350,000		345,263		350,000		345,128
Senior notes	3.875	%	July 2027	300,000		296,277		300,000		296,182
Mortgages payable:
Atlantic City (2)(3)	5.14%-7.65%		November 2021- December 2026	36,682		39,001		37,462		39,879
Southaven	LIBOR + 1.80%		April 2021	51,400		51,108		60,000		59,881
Unsecured term loan	LIBOR + 0.95%		April 2021	325,000		323,082		325,000		322,975
Unsecured lines of credit	LIBOR + 0.875%		October 2021	227,600		223,634		208,100		206,160
				$	1,790,682	$	1,772,055	$	1,780,562	$	1,763,651

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

(2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05%.

(3) Principal and interest due monthly with remaining principal due at maturity.

Certain of our properties, which had a net book value of approximately $189.3 million at March 31, 2018, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $600.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $580.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. As of March 31, 2018, letters of credit totaling approximately $6.0 million were issued under the lines of credit.

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. As of March 31, 2018, the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $32.7 million.

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, 2018, we were in compliance with all of our debt covenants.

Increased Borrowing Capacity and Extension of Unsecured Lines of Credit

In January 2018, we closed on amendments to our unsecured lines of credit, which increased the borrowing capacity from $520.0 million to $600.0 million and extended the maturity date from October 2019 to October 2021, with a one-year extension option. We also reduced the interest rate spread over LIBOR from 0.90% to 0.875%, and increased the incremental borrowing availability through an accordion feature on the syndicated line from $1.0 billion to $1.2 billion. Loan origination costs associated with the amendments totaled approximately $2.3 million.

Southaven Mortgage

In February 2018, the consolidated joint venture that owns the Tanger outlet center in Southaven, Mississippi amended and restated the $60.0 million mortgage loan secured by the property that was scheduled to mature in April 2018. The amended and restated loan reduced the principal balance to $51.4 million, increased the interest rate from LIBOR + 1.75% to LIBOR + 1.80% and extended the maturity to April 2021, with a two-year extension option. In March 2018, the consolidated joint venture entered into an interest rate swap, effective March 1, 2018, that fixed the base LIBOR rate at 2.47% on a notional amount of $40.0 million through January 31, 2021.

Debt Maturities

Maturities of the existing long-term debt as of March 31, 2018 for the next five years and thereafter are as follows (in thousands):

Calendar Year	Amount
2018	$	2,404
2019	3,369
2020	3,566
2021	609,793
2022	4,436
Thereafter	1,167,114
Subtotal	1,790,682
Net discount and debt origination costs	(18,627		)
Total	$	1,772,055

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Derivative Financial Instruments

3 Months Ended

Mar. 31, 2018

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, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		March 31, 2018			December 31, 2017
Assets (Liabilities)(1):
November 14, 2013	August 14, 2018	$	150,000	1 month LIBOR	1.30	%	$	369		$	326
April 13, 2016	January 1, 2021	175,000		1 month LIBOR	1.03	%	6,636			5,207
March 1, 2018	January 31, 2021	40,000		1 month LIBOR	2.47	%	(32		)	—
August 14, 2018	January 1, 2021	150,000		1 month LIBOR	2.20	%	1,111			(188		)
Total		$	515,000				$	8,084		$	5,345

(1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets.

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 significant, is recognized directly in earnings. For the three months ended March 31, 2018 and 2017, 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,
	2018		2017
Interest Rate Swaps (Effective Portion):
Amount of gain recognized in OCI on derivative	$	2,739	$	722

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Fair Value Measurements

3 Months Ended

Mar. 31, 2018

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, 2018:
Asset:
Interest rate swaps (prepaids and other assets)	$	8,116	$	—	$	8,116	$	—
Total assets	$	8,116	$	—	$	8,116	$	—
Liabilities:
Interest rate swaps (other liabilities)	$	32	$	—	$	32	$	—
Total liabilities	$	32	$	—	$	32	$	—

			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, 2017:
Asset:
Interest rate swaps (prepaids and other assets)	$	5,533	$	—	$	5,533	$	—
Total assets	$	5,533	$	—	$	5,533	$	—
Liabilities:
Interest rate swaps (other liabilities)	$	188	$	—	$	188	$	—
Total liabilities	$	188	$	—	$	188	$	—

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 within the fair value hierarchy 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, 2018		December 31, 2017
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities	$	—	$	—
Level 2 Significant Observable Inputs	1,096,355		1,139,064
Level 3 Significant Unobservable Inputs	644,249		636,476
Total fair value of debt	$	1,740,604	$	1,775,540
Recorded value of debt	$	1,772,055	$	1,763,651

Our senior unsecured notes are publicly-traded which provides quoted market rates. However, due to the limited trading volume of these notes, we have classified these instruments as Level 2 in the hierarchy. Our other debt is classified as Level 3 given the unobservable inputs utilized in the valuation. Our unsecured term loan, unsecured lines of credit and variable interest rate mortgages are all LIBOR based instruments. When selecting the discount rates for purposes of estimating the fair value of these instruments, we evaluated the original credit spreads and do not believe that the use of them differs materially from current credit spreads for similar instruments and therefore the recorded values of these debt instruments is considered their fair value.

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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Share Repurchase Program

3 Months Ended

Mar. 31, 2018

Share repurchase program [Abstract]

Share Repurchase Program

Share Repurchase Program

In May 2017, we announced that our Board of Directors authorized the repurchase of up to $125.0 million of our outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019.  Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18.  The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. During the first quarter of 2018, we repurchased approximately443,700common shares on the open market at an average price of $22.52, totaling approximately $10.0 million, exclusive of commissions and related fees. The remaining amount authorized to be repurchased under the program as of March 31, 2018 was approximately$65.7 million.

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Partners' Equity of the Operating Partnership

3 Months Ended

Mar. 31, 2018

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 grant of restricted common share awards, or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding number of Class B common limited partnership units to Tanger LP Trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases a corresponding number or Class B common limited partnership units held by Tanger LP Trust.

The following table sets forth the changes in outstanding partnership units for the three months endedMarch 31, 2018 and March 31, 2017:

		Limited Partnership Units
	General Partnership Units	Class A	Class B		Total
Balance December 31, 2016	1,000,000	5,027,781	95,095,891		100,123,672
Grant of restricted common share awards by the Company, net of forfeitures	—	—	428,312		428,312
Units issued upon exercise of options	—	—	1,800		1,800
Units withheld for employee income taxes	—	—	(69,886	)	(69,886	)
Balance March 31, 2017	1,000,000	5,027,781	95,456,117		100,483,898
Balance December 31, 2017	1,000,000	4,995,433	93,560,536		98,555,969
Grant of restricted common share awards by the Company, net of forfeitures	—	—	355,184		355,184
Repurchase of units	—	—	(443,700	)	(443,700	)
Units withheld for employee income taxes	—	—	(89,437	)	(89,437	)
Balance March 31, 2018	1,000,000	4,995,433	93,382,583		98,378,016

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Earnings Per Share of the Company

3 Months Ended

Mar. 31, 2018

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,
	2018			2017
Numerator:
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	22,838		$	22,336
Less allocation of earnings to participating securities	(263		)	(295		)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	22,575		$	22,041
Denominator:
Basic weighted average common shares	93,644			95,245
Effect of outstanding options and certain restricted common shares	—			66
Diluted weighted average common shares	93,644			95,311
Basic earnings per common share:
Net income	$	0.24		$	0.23
Diluted earnings per common share:
Net income	$	0.24		$	0.23

We determine diluted earnings per share based on the weighted average number of common shares outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible.

Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2018 and 2017, 1,013,383 and 871,116 notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive.

With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For the three months ended March 31, 2018 and 2017,564,200 and 177,700 options were excluded from the computation, respectively, 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, 2018

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,
	2018			2017
Numerator:
Net income attributable to partners of the Operating Partnership	$	24,055		$	23,514
Less allocation of earnings to participating securities	(263		)	(295		)
Net income available to common unitholders of the Operating Partnership	$	23,792		$	23,219
Denominator:
Basic weighted average common units	98,640			100,273
Effect of outstanding options and certain restricted common units	—			66
Diluted weighted average common units	98,640			100,339
Basic earnings per common unit:
Net income	$	0.24		$	0.23
Diluted earnings per common unit:
Net income	$	0.24		$	0.23

We determine diluted earnings per unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible.

Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2018 and 2017, 1,013,383 and 871,116 notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive.

With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during 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, 2018 and 2017, 564,200 and 177,700 options excluded from the computation, respectively, 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, 2018

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 (as amended and restated on April 4, 2014, (the "Plan"), which covers our non-employee 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 equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands):

	Three months ended
	March 31,
	2018		2017
Restricted common shares	$	2,376	$	2,349
Notional unit performance awards	937		882
Options	79		61
Total equity-based compensation	$	3,392	$	3,292

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

	Three months ended
	March 31,
	2018		2017
Equity-based compensation expense capitalized	$	264	$	246

Option Awards

During February 2018, the Company granted 331,000options to non-executive employees of the Company. The exercise price of the options granted during the first quarter of 2018 is $21.94 per share which equaled the closing market price of the Company's common shares on the day prior to the grant date. The options expire 10 years from the date of grant and 20% of the options become exercisable in each of the first five years commencing one year from the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted average grant date fair value per share of $3.62 and included the following weighted-average assumptions: expected dividend yield 6.24%; expected life of 7.1 years; expected volatility of 32.47%; a risk-free rate of 2.8%; and forfeiture rates of 3.0% to 10.0% dependent upon the employee's position within the Company.

Restricted Common Share and Restricted Share Unit Awards

During February 2018, the Company granted 407,156 in restricted common shares and restricted share units to the Company's non-employee directors and the Company's senior executive officers. The grant date fair value of the awards ranged from $18.65 to $21.94 per share. The non-employee directors' restricted common shares generally vest ratably over a three year period and the senior executive officers' restricted shares (other than our chief executive officer's) generally vest ratably over a three or five year period. Our chief executive officer’s restricted shares generally vest ratably over a two year period and his restricted share units generally vest on the third anniversary of the grant date. For the restricted shares issued to our chief executive officer, the restricted share agreement generally requires him to hold shares issued to him for a minimum of three years following vesting. For the restricted share units issued to our chief executive officer, the restricted share unit agreement generally requires him to hold shares issued to him thereunder for a minimum of three years following the applicable share issuance 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 up to the employees' maximum statutory obligation (minimum obligation during 2017) 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 89,437 and 69,886 for the three months ended March 31, 2018andMarch 31, 2017, respectively. The total number of shares withheld 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 $2.1 million for the three months ended March 31, 2018 and was $2.4 million for the three months ended March 31, 2017. These amounts are reflected as financing activities within the consolidated statements of cash flows.

2018 Outperformance Plan

In February 2018, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approved the terms of the Tanger Factory Outlet Centers, Inc. 2018 Outperformance Plan (the “2018 OPP"), a long-term incentive compensation plan. Recipients receive notional units which may convert, subject to the achievement of the goals described below, into common shares of the Company based on the Company’s absolute total shareholder return and its total shareholder return relative to its peer group over a three-year measurement period. For all recipients (other than our chief executive officer), any shares earned at the end of the three-year measurement period are issued immediately following such measurement period, but are restricted and remain subject to a time-based vesting schedule, with 50% of the shares vesting immediately following issuance, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting dates (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). For our chief executive officer, any shares earned at the end of the three-year measurement period remain subject to a time-based vesting schedule and are issued following vesting, with 50% of the shares vesting immediately following issuance, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting dates (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or due to retirement or (c) due to death or disability).

The following table sets forth 2018 OPP performance targets and other relevant information about the 2018 OPP:

Performance targets(1)
Absolute portion of award:
Percent of total award	33.3%
Absolute total shareholder return range	19.1% - 29.5%
Percentage of units to be earned	20%-100%
Relative portion of award:
Percent of total award	66.7%
Percentile rank of peer group range(2)	30th - 80th
Percentage of units to be earned	20%-100%
Maximum number of restricted common shares that may be earned	409,972
Grant date fair value per share	$	12.42

(1) The number of restricted common shares received under the 2018 OPP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company's peer group.

(2) The peer group is based on companies included in the FTSE NAREIT Retail Index.

The fair values of the 2018 OPP awards granted during the three months ended March 31, 2018 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:

Risk free interest rate (1)	2.40	%
Expected dividend yield (2)	4.8	%
Expected volatility (3)	27	%

(1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants.

(2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period.

(3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period.

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Accumulated Other Comprehensive Income (Loss) of the Company

3 Months Ended

Mar. 31, 2018

Tanger Factory Outlet Centers, Inc. [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss) of the Company

Accumulated Other Comprehensive Income (Loss) of the Company

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2018 (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, 2017	$	(24,360	)	$	5,075		$	(19,285	)	$	(1,329	)	$	269		$	(1,060	)
Other comprehensive income (loss) before reclassifications	(2,938		)	2,914			(24		)	(157		)	156			(1		)
Reclassification out of accumulated other comprehensive income into interest expense	—			(314		)	(314		)	—			(17		)	(17		)
Balance March 31, 2018	$	(27,298	)	$	7,675		$	(19,623	)	$	(1,486	)	$	408		$	(1,078	)

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months endedMarch 31, 2017 (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, 2016	$	(32,087	)	$	3,792	$	(28,295	)	$	(1,740	)	$	201	$	(1,539	)
Other comprehensive income before reclassifications	959			411		1,370			51			3		54
Reclassification out of accumulated other comprehensive income into interest expense	—			293		293			—			15		15
Balance March 31, 2017	$	(31,128	)	$	4,496	$	(26,632	)	$	(1,689	)	$	219	$	(1,470	)

We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $1.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2018.

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Accumulated Other Comprehensive Income (Loss) of the Operating Partnership

3 Months Ended

Mar. 31, 2018

Tanger Properties Limited Partnership [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Income (Loss) of the Operating Partnership

Accumulated Other Comprehensive Income (Loss) of the Operating Partnership

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2018 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2017	$	(25,689	)	$	5,344		$	(20,345	)
Other comprehensive income (loss) before reclassifications	(3,095		)	3,070			(25		)
Reclassification out of accumulated other comprehensive income into interest expense	—			(331		)	(331		)
Balance March 31, 2018	$	(28,784	)	$	8,083		$	(20,701	)

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months endedMarch 31, 2017 (in thousands):

	Foreign Currency			Cash flow hedges		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2016	$	(33,827	)	$	3,993	$	(29,834	)
Other comprehensive income before reclassifications	1,010			414		1,424
Reclassification out of accumulated other comprehensive income into interest expense	—			308		308
Balance March 31, 2017	$	(32,817	)	$	4,715	$	(28,102	)

We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $1.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2018.

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

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, 2018		March 31, 2017
Costs relating to construction included in accounts payable and accrued expenses	$	18,978	$	26,923

Interest paid, net of interest capitalized was as follows (in thousands):

	March 31, 2018		March 31, 2017
Interest paid, net of interest capitalized	$	15,903	$	9,445

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New Accounting Pronouncements

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

Recently adopted accounting standards

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented.  The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017,. We adopted this pronouncement on January 1, 2018, and the pronouncement did not result in changes to our consolidated statements of cash flows as there were no restricted cash amounts included in the beginning-of-period and end-of-period cash and cash equivalents totals.

In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We adopted ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach only to contracts that are not completed contracts as of January 1, 2018. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606, as amended, (collectively, Topic 606). Topic 606 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. Topic 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate.

We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of March 31, 2018, the Company has no outstanding contract assets or contract liabilities and we did not have a cumulative catch-up upon the adoption of this standard. The adoption of this standard did not result in any material changes to our revenue recognition as compared to the previous guidance.

The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016-02, Leases (Topic 842). The revenues which will be impacted by the initial adoption of Topic 606 include revenues from management, leasing and other services provided to our unconsolidated joint ventures that we manage and other income earned at our properties. We receive management, leasing and other services revenue for services provided to our unconsolidated joint ventures that we manage. We recognize management and other services provided to our unconsolidated joint ventures in revenue as the services are transferred. Our other income earned at our properties consist primarily of revenues from vending and other on-site services or products provided to shoppers or tenants. The other income earned at our properties is recorded as the goods are transferred at a point in time or as the service is transferred over time. We have elected to disaggregate our revenue streams into the following line items on our Consolidated Statements of Operations: base rentals, percentage rentals, expense reimbursements, management, leasing and other services, and other income. We believe that these are the proper disaggregated categories as they are the best depiction of our revenue streams both qualitatively and quantitatively.

Recently issued accounting standards to be adopted

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments can be adopted immediately in any interim or annual period (including the current period). The mandatory effective date for calendar year-end public companies is January 1, 2019. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13 and January 2018 within ASU 2018-01  (collectively, Topic 842). Topic 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. Topic 842 will be effective beginning in the first quarter of 2019. Early adoption of Topic 842 as of its issuance is permitted. We will adopt Topic 842 effective January 1, 2019. 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. Based on a preliminary assessment, we expect our significant operating lease commitments, primarily ground leases at seven of our outlet centers, will be required to be recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an increase in the assets and liabilities on our consolidated balance sheets. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of our leases where we are the lessor, we are entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016-12 Revenue from Contracts with Customers (Topic 606).  We are continuing our evaluation, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. Information about our undiscounted future lease payments and the timing of those payments is in Note 23, Commitments and Contingencies of Consolidated Properties, in our Form 10-K for the year ended December 31, 2017.

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Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In April 2018, the Company's Board of Directors declared a$0.35 cash dividend per common share payable on May 15, 2018 to each shareholder of record on April 30, 2018, and the Trustees of Tanger GP Trust declared a $0.35cash distribution per Operating Partnership unit to the Operating Partnership's unitholders.

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Basis of Presentation Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Accounting [Policy Text Block]

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, 2017. The December 31, 2017 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.

Consolidation [Policy Text Block]

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 and 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 investments in real estate joint ventures, 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.

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 because we are committed to provide further financial support to these joint ventures. 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.

"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.

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New Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

Recently adopted accounting standards

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented.  The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017,. We adopted this pronouncement on January 1, 2018, and the pronouncement did not result in changes to our consolidated statements of cash flows as there were no restricted cash amounts included in the beginning-of-period and end-of-period cash and cash equivalents totals.

In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We adopted ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach only to contracts that are not completed contracts as of January 1, 2018. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606, as amended, (collectively, Topic 606). Topic 606 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. Topic 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate.

We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of March 31, 2018, the Company has no outstanding contract assets or contract liabilities and we did not have a cumulative catch-up upon the adoption of this standard. The adoption of this standard did not result in any material changes to our revenue recognition as compared to the previous guidance.

The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016-02, Leases (Topic 842). The revenues which will be impacted by the initial adoption of Topic 606 include revenues from management, leasing and other services provided to our unconsolidated joint ventures that we manage and other income earned at our properties. We receive management, leasing and other services revenue for services provided to our unconsolidated joint ventures that we manage. We recognize management and other services provided to our unconsolidated joint ventures in revenue as the services are transferred. Our other income earned at our properties consist primarily of revenues from vending and other on-site services or products provided to shoppers or tenants. The other income earned at our properties is recorded as the goods are transferred at a point in time or as the service is transferred over time. We have elected to disaggregate our revenue streams into the following line items on our Consolidated Statements of Operations: base rentals, percentage rentals, expense reimbursements, management, leasing and other services, and other income. We believe that these are the proper disaggregated categories as they are the best depiction of our revenue streams both qualitatively and quantitatively.

Recently issued accounting standards to be adopted

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments can be adopted immediately in any interim or annual period (including the current period). The mandatory effective date for calendar year-end public companies is January 1, 2019. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13 and January 2018 within ASU 2018-01  (collectively, Topic 842). Topic 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. Topic 842 will be effective beginning in the first quarter of 2019. Early adoption of Topic 842 as of its issuance is permitted. We will adopt Topic 842 effective January 1, 2019. 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. Based on a preliminary assessment, we expect our significant operating lease commitments, primarily ground leases at seven of our outlet centers, will be required to be recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an increase in the assets and liabilities on our consolidated balance sheets. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. Within the terms of our leases where we are the lessor, we are entitled to receive reimbursement amounts from tenants for operating expenses such as real estate taxes, insurance and other CAM. Upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with ASU 2016-12 Revenue from Contracts with Customers (Topic 606).  We are continuing our evaluation, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. Information about our undiscounted future lease payments and the timing of those payments is in Note 23, Commitments and Contingencies of Consolidated Properties, in our Form 10-K for the year ended December 31, 2017.

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Investments in Unconsolidated Real Estate Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Debt, Net (in millions)(1)
Columbus	Columbus, OH	50.0	%	355	$	0.1		$	84.5
National Harbor	National Harbor, MD	50.0	%	341	2.0			86.5
RioCan Canada	Various	50.0	%	923	112.2			10.6
Investments included in investments in unconsolidated joint ventures					$	114.3
Charlotte(2)	Charlotte, NC	50.0	%	398	$	(4.3	)	$	89.9
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(14.7		)	79.5
Investments included in other liabilities					$	(19.0	)

As of December 31, 2017
Joint Venture	Outlet Center Location	Ownership %		Square Feet (in 000's)	Carrying Value of Investment (in millions)			Total Joint Venture Debt, Net (in millions)(1)
Columbus	Columbus, OH	50.0	%	355	$	1.1		$	84.4
National Harbor	National Harbor, MD	50.0	%	341	2.5			86.4
RioCan Canada	Various	50.0	%	923	115.8			11.1
Investments included in investments in unconsolidated joint ventures					$	119.4
Charlotte(2)	Charlotte, NC	50.0	%	398	$	(4.1	)	$	89.8
Galveston/Houston (2)	Texas City, TX	50.0	%	353	(13.0		)	79.4
Investments included in other liabilities					$	(17.1	)

(1) Net of debt origination costs and including premiums of $1.3 million and $1.4 million as of March 31, 2018 and December 31, 2017, respectively.

(2) The negative carrying value is due to distributions exceeding contributions and increases or decreases from the equity in earnings of the joint venture.

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,
	2018		2017
Fee:
Management and marketing	$	567	$	542
Leasing and other fees	46		37
Total Fees	$	613	$	579

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, 2018			December 31, 2017
Assets
Land	$	94,138		$	95,686
Buildings, improvements and fixtures	500,209			505,618
Construction in progress, including land under development	3,094			3,005
	597,441			604,309
Accumulated depreciation	(98,614		)	(93,837		)
Total rental property, net	498,827			510,472
Cash and cash equivalents	19,848			25,061
Deferred lease costs and other intangibles, net	10,405			10,985
Prepaids and other assets	14,614			15,073
Total assets	$	543,694		$	561,591
Liabilities and Owners' Equity
Mortgages payable, net	$	351,016		$	351,259
Accounts payable and other liabilities	11,289			14,680
Total liabilities	362,305			365,939
Owners' equity	181,389			195,652
Total liabilities and owners' equity	$	543,694		$	561,591

Summary Financial Information Of Unconsolidated JVs Statements of Operations

	Three months ended
Condensed Combined Statements of Operations	March 31,
- Unconsolidated Joint Ventures	2018			2017
Revenues	$	23,997		$	24,062
Expenses:
Property operating	9,928			9,378
General and administrative	198			120
Depreciation and amortization	6,363			7,513
Total expenses	16,489			17,011
Operating income	7,508			7,051
Interest expense	(3,077		)	(2,260		)
Other non-operating income	52			2
Net income	$	4,483		$	4,793
The Company and Operating Partnership's share of:
Net income	$	2,194		$	2,318
Depreciation and amortization expense (real estate related)	$	3,229		$	3,838

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Debt Guaranteed by the Company (Tables)

3 Months Ended

Mar. 31, 2018

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):

	As of
	March 31, 2018		December 31, 2017
Unsecured lines of credit	$	227,600	$	208,100
Unsecured term loan	$	325,000	$	325,000

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

3 Months Ended

Mar. 31, 2018

Schedule of Debt

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

				As of				As of
				March 31, 2018				December 31, 2017
	Stated Interest Rate(s)		Maturity Date	Principal		Book Value(1)		Principal		Book Value(1)
Senior, unsecured notes:
Senior notes	3.875	%	December 2023	$	250,000	$	246,192	$	250,000	$	246,036
Senior notes	3.750	%	December 2024	250,000		247,498		250,000		247,410
Senior notes	3.125	%	September 2026	350,000		345,263		350,000		345,128
Senior notes	3.875	%	July 2027	300,000		296,277		300,000		296,182
Mortgages payable:
Atlantic City (2)(3)	5.14%-7.65%		November 2021- December 2026	36,682		39,001		37,462		39,879
Southaven	LIBOR + 1.80%		April 2021	51,400		51,108		60,000		59,881
Unsecured term loan	LIBOR + 0.95%		April 2021	325,000		323,082		325,000		322,975
Unsecured lines of credit	LIBOR + 0.875%		October 2021	227,600		223,634		208,100		206,160
				$	1,790,682	$	1,772,055	$	1,780,562	$	1,763,651

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

(2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05%.

(3) Principal and interest due monthly with remaining principal due at maturity.

Schedule of Maturities of Long-term Debt

Maturities of the existing long-term debt as of March 31, 2018 for the next five years and thereafter are as follows (in thousands):

Calendar Year	Amount
2018	$	2,404
2019	3,369
2020	3,566
2021	609,793
2022	4,436
Thereafter	1,167,114
Subtotal	1,790,682
Net discount and debt origination costs	(18,627		)
Total	$	1,772,055

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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

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, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands):

							Fair Value
Effective Date	Maturity Date	Notional Amount		Bank Pay Rate	Company Fixed Pay Rate		March 31, 2018			December 31, 2017
Assets (Liabilities)(1):
November 14, 2013	August 14, 2018	$	150,000	1 month LIBOR	1.30	%	$	369		$	326
April 13, 2016	January 1, 2021	175,000		1 month LIBOR	1.03	%	6,636			5,207
March 1, 2018	January 31, 2021	40,000		1 month LIBOR	2.47	%	(32		)	—
August 14, 2018	January 1, 2021	150,000		1 month LIBOR	2.20	%	1,111			(188		)
Total		$	515,000				$	8,084		$	5,345

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,
	2018		2017
Interest Rate Swaps (Effective Portion):
Amount of gain recognized in OCI on derivative	$	2,739	$	722

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018:
Asset:
Interest rate swaps (prepaids and other assets)	$	8,116	$	—	$	8,116	$	—
Total assets	$	8,116	$	—	$	8,116	$	—
Liabilities:
Interest rate swaps (other liabilities)	$	32	$	—	$	32	$	—
Total liabilities	$	32	$	—	$	32	$	—

			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, 2017:
Asset:
Interest rate swaps (prepaids and other assets)	$	5,533	$	—	$	5,533	$	—
Total assets	$	5,533	$	—	$	5,533	$	—
Liabilities:
Interest rate swaps (other liabilities)	$	188	$	—	$	188	$	—
Total liabilities	$	188	$	—	$	188	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value within the fair value hierarchy 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, 2018		December 31, 2017
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities	$	—	$	—
Level 2 Significant Observable Inputs	1,096,355		1,139,064
Level 3 Significant Unobservable Inputs	644,249		636,476
Total fair value of debt	$	1,740,604	$	1,775,540
Recorded value of debt	$	1,772,055	$	1,763,651

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Partners' Equity of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and March 31, 2017:

		Limited Partnership Units
	General Partnership Units	Class A	Class B		Total
Balance December 31, 2016	1,000,000	5,027,781	95,095,891		100,123,672
Grant of restricted common share awards by the Company, net of forfeitures	—	—	428,312		428,312
Units issued upon exercise of options	—	—	1,800		1,800
Units withheld for employee income taxes	—	—	(69,886	)	(69,886	)
Balance March 31, 2017	1,000,000	5,027,781	95,456,117		100,483,898
Balance December 31, 2017	1,000,000	4,995,433	93,560,536		98,555,969
Grant of restricted common share awards by the Company, net of forfeitures	—	—	355,184		355,184
Repurchase of units	—	—	(443,700	)	(443,700	)
Units withheld for employee income taxes	—	—	(89,437	)	(89,437	)
Balance March 31, 2018	1,000,000	4,995,433	93,382,583		98,378,016

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Earnings Per Share of the Company (Tables)

3 Months Ended

Mar. 31, 2018

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,
	2018			2017
Numerator:
Net income attributable to Tanger Factory Outlet Centers, Inc.	$	22,838		$	22,336
Less allocation of earnings to participating securities	(263		)	(295		)
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc.	$	22,575		$	22,041
Denominator:
Basic weighted average common shares	93,644			95,245
Effect of outstanding options and certain restricted common shares	—			66
Diluted weighted average common shares	93,644			95,311
Basic earnings per common share:
Net income	$	0.24		$	0.23
Diluted earnings per common share:
Net income	$	0.24		$	0.23

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Earnings Per Unit of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2018

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,
	2018			2017
Numerator:
Net income attributable to partners of the Operating Partnership	$	24,055		$	23,514
Less allocation of earnings to participating securities	(263		)	(295		)
Net income available to common unitholders of the Operating Partnership	$	23,792		$	23,219
Denominator:
Basic weighted average common units	98,640			100,273
Effect of outstanding options and certain restricted common units	—			66
Diluted weighted average common units	98,640			100,339
Basic earnings per common unit:
Net income	$	0.24		$	0.23
Diluted earnings per common unit:
Net income	$	0.24		$	0.23

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Equity-Based Compensation of the Company (Tables) - Tanger Factory Outlet Centers, Inc. [Member]

3 Months Ended

Mar. 31, 2018

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

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

	Three months ended
	March 31,
	2018		2017
Restricted common shares	$	2,376	$	2,349
Notional unit performance awards	937		882
Options	79		61
Total equity-based compensation	$	3,392	$	3,292

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

	Three months ended
	March 31,
	2018		2017
Equity-based compensation expense capitalized	$	264	$	246

Schedule of Nonvested Performance-based Units Activity

The following table sets forth 2018 OPP performance targets and other relevant information about the 2018 OPP:

Performance targets(1)
Absolute portion of award:
Percent of total award	33.3%
Absolute total shareholder return range	19.1% - 29.5%
Percentage of units to be earned	20%-100%
Relative portion of award:
Percent of total award	66.7%
Percentile rank of peer group range(2)	30th - 80th
Percentage of units to be earned	20%-100%
Maximum number of restricted common shares that may be earned	409,972
Grant date fair value per share	$	12.42

(1) The number of restricted common shares received under the 2018 OPP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company's peer group.

(2) The peer group is based on companies included in the FTSE NAREIT Retail Index.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair values of the 2018 OPP awards granted during the three months ended March 31, 2018 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:

Risk free interest rate (1)	2.40	%
Expected dividend yield (2)	4.8	%
Expected volatility (3)	27	%

(1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants.

(2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period.

(3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period.

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Accumulated Other Comprehensive Income (Loss) of the Company (Tables)

3 Months Ended

Mar. 31, 2018

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 income (loss) for the three months ended March 31, 2018 (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, 2017	$	(24,360	)	$	5,075		$	(19,285	)	$	(1,329	)	$	269		$	(1,060	)
Other comprehensive income (loss) before reclassifications	(2,938		)	2,914			(24		)	(157		)	156			(1		)
Reclassification out of accumulated other comprehensive income into interest expense	—			(314		)	(314		)	—			(17		)	(17		)
Balance March 31, 2018	$	(27,298	)	$	7,675		$	(19,623	)	$	(1,486	)	$	408		$	(1,078	)

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months endedMarch 31, 2017 (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, 2016	$	(32,087	)	$	3,792	$	(28,295	)	$	(1,740	)	$	201	$	(1,539	)
Other comprehensive income before reclassifications	959			411		1,370			51			3		54
Reclassification out of accumulated other comprehensive income into interest expense	—			293		293			—			15		15
Balance March 31, 2017	$	(31,128	)	$	4,496	$	(26,632	)	$	(1,689	)	$	219	$	(1,470	)

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Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2018

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 income (loss) for the three months ended March 31, 2018 (in thousands):

	Foreign Currency			Cash flow hedges			Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2017	$	(25,689	)	$	5,344		$	(20,345	)
Other comprehensive income (loss) before reclassifications	(3,095		)	3,070			(25		)
Reclassification out of accumulated other comprehensive income into interest expense	—			(331		)	(331		)
Balance March 31, 2018	$	(28,784	)	$	8,083		$	(20,701	)

The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months endedMarch 31, 2017 (in thousands):

	Foreign Currency			Cash flow hedges		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2016	$	(33,827	)	$	3,993	$	(29,834	)
Other comprehensive income before reclassifications	1,010			414		1,424
Reclassification out of accumulated other comprehensive income into interest expense	—			308		308
Balance March 31, 2017	$	(32,817	)	$	4,715	$	(28,102	)

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

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

	March 31, 2018		March 31, 2017
Costs relating to construction included in accounts payable and accrued expenses	$	18,978	$	26,923

Interest paid, net of interest capitalized was as follows (in thousands):

	March 31, 2018		March 31, 2017
Interest paid, net of interest capitalized	$	15,903	$	9,445

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Business (Details) ft² in Millions	Mar. 31, 2018 ft² shares OutletCenter subsidiary
Entity Information [Line Items]
Number of Operating Partnership Units Owned by the Company | shares	94,382,583
Exchange ratio of Partnership Units for common shares	1
Consolidated Properties [Member]
Entity Information [Line Items]
Number of Outlet Centers	36
Total gross leaseable area of outlet centers (in square feet) | ft²	12.9
Unconsolidated Properties [Member]
Entity Information [Line Items]
Number of Outlet Centers	8
Total gross leaseable area of outlet centers (in square feet) | ft²	2.4
Unconsolidated Properties [Member] | CANADA
Entity Information [Line Items]
Number of Outlet Centers	4
Tanger Factory Outlet Centers, Inc. [Member]
Entity Information [Line Items]
Number of wholly-owned subsidiaries | subsidiary	2
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member]
Entity Information [Line Items]
Number of Operating Partnership units owned by the Operating Partnership and other limited partners | shares	4,995,433

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Investments in Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details) ft² in Thousands, $ in Thousands	Mar. 31, 2018 USD ($) ft²	Dec. 31, 2017 USD ($) ft²
Columbus National Harbor RioCan Canada [Member]
Schedule of Equity Method Investments [Line Items]
Carrying Value of Investment	$ 114,300	$ 119,400
Columbus [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	50.00%	50.00%
Square Feet | ft²	355	355
Carrying Value of Investment	$ 100	$ 1,100
National Harbor [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	50.00%	50.00%
Square Feet | ft²	341	341
Carrying Value of Investment	$ 2,000	$ 2,500
RioCan Canda [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	50.00%	50.00%
Square Feet | ft²	923	923
Carrying Value of Investment	$ 112,200	$ 115,800
Charlotte and Galveston/Houston [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment Reported In Liabilities	$ (19,000)	$ (17,100)
Charlotte [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	50.00%	50.00%
Square Feet | ft²	398	398
Equity Method Investment Reported In Liabilities	$ (4,300)	$ (4,100)
Galveston/Houston [Member]
Schedule of Equity Method Investments [Line Items]
Ownership %	50.00%	50.00%
Square Feet | ft²	353	353
Equity Method Investment Reported In Liabilities	$ (14,700)	$ (13,000)
Unconsolidated Properties [Member]
Schedule of Equity Method Investments [Line Items]
Total joint venture debt, net	351,016	351,259
Unconsolidated Properties [Member] | Columbus [Member]
Schedule of Equity Method Investments [Line Items]
Total joint venture debt, net	84,500	84,400
Unconsolidated Properties [Member] | National Harbor [Member]
Schedule of Equity Method Investments [Line Items]
Total joint venture debt, net	86,500	86,400
Unconsolidated Properties [Member] | RioCan Canda [Member]
Schedule of Equity Method Investments [Line Items]
Total joint venture debt, net	10,600	11,100
Unconsolidated Properties [Member] | Charlotte [Member]
Schedule of Equity Method Investments [Line Items]
Total joint venture debt, net	89,900	89,800
Unconsolidated Properties [Member] | Galveston/Houston [Member]
Schedule of Equity Method Investments [Line Items]
Total joint venture debt, net	79,500	79,400
Mortgages [Member] | Unconsolidated Properties [Member]
Schedule of Equity Method Investments [Line Items]
Net discount and debt origination costs	$ 1,300	$ 1,400

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Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Management, Leasing and other services [Line Items]
Fees received	$ 613	$ 579
Management and Marketing Fee [Member]
Management, Leasing and other services [Line Items]
Fees received	567	542
Leasing and other fees [Member]
Management, Leasing and other services [Line Items]
Fees received	$ 46	$ 37

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Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Land	$ 94,138	$ 95,686
Buildings, improvements and fixtures	500,209	505,618
Construction in progress, including land under development	3,094	3,005
Rental property, at cost, total	597,441	604,309
Accumulated depreciation	(98,614)	(93,837)
Total rental property, net	498,827	510,472
Cash and cash equivalents	19,848	25,061
Deferred lease costs and other intangibles, net	10,405	10,985
Prepaids and other assets	14,614	15,073
Total assets	543,694	561,591
Liabilities and Owners' Equity
Mortgages payable, net	351,016	351,259
Accounts payable and other liabilities	11,289	14,680
Total liabilities	362,305	365,939
Owners' equity	181,389	195,652
Total liabilities and owners' equity	$ 543,694	$ 561,591

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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, 2018	Mar. 31, 2017
Unconsolidated Properties [Member]
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items]
Revenues	$ 23,997	$ 24,062
Expenses:
Property operating	9,928	9,378
General and administrative	198	120
Depreciation and amortization	6,363	7,513
Total expenses	16,489	17,011
Operating income	7,508	7,051
Interest expense	(3,077)	(2,260)
Other non-operating income (expense)	52	2
Net income	4,483	4,793
Tanger Factory Outlet Centers, Inc. [Member]
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items]
Revenues	123,535	121,368
Expenses:
Property operating	42,218	40,387
General and administrative	11,112	11,412
Depreciation and amortization	33,123	31,294
Total expenses	86,453	83,720
Operating income	37,082	37,648
Interest expense	(15,800)	(16,487)
Other non-operating income (expense)	209	35
Net income	23,685	23,514
The Company and Operating Partnership's share of:
Net income	2,194	2,318
Depreciation and amortization expense (real estate related)	$ 3,229	$ 3,838

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Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Differences in basis	$ 4.1	$ 4.2

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Debt Guaranteed by the Company (Details) - Debt [Member] - USD ($)	Mar. 31, 2018	Jan. 31, 2018	Dec. 31, 2017
Tanger Properties Limited Partnership [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit, Maximum borrowing capacity	$ 600,000,000	$ 600,000,000	$ 520,000,000
Tanger Factory Outlet Centers, Inc. [Member] | Line of Credit [Member]
Line of Credit Facility [Line Items]
Guarantor obligation	227,600,000		208,100,000
Tanger Factory Outlet Centers, Inc. [Member] | Unsecured Term Loan [Member]
Line of Credit Facility [Line Items]
Guarantor obligation	$ 325,000,000		$ 325,000,000

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Debt of the Operating Partnership (Schedule of Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($)			1 Months Ended		3 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Feb. 28, 2018	Jan. 31, 2018	Mar. 31, 2018	Dec. 31, 2011
Debt Instrument [Line Items]
Principal		$ 1,780,562,000			$ 1,790,682,000
Book value of debt		1,763,651,000			$ 1,772,055,000
Senior Notes [Member] | 3.875% 2023 Senior Notes [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)					3.875%
Principal		250,000,000			$ 250,000,000
Book value of debt		246,036,000			$ 246,192,000
Senior Notes [Member] | 3.75% 2024 Senior Notes [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)					3.75%
Principal		250,000,000			$ 250,000,000
Book value of debt		247,410,000			$ 247,498,000
Senior Notes [Member] | 3.125% 2026 Senior Notes [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)					3.125%
Principal		350,000,000			$ 350,000,000
Book value of debt		345,128,000			$ 345,263,000
Senior Notes [Member] | 3.875% 2027 Senior Notes [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)					3.875%
Principal		300,000,000			$ 300,000,000
Book value of debt		296,182,000			296,277,000
Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member]
Debt Instrument [Line Items]
Principal		37,462,000			36,682,000
Book value of debt		39,879,000			39,001,000
Effective interest rates						5.05%
Mortgages Payable [Member] | Southaven [Member]
Debt Instrument [Line Items]
Principal	$ 60,000,000	60,000,000	$ 51,400,000.0	$ 60,000,000	51,400,000
Book value of debt		59,881,000			51,108,000
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Principal		325,000,000			325,000,000
Book value of debt		322,975,000			323,082,000
Line of Credit [Member]
Debt Instrument [Line Items]
Principal		208,100,000			227,600,000
Book value of debt		$ 206,160,000			$ 223,634,000
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Southaven [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%		1.80%		1.80%
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					0.95%
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.90%		0.875%	0.875%
Minimum [Member] | Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)					5.14%
Maximum [Member] | Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member]
Debt Instrument [Line Items]
Stated Interest Rate(s)					7.65%

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Debt of the Operating Partnership (Debt Maturities) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Maturities of Debt [Line Items]
2018	$ 2,404
2019	3,369
2020	3,566
2021	609,793
2022	4,436
Thereafter	1,167,114
Subtotal	1,790,682	$ 1,780,562
Net discount and debt origination costs	(18,627)
Total debt	$ 1,772,055	$ 1,763,651

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Debt of the Operating Partnership (Narrative) (Details) - USD ($)			1 Months Ended		3 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Feb. 28, 2018	Jan. 31, 2018	Mar. 31, 2018
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%
Tanger Properties Limited Partnership [Member]
Debt Instrument [Line Items]
Principal		$ 1,780,562,000			$ 1,790,682,000
Tanger Properties Limited Partnership [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Net book value of collateral for mortgages payable					189,300,000
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member]
Debt Instrument [Line Items]
Term of mortgage extension			2 years
Principal	$ 60,000,000	60,000,000	$ 51,400,000.0	$ 60,000,000	51,400,000
Tanger Properties Limited Partnership [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
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					580,000,000
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized	1,200,000,000.0	1,000,000,000.0		$ 1,200,000,000.0	1,200,000,000
Letters of Credit					$ 6,000,000
Percentage of funds from operations allowed on a cumulative basis to pay dividends					95.00%
Term of mortgage extension				1 year
Principal		208,100,000			$ 227,600,000
Tanger Properties Limited Partnership [Member] | Debt [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, Maximum borrowing capacity	600,000,000	520,000,000		$ 600,000,000	600,000,000
Debt Issuance Costs, Line of Credit Arrangements, Gross	$ 2,300,000			$ 2,300,000
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Maximum amount of unconsolidated joint venture debt guaranteed by the Company					32,700,000
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum amount of unconsolidated joint venture debt guaranteed by the Company		$ 208,100,000			$ 227,600,000
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%		1.80%		1.80%
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		0.90%		0.875%	0.875%
Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Notional Amount					$ 515,000,000
Designated as Hedging Instrument [Member] | Southaven [Member]
Debt Instrument [Line Items]
Company Fixed Pay Rate					2.47%
Notional Amount					$ 40,000,000

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Derivative Financial Instruments (Classifications on Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument [Member] - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Notional Amount	$ 515,000,000
Fair Value	8,084,000	$ 5,345,000
Interest Rate Swap One [Member]
Derivative [Line Items]
Notional Amount	$ 150,000,000
Company Fixed Pay Rate	1.30%
Fair Value	$ 369,000	326,000
Interest Rate Swap Two [Member]
Derivative [Line Items]
Notional Amount	$ 175,000,000
Company Fixed Pay Rate	1.03%
Fair Value	$ 6,636,000	5,207,000
Interest Rate Swap Three [Member]
Derivative [Line Items]
Notional Amount	$ 40,000,000
Company Fixed Pay Rate	2.47%
Fair Value	$ (32,000)	0
Interest Rate Swap Four [Member]
Derivative [Line Items]
Notional Amount	$ 150,000,000
Company Fixed Pay Rate	2.20%
Fair Value	$ 1,111,000	$ (188,000)
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap One [Member]
Derivative [Line Items]
Bank Pay Rate	1 month
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Two [Member]
Derivative [Line Items]
Bank Pay Rate	1 month
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Three [Member]
Derivative [Line Items]
Bank Pay Rate	1 month
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Four [Member]
Derivative [Line Items]
Bank Pay Rate	1 month

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Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in OCI on derivative	$ 2,739	$ 722

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Fair Value Measurements (Hierarchy) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps (prepaids and other assets)	$ 8,116,000	$ 5,533,000
Total assets	8,116,000	5,533,000
Interest rate swaps (other liabilities)	32,000	188,000
Total liabilities	32,000	188,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps (prepaids and other assets)	0	0
Total assets	0	0
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 (prepaids and other assets)	8,116,000	5,533,000
Total assets	8,116,000	5,533,000
Interest rate swaps (other liabilities)	32,000	188,000
Total liabilities	32,000	188,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps (prepaids and other assets)	0	0
Total assets	0	0
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, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of debt	$ 1,740,604	$ 1,775,540
Recorded value of debt	1,772,055	1,763,651
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of debt	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of debt	1,096,355	1,139,064
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of debt	$ 644,249	$ 636,476

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Share Repurchase Program (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	May 31, 2017
Stock Repurchase Program, Authorized Amount			$ 125,000,000
Shares repurchased and retired during period (in shares)	443,700	0
Stock Repurchased Average Price Per Share	$ 22.52
Stock repurchased during period exclusive of commissions and related fees	$ 10,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 65,700,000

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Partners' Equity of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
General and Limited Partners' Capital Account, Units [Roll Forward]
General partner (in units)	1,000,000
Grant of restricted common shares awards, net of forfeitures (in units)	355,184	428,312
Issuance of deferred units (in units)	0	0
Repurchased of units (in units)	(443,700)	0
Units issued upon exercise of options (in units)	0	1,800
Units withheld for employee income taxes (in units)	(89,437)	(69,886)
General partner (in units)	1,000,000
General partner [Member]
General and Limited Partners' Capital Account, Units [Roll Forward]
General partner (in units)	1,000,000	1,000,000
Grant of restricted common shares awards, net of forfeitures (in units)	0	0
Repurchased of units (in units)	0
Units issued upon exercise of options (in units)		0
Units withheld for employee income taxes (in units)	0	0
General partner (in units)	1,000,000	1,000,000
Class A Limited Partnership Units [Member]
General and Limited Partners' Capital Account, Units [Roll Forward]
Limited partners (in units)	4,995,433	5,027,781
Grant of restricted common shares awards, net of forfeitures (in units)	0	0
Repurchased of units (in units)	0
Units issued upon exercise of options (in units)		0
Units withheld for employee income taxes (in units)	0	0
Limited partners (in units)	4,995,433	5,027,781
Class B Limited Partnership Units [Member]
General and Limited Partners' Capital Account, Units [Roll Forward]
Limited partners (in units)	93,560,536	95,095,891
Grant of restricted common shares awards, net of forfeitures (in units)	355,184	428,312
Repurchased of units (in units)	(443,700)
Units issued upon exercise of options (in units)		1,800
Units withheld for employee income taxes (in units)	(89,437)	(69,886)
Limited partners (in units)	93,382,583	95,456,117
Limited partners [Member]
General and Limited Partners' Capital Account, Units [Roll Forward]
Limited partners (in units)	98,555,969	100,123,672
Grant of restricted common shares awards, net of forfeitures (in units)	355,184	428,312
Repurchased of units (in units)	(443,700)
Units issued upon exercise of options (in units)		1,800
Units withheld for employee income taxes (in units)	(89,437)	(69,886)
Limited partners (in units)	98,378,016	100,483,898

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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, 2018	Mar. 31, 2017
Numerator:
Net income attributable to Tanger Factory Outlet Centers, Inc.	$ 22,838	$ 22,336
Less allocation of earnings to participating securities	(263)	(295)
Net income (loss) available to common shareholders/unitholders	$ 22,575	$ 22,041
Denominator:
Basic weighted average common shares (in shares)	93,644,000	95,245,000
Effect of outstanding options and restricted common shares (in shares)	0	66,000
Diluted weighted average common shares (in shares)	93,644,000	95,311,000
Basic earnings per common share/unit:
Net income, basic (in dollars per share)	$ 0.24	$ 0.23
Diluted earnings per common share:
Net income, diluted (in dollars per share)	$ 0.24	$ 0.23
Antidilutive incremental common shares attributable to notional units excluded from computation of earnings per share (in units)	1,013,383	871,116
Antidilutive securities excluded from computation of earnings per share (in shares)	564,200	177,700

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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, 2018	Mar. 31, 2017
Schedule of Components of Basic and Diluted Earnings Per Unit [Line Items]
Net income attributable to partners of the Operating Partnership	$ 24,055	$ 23,514
Numerator:
Less allocation of earnings to participating securities	(263)	(295)
Net income (loss) available to common shareholders/unitholders	$ 23,792	$ 23,219
Denominator:
Basic weighted average common shares (in shares)	98,640,000	100,273,000
Effect of outstanding options and restricted common shares (in shares)	0	66,000
Diluted weighted average common shares (in shares)	98,640,000	100,339,000
Basic earnings per common share/unit:
Net income, basic (in dollars per share)	$ 0.24	$ 0.23
Diluted earnings per common unit:
Net income, diluted (in dollars per share)	$ 0.24	$ 0.23
Antidilutive incremental common shares attributable to notional units excluded from computation of earnings per share (in units)	1,013,383	871,116
Antidilutive securities excluded from computation of earnings per share (in shares)	564,200	177,700

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Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 3,392	$ 3,292
Restricted common shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	2,376	2,349
Notional unit performance awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	937	882
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 79	$ 61

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Equity-Based Compensation of the Company (Equity-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Tanger Factory Outlet Centers, Inc. [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Equity-based compensation expense capitalized	$ 264	$ 246

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Equity-Based Compensation of the Company (Outperformance Plan) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - 2018 OPP [Member]	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Maximum number of restricted common shares that may be earned | shares	409,972
Granted (in dollars per share) | $ / shares	$ 12.42
Absolute portion of award [Member]
Percent of total award	33.30%
Relative portion of award [Member]
Percent of total award	66.70%
Minimum [Member] | Absolute portion of award [Member]
Absolute total shareholder return	19.10%
Percentage of units to be earned	20.00%
Minimum [Member] | Relative portion of award [Member]
Percentage of units to be earned	20.00%
Threshold Percentage for Performance Target	30.00%
Maximum [Member] | Absolute portion of award [Member]
Absolute total shareholder return	29.50%
Percentage of units to be earned	100.00%
Maximum [Member] | Relative portion of award [Member]
Percentage of units to be earned	100.00%
Threshold Percentage for Performance Target	80.00%

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Equity-Based Compensation of the Company (Outperformance Plan Assumptions) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - 2018 OPP [Member]	3 Months Ended
	Mar. 31, 2018
Risk Free Interest Rate	2.40%
Expected Dividend Rate	4.80%
Expected Volatility Rate	27.00%

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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
	Feb. 28, 2018	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares paid for tax withholding for share based compensation (in shares)		89,437	69,886
Payments Related to Tax Withholding for Share-based Compensation		$ 2,068	$ 2,435
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units, granted (in shares/units)	331,000
Exercise price	$ 21.94
Options expiration period	10 years
Vesting percentage	20.00%
Vesting period	5 years
Vesting period commencement	1 year
Grant date fair value	$ 3.62
Expected Dividend Rate	6.24%
Expected life	7 years 1 month 7 days
Expected Volatility Rate	32.47%
Risk Free Interest Rate	2.80%
Forfeiture Rate Used, Minimum	3.00%
Forfeiture Rate Used, Maximum	10.00%
Restricted Common Share Award Plan [Member] | Restricted common shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares/Units, granted (in shares/units)	407,156
Lower limit, grant date fair value (in dollars per share)	$ 18.65
Upper limit, grant date fair value (in dollars per share)	$ 21.94
Restricted Common Share Award Plan [Member] | Director [Member] | Restricted common shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Common Share Award Plan [Member] | Chief Executive Officer [Member] | Restricted common shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement award holding period	3 years
Restricted Common Share Award Plan [Member] | Minimum [Member] | Executive Officers [Member] | Restricted common shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Common Share Award Plan [Member] | Maximum [Member] | Executive Officers [Member] | Restricted common shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
2018 OPP [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Dividend Rate		4.80%
Expected Volatility Rate		27.00%
Risk Free Interest Rate		2.40%
Share-based Award Measurement Period	3 years
2018 OPP [Member] | Vesting immediately [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
2018 OPP [Member] | Vesting one year thereafter [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
2018 OPP [Member] | Chief Executive Officer [Member] | Vesting immediately [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
2018 OPP [Member] | Chief Executive Officer [Member] | Vesting one year thereafter [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%

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Accumulated Other Comprehensive Income (Loss) of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	$ 612,302	$ 705,441
Ending Balance	593,491	698,003
Interest rate swap gain (loss) to be reclassified within twelve months	1,300
Foreign Currency Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(24,360)	(32,087)
Other comprehensive income (loss) before reclassifications	(2,938)	959
Reclassification out of accumulated other comprehensive income into interest expense	0	0
Ending Balance	(27,298)	(31,128)
Cash flow hedges Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	5,075	3,792
Other comprehensive income (loss) before reclassifications	2,914	411
Reclassification out of accumulated other comprehensive income into interest expense	(314)	293
Ending Balance	7,675	4,496
Total Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(19,285)	(28,295)
Other comprehensive income (loss) before reclassifications	(24)	1,370
Reclassification out of accumulated other comprehensive income into interest expense	(314)	293
Ending Balance	(19,623)	(26,632)
Foreign Currency noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(1,329)	(1,740)
Other comprehensive income (loss) before reclassifications	(157)	51
Reclassification out of accumulated other comprehensive income into interest expense	0	0
Ending Balance	(1,486)	(1,689)
Cash Flow Hedges noncontrolling interest [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	269	201
Other comprehensive income (loss) before reclassifications	156	3
Reclassification out of accumulated other comprehensive income into interest expense	(17)	15
Ending Balance	408	219
Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(1,060)	(1,539)
Other comprehensive income (loss) before reclassifications	(1)	54
Reclassification out of accumulated other comprehensive income into interest expense	(17)	15
Ending Balance	$ (1,078)	$ (1,470)

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Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	$ 612,302
Ending Balance	593,491
Interest rate swap gain (loss) to be reclassified within twelve months	1,300
Foreign Currency [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(25,689)	$ (33,827)
Other comprehensive income (loss) before reclassifications	(3,095)	1,010
Ending Balance	(28,784)	(32,817)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	5,344	3,993
Other comprehensive income (loss) before reclassifications	3,070	414
Reclassification out of accumulated other comprehensive income into interest expense	(331)	308
Ending Balance	8,083	4,715
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(20,345)	(29,834)
Other comprehensive income (loss) before reclassifications	(25)	1,424
Reclassification out of accumulated other comprehensive income into interest expense	(331)	308
Ending Balance	$ (20,701)	$ (28,102)

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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Costs relating to construction included in accounts payable and accrued expenses	$ 18,978	$ 26,923
Interest Paid, Net	$ 15,903	$ 9,445

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Subsequent Events (Details) - $ / shares	1 Months Ended	3 Months Ended
	Apr. 30, 2018	Mar. 31, 2018	Mar. 31, 2017
Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividends declared per commons share (in dollars per share)	$ 0.35
Tanger Properties Limited Partnership [Member]
Subsequent Event [Line Items]
Distribution declared per common unit (in dollars per share)		$ 0.3425	$ 0.325
Tanger Properties Limited Partnership [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution declared per common unit (in dollars per share)	$ 0.35