North Carolina | 1-11986 | 56-1815473 | ||||||||
(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
3200 Northline Avenue, Greensboro, North Carolina 27408 | ||||
(Address of principal executive offices) (Zip Code) |
(336) 292-3010 | ||||
(Registrants' telephone number, including area code) |
N/A | ||||
(former name or former address, if changed since last report) |
• | Net loss available to common shareholders was $0.24 per share, or $22.2 million, compared to a net loss available to common shareholders of $0.17 per share, or $15.5 million, for the prior year period. The current year period was impacted by a non-cash impairment charge totaling $49.7 million, or approximately $0.51 per share, related to the Company's outlet center in Jeffersonville, Ohio. The prior year period was impacted by a loss on the early extinguishment of debt totaling $35.6 million, or approximately $0.36 per share, and a $9.0 million, or $0.09 per share, non-cash impairment charge related to an unconsolidated joint venture. |
• | Funds from operations ("FFO") available to common shareholders was $0.63 per share, or $61.9 million, compared to $0.27 per share, or $26.7 million, for the prior year period, which was impacted by the loss on the early extinguishment of debt discussed above. |
• | Adjusted funds from operations ("AFFO") available to common shareholders was $0.63 per share, or $61.9 million, compared to $0.63 per share, or $61.9 million, for the prior year period. |
• | Net income available to common shareholders was $0.25 per share, or $23.1 million, compared to $0.38 per share, or $35.6 million, for the prior year period. The current year period was impacted by a non-cash impairment charge discussed above totaling $49.7 million, or approximately $0.51 per share. The prior year period was impacted by the loss on the early extinguishment of debt and impairment charge discussed above and a gain on sale of assets totaling $6.9 million, or approximately $0.07 per share. |
• | FFO available to common shareholders was $1.83 per share, or $180.3 million, compared to $1.44 per share, or $143.8 million, for the prior year period, which was impacted by the loss on early extinguishment of debt discussed above. |
• | AFFO available to common shareholders grew 1.7% to $1.83 per share, or $180.3 million, compared to $1.80 per share, or $179.7 million, for the prior year period. |
• | Repurchased approximately 919,000 common shares for approximately $20.0 million. |
• | Portfolio NOI for the consolidated portfolio increased 2.2% for the quarter and increased 1.1% year-to-date. |
• | Same Center NOI for the consolidated portfolio decreased 1.0% for the quarter and decreased 1.5% year to date, reflecting the impact of the multiple bankruptcies, lease modifications and store closures in 2017 and 2018. |
• | Consolidated portfolio occupancy rate was 96.4% on September 30, 2018, compared to 95.6% on June 30, 2018 and 96.9% on September 30, 2017. |
• | Commenced leases for the trailing twelve months for all renewals and re-tenanting achieved a 6.1% improvement in blended average rental rates on a straight-line basis and a 0.6% decline on a cash basis. |
• | Commenced leases for the trailing twelve months that were renewed or released for a term of more than twelve months achieved an 11.4% improvement in blended average rental rates on a straight-line basis and a 4.1% increase on a cash basis, excluding the impact of strategic re-merchandising activities. |
• | Lease termination fees totaled $0.1 million and $0.2 million, respectively, for the third quarters of 2018 and 2017 and for the 2018 and 2017 year-to-date periods totaled $1.1 million and $2.8 million, respectively. |
• | During the third quarter of 2018, Hurricane Florence caused seven Tanger Outlet Centers, or 13% of the Company's overall portfolio, to close for a cumulative total of 27 days in 2018. The impact on local residents and tourists resulted in a significant reduction in traffic and tenant sales in the weeks before, during, and after the storms. |
• | Average tenant sales productivity for the consolidated portfolio was $383 per square foot for the twelve months ended September 30, 2018, compared to $381 per square foot in the comparable prior year period. Average tenant sales for the twelve months ended September 30, 2018 includes the Company's Daytona center which stabilized in the first quarter of 2018. |
• | Same center tenant sales performance for the overall portfolio increased 1.1% for the twelve months ended September 30, 2018 compared to the twelve months ended September 30, 2017. |
• | Occupancy cost ratio for the trailing twelve months ended September 30, 2018 was 10.0%. |
• | Total enterprise value was $4.0 billion and debt-to-enterprise value ratio was 44% |
• | Total outstanding floating rate debt was $215 million, representing 12% of total consolidated debt outstanding, or about 5% of total enterprise value |
• | Unused capacity under the Company's $600 million unsecured lines of credit was 66%, or $391 million |
• | Weighted average interest rate was 3.5% and weighted average term to maturity of outstanding consolidated debt, including extension options, was approximately 5.9 years |
• | Approximately 94% of the Company's consolidated square footage was unencumbered by mortgages |
• | Interest coverage ratio was 4.5 times for the third quarter 2018, compared to 4.4 times for the third quarter 2017 |
• | FFO payout ratio was 56% for the third quarter 2018 |
For the year ended December 31, 2018: | |||
Low Range | High Range | ||
Estimated diluted net income per share | $0.46 | $0.50 | |
Noncontrolling interest, depreciation and amortization of real estate assets including noncontrolling interest share and our share of unconsolidated joint ventures, and impairment charge | 1.96 | 1.96 | |
Estimated diluted FFO per share | $2.42 | $2.46 |
• | Portfolio NOI growth for the consolidated portfolio between 0.0% and 0.5% |
• | Same Center NOI guidance for the consolidated portfolio between (2.0)% and (1.5)%, which reflects the following: |
◦ | Projected average occupancy for the year is expected to be between 95.5% and 96.0% |
◦ | Projected 2018 store closings totaling between 125,000 and 150,000 square feet for the consolidated portfolio |
• | Projected full year lease termination fees (which are not included in Same Center NOI) of approximately $1.1 million for the consolidated portfolio. |
• | Average general and administrative expense of between $11.1 million and $11.5 million per quarter. |
• | Interest expense for the year for the consolidated portfolio of $64.5 million to $65.5 million. |
• | The Company's share of interest expense in the unconsolidated portfolio of $7.1 million to $7.3 million. |
• | 2018 weighted average diluted common shares of approximately 93.2 million for earnings per share and 98.2 million for FFO per share. |
• | Combined recurring capital expenditures and second generation tenant allowances of approximately $37 million to $40 million. |
• | Tenant sales remain stable. |
• | Does not include the impact of any additional financing activity, the sale of any outparcels, properties or joint venture interests, or the acquisition of any properties or joint venture partner interests |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Base rentals (a) | $ | 82,323 | $ | 80,349 | $ | 244,781 | $ | 241,467 | |||||||
Percentage rentals | 3,210 | 3,138 | 6,666 | 6,798 | |||||||||||
Expense reimbursements | 35,468 | 34,180 | 107,876 | 104,801 | |||||||||||
Management, leasing and other services | 583 | 588 | 1,826 | 1,776 | |||||||||||
Other income | 2,652 | 2,510 | 6,333 | 6,905 | |||||||||||
Total revenues | 124,236 | 120,765 | 367,482 | 361,747 | |||||||||||
Expenses: | |||||||||||||||
Property operating | 39,653 | 37,571 | 119,817 | 115,074 | |||||||||||
General and administrative | 10,752 | 10,934 | 32,861 | 33,846 | |||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | ||||||||||
Impairment charge | 49,739 | — | 49,739 | — | |||||||||||
Depreciation and amortization | 32,850 | 30,976 | 98,667 | 95,175 | |||||||||||
Total expenses | 132,994 | 79,382 | 301,084 | 244,623 | |||||||||||
Operating income (loss) | (8,758 | ) | 41,383 | 66,398 | 117,124 | ||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (16,367 | ) | (16,489 | ) | (48,348 | ) | (49,496 | ) | |||||||
Loss on early extinguishment of debt | — | (35,626 | ) | — | (35,626 | ) | |||||||||
Gain on sale of assets | — | — | — | 6,943 | |||||||||||
Other non-operating income | 261 | 591 | 661 | 683 | |||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (24,864 | ) | (10,141 | ) | 18,711 | 39,628 | |||||||||
Equity in earnings (losses) of unconsolidated joint ventures | 1,833 | (5,893 | ) | 6,233 | (1,201 | ) | |||||||||
Net income (loss) | (23,031 | ) | (16,034 | ) | 24,944 | 38,427 | |||||||||
Noncontrolling interests in Operating Partnership | 1,172 | 815 | (1,274 | ) | (1,920 | ) | |||||||||
Noncontrolling interests in other consolidated partnerships | — | — | 278 | — | |||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | (21,859 | ) | (15,219 | ) | 23,948 | 36,507 | |||||||||
Allocation of earnings to participating securities | (313 | ) | (306 | ) | (889 | ) | (907 | ) | |||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | (22,172 | ) | $ | (15,525 | ) | $ | 23,059 | $ | 35,600 | |||||
Basic earnings per common share: | |||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 | |||||
Diluted earnings per common share: | |||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 |
a. | Includes straight-line rent and market rent adjustments of $835 and $1,154 for the three months ended September 30, 2018 and 2017, respectively and $3,106 and $2,984 for the nine months ended September 30, 2018 and 2017, respectively. |
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
Assets | |||||||
Rental property: | |||||||
Land | $ | 278,632 | $ | 279,978 | |||
Buildings, improvements and fixtures | 2,755,698 | 2,793,638 | |||||
Construction in progress | 762 | 14,854 | |||||
3,035,092 | 3,088,470 | ||||||
Accumulated depreciation | (953,158 | ) | (901,967 | ) | |||
Total rental property, net | 2,081,934 | 2,186,503 | |||||
Cash and cash equivalents | 4,404 | 6,101 | |||||
Investments in unconsolidated joint ventures | 111,305 | 119,436 | |||||
Deferred lease costs and other intangibles, net | 120,064 | 132,061 | |||||
Prepaids and other assets | 103,910 | 96,004 | |||||
Total assets | $ | 2,421,617 | $ | 2,540,105 | |||
Liabilities and Equity | |||||||
Liabilities | |||||||
Debt: | |||||||
Senior, unsecured notes, net | $ | 1,136,184 | $ | 1,134,755 | |||
Unsecured term loan, net | 323,416 | 322,975 | |||||
Mortgages payable, net | 88,359 | 99,761 | |||||
Unsecured lines of credit, net | 199,701 | 206,160 | |||||
Total debt | 1,747,660 | 1,763,651 | |||||
Accounts payable and accrued expenses | 70,132 | 90,416 | |||||
Other liabilities | 79,342 | 73,736 | |||||
Total liabilities | 1,897,134 | 1,927,803 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Tanger Factory Outlet Centers, Inc.: | |||||||
Common shares, $.01 par value, 300,000,000 shares authorized, 93,907,034 and 94,560,536 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 939 | 946 | |||||
Paid in capital | 774,724 | 784,782 | |||||
Accumulated distributions in excess of net income | (259,258 | ) | (184,865 | ) | |||
Accumulated other comprehensive loss | (18,413 | ) | (19,285 | ) | |||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 497,992 | 581,578 | |||||
Equity attributable to noncontrolling interests: | |||||||
Noncontrolling interests in Operating Partnership | 26,491 | 30,724 | |||||
Noncontrolling interests in other consolidated partnerships | — | — | |||||
Total equity | 524,483 | 612,302 | |||||
Total liabilities and equity | $ | 2,421,617 | $ | 2,540,105 |
September 30, | ||||||
2018 | 2017 | |||||
Gross leasable area open at end of period (in thousands): | ||||||
Consolidated | 12,923 | 12,575 | ||||
Partially owned - unconsolidated | 2,370 | 2,371 | ||||
Total | 15,293 | 14,946 | ||||
Outlet centers in operation at end of period: | ||||||
Consolidated | 36 | 35 | ||||
Partially owned - unconsolidated | 8 | 8 | ||||
Total | 44 | 43 | ||||
States operated in at end of period (1) | 22 | 22 | ||||
Occupancy at end of period (1), (2) | 96.4 | % | 96.9 | % |
(1) | Excludes the centers in which we have ownership interests but are held in unconsolidated joint ventures. |
(2) | Excludes centers not yet stabilized at period end. The 2018 period excludes our Fort Worth outlet center (which opened during the fourth quarter of 2017) and the 2017 period excludes our Daytona Beach outlet center (which opened during the fourth quarter of 2016). |
• | FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | FFO does not reflect changes in, or cash requirements for, our working capital needs; |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and FFO does not reflect any cash requirements for such replacements; |
• | FFO, which includes discontinued operations, may not be indicative of our ongoing operations; and |
• | Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure. |
• | AFFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | AFFO does not reflect changes in, or cash requirements for, our working capital needs; |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and AFFO does not reflect any cash requirements for such replacements; |
• | AFFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and |
• | Other companies in our industry may calculate AFFO differently than we do, limiting its usefulness as a comparative measure. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (23,031 | ) | $ | (16,034 | ) | $ | 24,944 | $ | 38,427 | ||||||
Adjusted for: | ||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 32,237 | 30,396 | 96,841 | 93,634 | ||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,466 | 3,583 | 10,020 | 10,971 | ||||||||||||
Impairment charge - consolidated | 49,739 | — | 49,739 | — | ||||||||||||
Impairment charge - unconsolidated joint ventures | — | 9,021 | — | 9,021 | ||||||||||||
Gain on sale of assets | — | — | — | (6,943 | ) | |||||||||||
FFO | 62,411 | 26,966 | 181,544 | 145,110 | ||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | — | 278 | — | ||||||||||||
Allocation of earnings to participating securities | (560 | ) | (306 | ) | (1,571 | ) | (1,346 | ) | ||||||||
FFO available to common shareholders (1) | $ | 61,851 | $ | 26,660 | $ | 180,251 | $ | 143,764 | ||||||||
As further adjusted for: | ||||||||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | |||||||||||
Make-whole premium due to early extinguishment of debt (2) | — | 34,143 | — | 34,143 | ||||||||||||
Write-off of debt discount and debt origination costs due to early extinguishment of debt (2) | — | 1,483 | — | 1,483 | ||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | — | (249 | ) | — | (254 | ) | ||||||||||
AFFO available to common shareholders (1) | $ | 61,851 | $ | 61,938 | $ | 180,251 | $ | 179,664 | ||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.63 | $ | 0.27 | $ | 1.83 | $ | 1.44 | ||||||||
AFFO available to common shareholders per share - diluted (1) | $ | 0.63 | $ | 0.63 | $ | 1.83 | $ | 1.80 | ||||||||
Weighted Average Shares: | ||||||||||||||||
Basic weighted average common shares | 93,109 | 93,923 | 93,349 | 94,781 | ||||||||||||
Effect of outstanding options and certain restricted common shares | — | — | — | 23 | ||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 93,109 | 93,923 | 93,349 | 94,804 | ||||||||||||
Exchangeable operating partnership units | 4,995 | 5,028 | 4,995 | 5,028 | ||||||||||||
Diluted weighted average common shares (for FFO and AFFO per share computations) (1) | 98,104 | 98,951 | 98,344 | 99,832 |
(1) | Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. |
(2) | Due to charges related to the redemption of our $300.0 million 6.125% senior notes due 2020. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
FFO available to common shareholders | $ | 61,851 | $ | 26,660 | $ | 180,251 | $ | 143,764 | ||||||||
Adjusted for: | ||||||||||||||||
Corporate depreciation excluded above | 613 | 580 | 1,826 | 1,541 | ||||||||||||
Amortization of finance costs | 748 | 1,655 | 2,280 | 3,404 | ||||||||||||
Amortization of net debt discount (premium) | 105 | 837 | 309 | 1,082 | ||||||||||||
Amortization of equity-based compensation | 3,769 | 3,318 | 10,814 | 10,114 | ||||||||||||
Straight line rent adjustment | (1,450 | ) | (1,456 | ) | (4,744 | ) | (4,749 | ) | ||||||||
Market rent adjustment | 729 | 416 | 1,980 | 2,107 | ||||||||||||
2nd generation tenant allowances | (3,262 | ) | (5,573 | ) | (11,588 | ) | (14,788 | ) | ||||||||
Capital improvements | (5,562 | ) | (9,567 | ) | (16,483 | ) | (30,907 | ) | ||||||||
Adjustments from unconsolidated joint ventures | (456 | ) | (269 | ) | (875 | ) | (1,411 | ) | ||||||||
FAD available to common shareholders (1) | $ | 57,085 | $ | 16,601 | $ | 163,770 | $ | 110,157 | ||||||||
Dividends per share | $ | 0.3500 | $ | 0.3425 | $ | 1.0425 | $ | 1.0100 | ||||||||
FFO payout ratio | 56 | % | 127 | % | 57 | % | 70 | % | ||||||||
FAD payout ratio | 60 | % | 201 | % | 62 | % | 92 | % | ||||||||
Diluted weighted average common shares (1) | 98,104 | 98,951 | 98,344 | 99,832 |
(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. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (23,031 | ) | $ | (16,034 | ) | $ | 24,944 | $ | 38,427 | ||||||
Adjusted to exclude: | ||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | (1,833 | ) | 5,893 | (6,233 | ) | 1,201 | ||||||||||
Interest expense | 16,367 | 16,489 | 48,348 | 49,496 | ||||||||||||
Gain on sale of assets | — | — | — | (6,943 | ) | |||||||||||
Loss on early extinguishment of debt | — | 35,626 | — | 35,626 | ||||||||||||
Other non-operating income | (261 | ) | (591 | ) | (661 | ) | (683 | ) | ||||||||
Impairment charge | 49,739 | — | 49,739 | — | ||||||||||||
Depreciation and amortization | 32,850 | 30,976 | 98,667 | 95,175 | ||||||||||||
Other non-property expenses | 501 | 371 | 1,143 | 993 | ||||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | |||||||||||
Corporate general and administrative expenses | 10,725 | 11,020 | 32,532 | 33,499 | ||||||||||||
Non-cash adjustments (1) | (702 | ) | (1,020 | ) | (2,707 | ) | (2,580 | ) | ||||||||
Lease termination fees | (70 | ) | (162 | ) | (1,134 | ) | (2,796 | ) | ||||||||
Portfolio NOI | 84,285 | 82,469 | 244,638 | 241,943 | ||||||||||||
Non-same center NOI (2) | (4,580 | ) | (1,972 | ) | (13,022 | ) | (6,910 | ) | ||||||||
Same Center NOI | $ | 79,705 | $ | 80,497 | $ | 231,616 | $ | 235,033 |
(1) | Non-cash items include straight-line rent, above and below market rent amortization and gains or losses on outparcel sales. |
(2) | Excluded from Same Center NOI: |
Outlet centers opened: | Outlet centers sold: | Outlet center expansions: | |||||
Fort Worth | October 2017 | Westbrook | May 2017 | Lancaster | September 2017 |
Section | |
Portfolio Data: | |
Geographic Diversification | |
Property Summary - Occupancy at End of Each Period Shown | |
Portfolio Occupancy at the End of Each Period | |
Average Tenant Sales Per Square Foot by Outlet Center Ranking | |
Top 25 Tenants Based on Percentage of Total Annualized Base Rent | |
Lease Expirations as of September 30, 2018 | |
Capital expenditures | |
Leasing Activity | |
Financial Data: | |
Consolidated Balance Sheets | |
Consolidated Statements of Operations | |
Unconsolidated Joint Venture Information | |
Debt Outstanding Summary | |
Future Scheduled Principal Payments | |
Senior Unsecured Notes Financial Covenants | |
Non-GAAP Supplemental Measures: | |
Non-GAAP Definitions | |
FFO and FAD Analysis | |
Portfolio NOI and Same Center NOI | |
Pro Rata Balance Sheet Information | |
Pro Rata Statement of Operations Information | |
Investor Information |
State | # of Centers | GLA | % of GLA | |||||
South Carolina | 5 | 1,600,362 | 12 | % | ||||
New York | 2 | 1,468,887 | 11 | % | ||||
Georgia | 3 | 1,121,579 | 9 | % | ||||
Texas | 3 | 1,001,357 | 8 | % | ||||
Pennsylvania | 3 | 999,637 | 8 | % | ||||
Michigan | 2 | 671,543 | 5 | % | ||||
Delaware | 1 | 557,353 | 4 | % | ||||
Alabama | 1 | 556,673 | 4 | % | ||||
North Carolina | 3 | 505,056 | 4 | % | ||||
New Jersey | 1 | 489,706 | 4 | % | ||||
Tennessee | 1 | 448,150 | 3 | % | ||||
Ohio | 1 | 411,859 | 3 | % | ||||
Arizona | 1 | 410,734 | 3 | % | ||||
Florida | 1 | 351,721 | 3 | % | ||||
Missouri | 1 | 329,861 | 3 | % | ||||
Louisiana | 1 | 321,066 | 3 | % | ||||
Mississippi | 1 | 320,348 | 3 | % | ||||
Utah | 1 | 319,661 | 2 | % | ||||
Connecticut | 1 | 311,593 | 2 | % | ||||
Iowa | 1 | 276,331 | 2 | % | ||||
New Hampshire | 1 | 250,107 | 2 | % | ||||
Maryland | 1 | 199,425 | 2 | % | ||||
Total | 36 | 12,923,009 | 100 | % | ||||
Unconsolidated Joint Venture Properties | ||||||||
# of Centers | GLA | Ownership % | ||||||
Charlotte, NC | 1 | 397,857 | 50.00 | % | ||||
Columbus, OH | 1 | 355,245 | 50.00 | % | ||||
Ottawa, ON | 1 | 355,003 | 50.00 | % | ||||
Texas City, TX | 1 | 352,705 | 50.00 | % | ||||
National Harbor, MD | 1 | 341,156 | 50.00 | % | ||||
Cookstown, ON | 1 | 307,779 | 50.00 | % | ||||
Bromont, QC | 1 | 161,307 | 50.00 | % | ||||
Saint-Sauveur, QC | 1 | 99,405 | 50.00 | % | ||||
Total | 8 | 2,370,457 | ||||||
Grand Total | 44 | 15,293,466 |
Location | Total GLA 9/30/18 | % Occupied 9/30/18 | % Occupied 6/30/18 | % Occupied 9/30/17 | ||||||||
Deer Park, NY | 739,109 | 97 | % | 97 | % | 95 | % | |||||
Riverhead, NY | 729,778 | 95 | % | 92 | % | 98 | % | |||||
Rehoboth Beach, DE | 557,353 | 97 | % | 98 | % | 99 | % | |||||
Foley, AL | 556,673 | 94 | % | 95 | % | 99 | % | |||||
Atlantic City, NJ | 489,706 | 86 | % | 87 | % | 87 | % | |||||
San Marcos, TX | 471,816 | 97 | % | 96 | % | 97 | % | |||||
Sevierville, TN | 448,150 | 100 | % | 99 | % | 100 | % | |||||
Savannah, GA | 429,089 | 97 | % | 96 | % | 97 | % | |||||
Myrtle Beach Hwy 501, SC | 426,523 | 99 | % | 88 | % | 94 | % | |||||
Jeffersonville, OH | 411,859 | 97 | % | 96 | % | 95 | % | |||||
Glendale, AZ (Westgate) | 410,734 | 99 | % | 97 | % | 97 | % | |||||
Myrtle Beach Hwy 17, SC | 403,425 | 99 | % | 100 | % | 100 | % | |||||
Charleston, SC | 382,180 | 98 | % | 97 | % | 97 | % | |||||
Lancaster, PA | 376,997 | 92 | % | 92 | % | 93 | % | |||||
Pittsburgh, PA | 372,944 | 99 | % | 98 | % | 100 | % | |||||
Commerce, GA | 371,408 | 99 | % | 96 | % | 97 | % | |||||
Grand Rapids, MI | 357,105 | 95 | % | 95 | % | 97 | % | |||||
Fort Worth, TX | 351,741 | 98 | % | 97 | % | N/A | ||||||
Daytona Beach, FL | 351,721 | 100 | % | 99 | % | 97 | % | |||||
Branson, MO | 329,861 | 100 | % | 99 | % | 100 | % | |||||
Locust Grove, GA | 321,082 | 99 | % | 100 | % | 97 | % | |||||
Gonzales, LA | 321,066 | 96 | % | 98 | % | 99 | % | |||||
Southaven, MS | 320,348 | 93 | % | 94 | % | 97 | % | |||||
Park City, UT | 319,661 | 98 | % | 94 | % | 97 | % | |||||
Mebane, NC | 318,886 | 99 | % | 99 | % | 100 | % | |||||
Howell, MI | 314,438 | 95 | % | 94 | % | 98 | % | |||||
Mashantucket, CT (Foxwoods) | 311,593 | 95 | % | 95 | % | 94 | % | |||||
Williamsburg, IA | 276,331 | 93 | % | 93 | % | 97 | % | |||||
Tilton, NH | 250,107 | 94 | % | 94 | % | 93 | % | |||||
Hershey, PA | 249,696 | 99 | % | 100 | % | 100 | % | |||||
Hilton Head II, SC | 206,564 | 92 | % | 92 | % | 96 | % | |||||
Ocean City, MD | 199,425 | 96 | % | 96 | % | 98 | % | |||||
Hilton Head I, SC | 181,670 | 97 | % | 97 | % | 99 | % | |||||
Terrell, TX | 177,800 | 95 | % | 96 | % | 96 | % | |||||
Blowing Rock, NC | 104,009 | 96 | % | 96 | % | 98 | % | |||||
Nags Head, NC | 82,161 | 98 | % | 100 | % | 100 | % | |||||
Total | 12,923,009 | 96 | % | (1) | 96 | % | (1) | 97 | % | (2) |
(1) | Excludes the occupancy rate at our Fort Worth outlet center which opened during the fourth quarter of 2017 and has not yet stabilized. |
(2) | Excludes the occupancy rate at our Daytona Beach outlet center which opened during the fourth quarter of 2016 and had not yet stabilized. |
Location | Total GLA 9/30/18 | % Occupied 9/30/18 | % Occupied 6/30/18 | % Occupied 9/30/17 | ||||||||
Charlotte, NC | 397,857 | 99 | % | 99 | % | 99 | % | |||||
Columbus, OH | 355,245 | 96 | % | 95 | % | 96 | % | |||||
Ottawa, ON | 355,003 | 94 | % | 94 | % | 93 | % | |||||
Texas City, TX (Galveston/Houston) | 352,705 | 95 | % | 95 | % | 99 | % | |||||
National Harbor, MD | 341,156 | 95 | % | 95 | % | 98 | % | |||||
Cookstown, ON | 307,779 | 100 | % | 99 | % | 98 | % | |||||
Bromont, QC | 161,307 | 80 | % | 73 | % | 72 | % | |||||
Saint-Sauveur, QC | 99,405 | 96 | % | 89 | % | 96 | % | |||||
Total | 2,370,457 | 95 | % | 94 | % | 95 | % | (1) |
(1) | Excludes the occupancy rate at our Columbus outlet center which opened in June 2016 and had not yet stabilized. |
Ranking (2) | 12 Months SPSF | Period End Occupancy | Sq Ft (thousands) | % of Square Feet | % of Portfolio NOI (3) | ||||||||
Consolidated Centers | |||||||||||||
Centers 1 - 5 | $ | 520 | 97 | % | 2,793 | 22 | % | 30 | % | ||||
Centers 6 - 10 | $ | 437 | 98 | % | 1,842 | 15 | % | 17 | % | ||||
Centers 11 - 15 | $ | 392 | 98 | % | 1,544 | 12 | % | 12 | % | ||||
Centers 16 - 20 | $ | 358 | 94 | % | 1,914 | 15 | % | 15 | % | ||||
Centers 21 - 25 | $ | 317 | 95 | % | 1,703 | 14 | % | 12 | % | ||||
Centers 26 - 30 | $ | 287 | 97 | % | 1,606 | 13 | % | 9 | % | ||||
Centers 31 - 35 | $ | 246 | 95 | % | 1,169 | 9 | % | 5 | % | ||||
Ranking (2) | Cumulative 12 Months SPSF | Cumulative Period End Occupancy | Cumulative Sq Ft (thousands) | Cumulative % of Square Feet | Cumulative % of Portfolio NOI (3) | ||||||||
Consolidated Centers | |||||||||||||
Centers 1 - 5 | $ | 520 | 97 | % | 2,793 | 22 | % | 30 | % | ||||
Centers 1 - 10 | $ | 485 | 97 | % | 4,635 | 37 | % | 47 | % | ||||
Centers 1 - 15 | $ | 461 | 97 | % | 6,179 | 49 | % | 59 | % | ||||
Centers 1 - 20 | $ | 436 | 97 | % | 8,093 | 64 | % | 74 | % | ||||
Centers 1 - 25 | $ | 415 | 96 | % | 9,796 | 78 | % | 86 | % | ||||
Centers 1 - 30 | $ | 396 | 97 | % | 11,402 | 91 | % | 95 | % | ||||
Centers 1 - 35 | $ | 383 | 96 | % | 12,571 | 100 | % | 100 | % | ||||
Unconsolidated centers (4) | $ | 456 | 97 | % | 1,447 | n/a | n/a | ||||||
Domestic centers (5) | $ | 390 | 96 | % | 14,018 | n/a | n/a | ||||||
(1) | Sales are based on reports for the trailing 12 months by retailers which have occupied outlet center stores for a minimum of 12 months. Sales per square foot are based on all stores less than 20,000 square feet in size. Centers are ranked by sales per square foot for the trailing twelve months ended September 30, 2018. Excludes outlet centers open less than 12 full calendar months and centers which have not yet stabilized (Fort Worth, Texas opened in October 2017). | ||||||||||||
(2) | Outlet centers included in each ranking group above are as follows (in alphabetical order): | ||||||||||||
Centers 1 - 5: | Deer Park, NY | Mebane, NC | Rehoboth, DE | Riverhead I, NY | Sevierville, TN | ||||||||
Centers 6 - 10: | Branson, MO | Lancaster, PA | Locust Grove, GA | Myrtle Beach 17, SC | Westgate, AZ | ||||||||
Centers 11 - 15: | Charleston, SC | Grand Rapids, MI | Hershey, PA | Hilton Head I, SC | Pittsburgh, PA | ||||||||
Centers 16 - 20: | Atlantic City, NJ | Foxwoods, CT | Gonzales, LA | Park City, UT | San Marcos, TX | ||||||||
Centers 21 - 25: | Foley, AL | Howell, MI | Nags Head, NC | Savannah, GA | Southaven (Memphis), MS | ||||||||
Centers 26 - 30: | Commerce, GA | Daytona Beach, FL | Hilton Head II, SC | Myrtle Beach 501, SC | Tilton, NH | ||||||||
Centers 31 - 34: | Blowing Rock, NC | Jeffersonville, OH | Ocean City, MD | Terrell, TX | Williamsburg, IA | ||||||||
(3) | Based on the Company's forecast of Portfolio NOI (see non-GAAP definitions). The Company's forecast is based on management's estimates as of September 30, 2018 and may be considered a forward-looking statement which is subject to risks and uncertainties. Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and real estate conditions. For a more detailed discussion of the factors that affect operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2017. | ||||||||||||
(4) | Includes domestic outlet centers open 12 full calendar months (in alphabetical order): | ||||||||||||
Unconsolidated: | Charlotte, NC | Columbus, OH | National Harbor, MD | Texas City (Houston), TX | |||||||||
(5) | Includes consolidated portfolio and domestic unconsolidated joint ventures |
Consolidated | Unconsolidated | ||||||||||||||
Tenant | Brands | # of Stores | GLA | % of Total GLA | % of Total Annualized Base Rent (2) | # of Stores | |||||||||
Ascena Retail Group, Inc. | Dress Barn, Loft, Ann Taylor, Justice, Lane Bryant, Maurices, roz & ALI | 145 | 876,450 | 6.8 | % | 7.0 | % | 18 | |||||||
The Gap, Inc. | Gap, Banana Republic, Old Navy | 98 | 1,034,948 | 8.0 | % | 5.8 | % | 17 | |||||||
PVH Corp. | Tommy Hilfiger, Van Heusen, Calvin Klein | 67 | 410,108 | 3.2 | % | 3.8 | % | 15 | |||||||
Under Armour, Inc. | Under Armour, Under Armour Kids | 33 | 257,375 | 2.0 | % | 2.7 | % | 6 | |||||||
Nike, Inc. | Nike, Converse, Hurley | 44 | 468,184 | 3.6 | % | 2.7 | % | 11 | |||||||
G-III Apparel Group, Ltd. | Bass, Wilson's Leather, Donna Karan | 59 | 273,742 | 2.1 | % | 2.6 | % | 6 | |||||||
Tapestry, Inc. | Coach, Kate Spade | 47 | 225,215 | 1.7 | % | 2.5 | % | 10 | |||||||
American Eagle Outfitters, Inc. | American Eagle Outfitters, Aerie | 38 | 268,167 | 2.1 | % | 2.4 | % | 7 | |||||||
Carter's, Inc. | Carters, OshKosh B Gosh | 57 | 250,990 | 1.9 | % | 2.3 | % | 11 | |||||||
V. F. Corporation | VF Outlet, The North Face, Vans, Timberland, Lee/Wrangler | 33 | 289,948 | 2.2 | % | 2.2 | % | 4 | |||||||
Signet Jewelers Limited | Kay Jewelers, Zales, Jared Vault | 56 | 127,225 | 1.0 | % | 1.9 | % | 8 | |||||||
Michael Kors Holdings Limited | Michael Kors, Michael Kors Men's | 29 | 136,241 | 1.1 | % | 1.9 | % | 5 | |||||||
Hanesbrands Inc. | Hanesbrands, Maidenform, Champion | 41 | 200,056 | 1.5 | % | 1.9 | % | 2 | |||||||
Ralph Lauren Corporation | Polo Ralph Lauren, Polo Children, Polo Ralph Lauren Big & Tall, Lauren Ralph Lauren | 38 | 380,955 | 2.9 | % | 1.8 | % | 5 | |||||||
Adidas AG | Adidas, Reebok | 30 | 187,275 | 1.4 | % | 1.7 | % | 12 | |||||||
Chico's, FAS Inc. | Chicos, White House/Black Market, Soma Intimates | 47 | 135,901 | 1.1 | % | 1.7 | % | 6 | |||||||
Columbia Sportswear Company | Columbia Sportswear | 19 | 148,892 | 1.2 | % | 1.6 | % | 3 | |||||||
Caleres Inc. | Famous Footwear, Naturalizer, Allen Edmonds | 38 | 188,647 | 1.5 | % | 1.6 | % | 11 | |||||||
J. Crew Group, Inc. | J. Crew, J. Crew Men's | 29 | 155,376 | 1.2 | % | 1.5 | % | 4 | |||||||
Brooks Brothers Group, Inc. | Brooks Brothers | 28 | 165,469 | 1.3 | % | 1.5 | % | 5 | |||||||
Skechers USA, Inc | Skechers | 32 | 144,313 | 1.1 | % | 1.5 | % | 6 | |||||||
Express Inc. | Express Factory | 24 | 167,418 | 1.3 | % | 1.5 | % | 4 | |||||||
Children's Place, Inc. | Children's Place | 25 | 150,526 | 1.2 | % | 1.4 | % | 5 | |||||||
Rack Room Shoes, Inc. | Rack Room Shoes | 24 | 139,559 | 1.1 | % | 1.3 | % | 2 | |||||||
Eddie Bauer, LLC | Eddie Bauer | 21 | 144,870 | 1.1 | % | 1.3 | % | 4 | |||||||
Total of Top 25 tenants | 1,102 | 6,927,850 | 53.6 | % | 58.1 | % | 187 |
(1) | Excludes leases that have been entered into but which tenant has not yet taken possession, temporary leases and month-to month leases. |
(2) | Annualized base rent is defined as the minimum monthly payments due as of the end of the reporting period annualized, excluding periodic contractual fixed increases. Include rents which are based on a percentage of sales in lieu of fixed contractual rents. |
Nine months ended | ||||||||
September 30, | ||||||||
2018 | 2017 | |||||||
Value-enhancing: | ||||||||
New center developments and expansions | $ | 6,398 | $ | 87,486 | ||||
Other | 1,419 | 2,962 | ||||||
7,817 | 90,448 | |||||||
Recurring capital expenditures: | ||||||||
Second generation tenant allowances | 11,588 | 15,815 | ||||||
Operational capital expenditures | 14,510 | 17,094 | ||||||
Major outlet center renovations | 1,973 | 13,813 | ||||||
28,071 | 46,722 | |||||||
Total additions to rental property-accrual basis | 35,888 | 137,170 | ||||||
Conversion from accrual to cash basis | 17,461 | (4,558 | ) | |||||
Total additions to rental property-cash basis | $ | 53,349 | $ | 132,612 |
TTM ended | 09/30/2018 | 09/30/2017 | |||||
Re-tenanted Space (terms greater than 12 months)(1): | |||||||
Number of leases | 94 | 80 | |||||
Gross leasable area | 392,670 | 276,179 | |||||
New initial rent per square foot | $ | 33.64 | $ | 37.33 | |||
Prior expiring rent per square foot | $ | 32.47 | $ | 33.91 | |||
Percent increase (2) | 3.6 | % | 10.1 | % | |||
New straight line rent per square foot | $ | 36.76 | $ | 41.96 | |||
Prior straight line rent per square foot | $ | 32.29 | $ | 33.13 | |||
Percent increase (2) | 13.8 | % | 26.7 | % | |||
Renewed Space (terms greater than 12 months)(1): | |||||||
Number of leases | 211 | 208 | |||||
Gross leasable area | 1,103,411 | 961,097 | |||||
New initial rent per square foot | $ | 30.31 | $ | 32.15 | |||
Prior expiring rent per square foot | $ | 29.06 | $ | 29.74 | |||
Percent increase | 4.3 | % | 8.1 | % | |||
New straight line rent per square foot | $ | 31.41 | $ | 34.17 | |||
Prior straight line rent per square foot | $ | 28.46 | $ | 29.26 | |||
Percent increase | 10.4 | % | 16.8 | % | |||
Total Re-tenanted and Renewed Space (terms greater than 12 months)(1): | |||||||
Number of leases | 305 | 288 | |||||
Gross leasable area | 1,496,081 | 1,237,276 | |||||
New initial rent per square foot | $ | 31.19 | $ | 33.31 | |||
Prior expiring rent per square foot | $ | 29.95 | $ | 30.67 | |||
Percent increase (2) | 4.1 | % | 8.6 | % | |||
New straight line rent per square foot | $ | 32.81 | $ | 35.91 | |||
Prior straight line rent per square foot | $ | 29.47 | $ | 30.12 | |||
Percent increase (2) | 11.4 | % | 19.2 | % | |||
Total Re-tenanted and Renewed Space (all terms)(3): | |||||||
Number of leases | 361 | 334 | |||||
Gross leasable area | 1,758,296 | 1,403,978 | |||||
New initial rent per square foot | $ | 29.70 | $ | 32.11 | |||
Prior expiring rent per square foot | $ | 29.90 | $ | 30.38 | |||
Percent increase (decrease) (2) | (0.6 | )% | 5.7 | % | |||
New straight line rent per square foot | $ | 31.09 | $ | 34.40 | |||
Prior straight line rent per square foot | $ | 29.30 | $ | 29.82 | |||
Percent increase (2) | 6.1 | % | 15.4 | % |
(1) | Represents change in rent (base rent and common area maintenance) for leases for a term of more than 12 months for new stores that opened or renewals that started during the respective trailing twelve month periods within the consolidated portfolio |
(2) | Excludes leases related to re-merchandising projects (see rent spreads including these leases on the following page) |
(3) | 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, except for license agreements, seasonal tenants, and month-to-month leases |
TTM ended | 09/30/2018 | 09/30/2017 | ||||
Number of leases related to re-merchandising projects | 3 | 6 | ||||
Gross leasable area of these leases | 62,772 | 102,441 | ||||
Re-tenanted Space (terms greater than 12 months)(1): | ||||||
Number of leases | 97 | 86 | ||||
Gross leasable area | 455,442 | 378,620 | ||||
New initial rent per square foot | $ | 31.35 | $ | 31.33 | ||
Prior expiring rent per square foot | $ | 30.28 | $ | 32.08 | ||
Percent increase | 3.5 | % | (2.4 | )% | ||
New straight line rent per square foot | $ | 34.09 | $ | 34.78 | ||
Prior straight line rent per square foot | $ | 30.13 | $ | 31.42 | ||
Percent increase | 13.1 | % | 10.7 | % | ||
Total Re-tenanted and Renewed Space (terms greater than 12 months)(1): | ||||||
Number of leases | 308 | 294 | ||||
Gross leasable area | 1,558,853 | 1,339,717 | ||||
New initial rent per square foot | $ | 30.62 | $ | 31.92 | ||
Prior expiring rent per square foot | $ | 29.42 | $ | 30.40 | ||
Percent increase | 4.1 | % | 5.0 | % | ||
New straight line rent per square foot | $ | 32.19 | $ | 34.34 | ||
Prior straight line rent per square foot | $ | 28.95 | $ | 29.87 | ||
Percent increase | 11.2 | % | 15.0 | % | ||
Re-tenanted Space (all terms)(2): | ||||||
Number of leases | 99 | 87 | ||||
Gross leasable area | 478,289 | 380,420 | ||||
New initial rent per square foot | $ | 30.31 | $ | 31.32 | ||
Prior expiring rent per square foot | $ | 30.25 | $ | 32.05 | ||
Percent increase | 0.2 | % | (2.3 | )% | ||
New straight line rent per square foot | $ | 32.92 | $ | 34.76 | ||
Prior straight line rent per square foot | $ | 29.98 | $ | 31.39 | ||
Percent increase | 9.8 | % | 10.7 | % | ||
Total Re-tenanted and Renewed Space (all terms)(2): | ||||||
Number of leases | 364 | 340 | ||||
Gross leasable area | 1,821,068 | 1,506,419 | ||||
New initial rent per square foot | $ | 29.27 | $ | 30.96 | ||
Prior expiring rent per square foot | $ | 29.44 | $ | 30.16 | ||
Percent increase (decrease) | (0.6 | )% | 2.6 | % | ||
New straight line rent per square foot | $ | 30.61 | $ | 33.11 | ||
Prior straight line rent per square foot | $ | 28.86 | $ | 29.62 | ||
Percent increase | 6.1 | % | 11.8 | % |
(1) | Represents change in rent (base rent and common area maintenance) for leases for a term of more than 12 months for new stores that opened or renewals that started during the respective trailing twelve month periods within the consolidated portfolio |
(2) | 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, except for license agreements, seasonal tenants, and month-to-month leases |
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
Assets | |||||||
Rental property: | |||||||
Land | $ | 278,632 | $ | 279,978 | |||
Buildings, improvements and fixtures | 2,755,698 | 2,793,638 | |||||
Construction in progress | 762 | 14,854 | |||||
3,035,092 | 3,088,470 | ||||||
Accumulated depreciation | (953,158 | ) | (901,967 | ) | |||
Total rental property, net | 2,081,934 | 2,186,503 | |||||
Cash and cash equivalents | 4,404 | 6,101 | |||||
Investments in unconsolidated joint ventures | 111,305 | 119,436 | |||||
Deferred lease costs and other intangibles, net | 120,064 | 132,061 | |||||
Prepaids and other assets | 103,910 | 96,004 | |||||
Total assets | $ | 2,421,617 | $ | 2,540,105 | |||
Liabilities and Equity | |||||||
Liabilities | |||||||
Debt: | |||||||
Senior, unsecured notes, net | $ | 1,136,184 | $ | 1,134,755 | |||
Unsecured term loan, net | 323,416 | 322,975 | |||||
Mortgages payable, net | 88,359 | 99,761 | |||||
Unsecured lines of credit, net | 199,701 | 206,160 | |||||
Total debt | 1,747,660 | 1,763,651 | |||||
Accounts payable and accrued expenses | 70,132 | 90,416 | |||||
Other liabilities | 79,342 | 73,736 | |||||
Total liabilities | 1,897,134 | 1,927,803 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Tanger Factory Outlet Centers, Inc.: | |||||||
Common shares, $.01 par value, 300,000,000 shares authorized, 93,907,034 and 94,560,536 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 939 | 946 | |||||
Paid in capital | 774,724 | 784,782 | |||||
Accumulated distributions in excess of net income | (259,258 | ) | (184,865 | ) | |||
Accumulated other comprehensive loss | (18,413 | ) | (19,285 | ) | |||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 497,992 | 581,578 | |||||
Equity attributable to noncontrolling interests: | |||||||
Noncontrolling interests in Operating Partnership | 26,491 | 30,724 | |||||
Noncontrolling interests in other consolidated partnerships | — | — | |||||
Total equity | 524,483 | 612,302 | |||||
Total liabilities and equity | $ | 2,421,617 | $ | 2,540,105 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Base rentals | $ | 82,323 | $ | 80,349 | $ | 244,781 | $ | 241,467 | |||||||
Percentage rentals | 3,210 | 3,138 | 6,666 | 6,798 | |||||||||||
Expense reimbursements | 35,468 | 34,180 | 107,876 | 104,801 | |||||||||||
Management, leasing and other services | 583 | 588 | 1,826 | 1,776 | |||||||||||
Other income | 2,652 | 2,510 | 6,333 | 6,905 | |||||||||||
Total revenues | 124,236 | 120,765 | 367,482 | 361,747 | |||||||||||
Expenses: | |||||||||||||||
Property operating | 39,653 | 37,571 | 119,817 | 115,074 | |||||||||||
General and administrative | 10,752 | 10,934 | 32,861 | 33,846 | |||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | ||||||||||
Impairment charge | 49,739 | — | 49,739 | — | |||||||||||
Depreciation and amortization | 32,850 | 30,976 | 98,667 | 95,175 | |||||||||||
Total expenses | 132,994 | 79,382 | 301,084 | 244,623 | |||||||||||
Operating income (loss) | (8,758 | ) | 41,383 | 66,398 | 117,124 | ||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (16,367 | ) | (16,489 | ) | (48,348 | ) | (49,496 | ) | |||||||
Loss on early extinguishment of debt | — | (35,626 | ) | — | (35,626 | ) | |||||||||
Gain on sale of assets | — | — | — | 6,943 | |||||||||||
Other non-operating income | 261 | 591 | 661 | 683 | |||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (24,864 | ) | (10,141 | ) | 18,711 | 39,628 | |||||||||
Equity in earnings (losses) of unconsolidated joint ventures | 1,833 | (5,893 | ) | 6,233 | (1,201 | ) | |||||||||
Net income (loss) | (23,031 | ) | (16,034 | ) | 24,944 | 38,427 | |||||||||
Noncontrolling interests in Operating Partnership | 1,172 | 815 | (1,274 | ) | (1,920 | ) | |||||||||
Noncontrolling interests in other consolidated partnerships | — | — | 278 | — | |||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | (21,859 | ) | (15,219 | ) | 23,948 | 36,507 | |||||||||
Allocation of earnings to participating securities | (313 | ) | (306 | ) | (889 | ) | (907 | ) | |||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | (22,172 | ) | $ | (15,525 | ) | $ | 23,059 | $ | 35,600 | |||||
Basic earnings per common share: | |||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 | |||||
Diluted earnings per common share: | |||||||||||||||
Net income (loss) | $ | (0.24 | ) | $ | (0.17 | ) | $ | 0.25 | $ | 0.38 |
Joint Venture | Center Location | Tanger's Ownership % | Square Feet | Tanger's Share of Total Assets | Tanger's Share of NOI | Tanger's Share of Net Debt (1) | ||||||||||||||
Charlotte | Charlotte, NC | 50.0 | % | 397,857 | $ | 40.3 | $ | 5.4 | $ | 49.7 | ||||||||||
Columbus | Columbus, OH | 50.0 | % | 355,245 | 41.3 | 3.7 | 42.3 | |||||||||||||
Galveston/Houston | Texas City, TX | 50.0 | % | 352,705 | 25.2 | 3.1 | 39.8 | |||||||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341,156 | 44.4 | 3.9 | 43.4 | |||||||||||||
RioCan Canada (2) | Various | 50.0 | % | 923,494 | 115.1 | 5.2 | 5.1 | |||||||||||||
Total | 2,370,457 | $ | 266.3 | $ | 21.3 | $ | 180.3 |
(1) | Net of debt origination costs and premiums. |
(2) | Includes a 161,307 square foot center in Bromont, Quebec; a 307,779 square foot center in Cookstown, Ontario; a 355,003 square foot center in Ottawa, Ontario; and a 99,405 square foot center in Saint-Sauveur, Quebec. |
Total Debt Outstanding | Our Share of Debt | Stated Interest Rate | End of Period Effective Interest Rate(1) | Maturity Date (2) | Weighted Average Years to Maturity (2) | |||||||||||||
Consolidated Debt: | ||||||||||||||||||
Unsecured debt: | ||||||||||||||||||
Unsecured lines of credit(3) | $ | 203,100 | $ | 203,100 | LIBOR + 0.875% | 3.1 | % | 10/28/2022 | 4.1 | |||||||||
2023 Senior unsecured notes | 250,000 | 250,000 | 3.875% | 4.1 | % | 12/1/2023 | 5.2 | |||||||||||
2024 Senior unsecured notes | 250,000 | 250,000 | 3.75 | % | 3.8 | % | 12/1/2024 | 6.2 | ||||||||||
2026 Senior unsecured notes | 350,000 | 350,000 | 3.125 | % | 3.2 | % | 9/1/2026 | 7.9 | ||||||||||
2027 Senior unsecured notes | 300,000 | 300,000 | 3.875 | % | 3.9 | % | 7/15/2027 | 8.8 | ||||||||||
Unsecured term loan(4) | 325,000 | 325,000 | LIBOR + 0.95% | 2.5 | % | 4/13/2021 | 2.5 | |||||||||||
Net debt discounts and debt origination costs | (18,799 | ) | (18,799 | ) | ||||||||||||||
Total net unsecured debt | 1,659,301 | 1,659,301 | 3.5 | % | 5.9 | |||||||||||||
Secured mortgage debt: | ||||||||||||||||||
Atlantic City, NJ | 35,091 | 35,091 | 5.14% - 7.65% | 5.1 | % | 11/15/2021 - 12/8/2026 | 6.2 | |||||||||||
Southaven, MS | 51,400 | 51,400 | LIBOR + 1.80% | 4.2 | % | 4/29/2023 | 4.6 | |||||||||||
Debt premium and debt origination costs | 1,868 | 1,868 | ||||||||||||||||
Total net secured mortgage debt | 88,359 | 88,359 | 4.6 | % | 5.2 | |||||||||||||
Total consolidated debt | 1,747,660 | 1,747,660 | 3.5 | % | 5.9 | |||||||||||||
Unconsolidated JV debt: | ||||||||||||||||||
Charlotte(5) | 100,000 | 50,000 | 4.27 | % | 4.3 | % | 7/1/2028 | 9.8 | ||||||||||
Columbus | 85,000 | 42,500 | LIBOR + 1.65% | 3.9 | % | 11/28/2021 | 3.2 | |||||||||||
Galveston/Houston | 80,000 | 40,000 | LIBOR + 1.65% | 3.9 | % | 7/1/2022 | 3.8 | |||||||||||
National Harbor | 87,000 | 43,500 | LIBOR + 1.65% | 3.9 | % | 11/13/2019 | 1.1 | |||||||||||
RioCan Canada | 9,998 | 4,999 | 5.75 | % | 4.2 | % | 5/10/2020 | 1.6 | ||||||||||
Debt premium and debt origination costs | (1,399 | ) | (700 | ) | ||||||||||||||
Total unconsolidated JV net debt | 360,599 | 180,299 | 4.0 | % | 4.6 | |||||||||||||
Total | $ | 2,108,259 | $ | 1,927,959 | 3.6 | % | 5.6 |
(1) | The effective interest rate includes the impact of discounts and premiums and interest rate swap agreements, as applicable. See page 18 for additional details. |
(2) | Includes applicable extensions available at our option. |
(3) | The Company has 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. A 15 basis point facility fee is due annually on the entire committed amount of each facility. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. |
(4) | In October 2018, we amended and restated our unsecured term loan, increasing the size of the loan from $325.0 million to $350.0 million, extending maturity from April 2021 to April 2024, and reducing the interest rate spread over LIBOR from 0.95% to 0.90%. The $25.0 million of proceeds were used to pay down the balances outstanding under our unsecured lines of credit. |
(5) | In June 2018, the joint venture closed on a $100.0 million mortgage loan with a fixed interest rate of 4.3% and a maturity date of July 2028. The proceeds from the loan were used to pay off the $90.0 million mortgage loan with an interest rate of LIBOR + 1.45% that had an original maturity date of November 2018. The joint venture distributed the incremental net loan proceeds of $9.3 million equally to the partners. |
Total Debt % | Our Share of Debt | End of Period Effective Interest Rate | Average Years to Maturity (1) | ||||||||
Consolidated: | |||||||||||
Fixed (2) | 88 | % | $ | 1,536,811 | 3.5 | % | 6.1 | ||||
Variable | 12 | % | 210,849 | 3.6 | % | 4.1 | |||||
100 | % | 1,747,660 | 3.5 | % | 5.9 | ||||||
Unconsolidated Joint ventures: | |||||||||||
Fixed | 30 | % | $ | 54,854 | 4.3 | % | 9.0 | ||||
Variable | 70 | % | 125,445 | 3.9 | % | 2.6 | |||||
100 | % | 180,299 | 4.0 | % | 4.6 | ||||||
Total: | |||||||||||
Fixed | 83 | % | 1,591,665 | 3.6 | % | 6.3 | |||||
Variable | 17 | % | 336,294 | 3.8 | % | 3.3 | |||||
Total share of debt | 100 | % | $ | 1,927,959 | 3.6 | % | 5.6 |
(1) | Includes applicable extensions available at our option. |
(2) | The effective interest rate includes interest rate swap agreements that fix the base LIBOR rate at a weighted average of 1.7% on notional amounts aggregating $365.0 million as follows: |
(a) | Interest rate swaps entered into in December 2017 to hedge our variable interest rate exposure on notional amounts aggregating $150.0 million. These interest rate swap agreements fix the base LIBOR rate at an average of 2.2% from August 14, 2018 through January 1, 2021. |
(b) | Interest rate swaps entered into in April 2016 to hedge our variable interest rate exposure on notional amounts aggregating $175.0 million. These interest rate swap agreements fix the base LIBOR rate at an average of 1.03% through January 1, 2021, |
(c) | In March 2018, the consolidated joint venture that owns the Tanger outlet center in Southaven, Mississippi, entered into an interest rate swap, effective March 1, 2018, that fixed the base LIBOR rate at 2.5% on a notional amount of $40.0 million through January 31, 2021. |
Year | Tanger Consolidated Payments | Tanger's Share of Unconsolidated JV Payments | Total Scheduled Payments | ||||||||
2018 | $ | 813 | $ | 75 | $ | 888 | |||||
2019 | 3,369 | 43,813 | 47,182 | ||||||||
2020 | 3,566 | 4,611 | 8,177 | ||||||||
2021 | 330,793 | 42,500 | 373,293 | ||||||||
2022(2) | 207,536 | 40,000 | 247,536 | ||||||||
2023 | 306,168 | 346 | 306,514 | ||||||||
2024 | 255,140 | 855 | 255,995 | ||||||||
2025 | 1,501 | 892 | 2,393 | ||||||||
2026 | 355,705 | 931 | 356,636 | ||||||||
2027 | 300,000 | 972 | 300,972 | ||||||||
2028 & thereafter | — | 46,004 | 46,004 | ||||||||
$ | 1,764,591 | $ | 180,999 | $ | 1,945,590 | ||||||
Net debt discounts and debt origination costs | (16,931 | ) | (700 | ) | (17,631 | ) | |||||
$ | 1,747,660 | $ | 180,299 | $ | 1,927,959 |
(1) | Includes applicable extensions available at our option. |
(2) | Includes principal balance of $203.1 million outstanding under the Company's unsecured lines of credit. |
Required | Actual | Compliance | ||||
Total Consolidated Debt to Adjusted Total Assets | <60% | 51 | % | Yes | ||
Total Secured Debt to Adjusted Total Assets | <40% | 3 | % | Yes | ||
Total Unencumbered Assets to Unsecured Debt | >150% | 184 | % | Yes | ||
Consolidated Income Available for Debt Service to Annual Debt Service Charge | >1.5 | 5.25 | Yes |
(1) | For a complete listing of all debt covenants related to the Company's Senior Unsecured Notes, as well as definitions of the above terms, please refer to the Company's filings with the Securities and Exchange Commission. |
• | FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | FFO does not reflect changes in, or cash requirements for, our working capital needs; |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and FFO does not reflect any cash requirements for such replacements; |
• | FFO, which includes discontinued operations, may not be indicative of our ongoing operations; and |
• | Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure. |
• | AFFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | AFFO does not reflect changes in, or cash requirements for, our working capital needs; |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and AFFO does not reflect any cash requirements for such replacements; |
• | AFFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and |
• | Other companies in our industry may calculate AFFO differently than we do, limiting its usefulness as a comparative measure. |
• | The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and |
• | Other companies in our industry may calculate their pro rata interest differently than we do, limiting the usefulness as a comparative measure. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (23,031 | ) | $ | (16,034 | ) | $ | 24,944 | $ | 38,427 | ||||||
Adjusted for: | ||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 32,237 | 30,396 | 96,841 | 93,634 | ||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,466 | 3,583 | 10,020 | 10,971 | ||||||||||||
Impairment charge - consolidated | 49,739 | — | 49,739 | — | ||||||||||||
Impairment charge - unconsolidated joint ventures | — | 9,021 | — | 9,021 | ||||||||||||
Gain on sale of assets | — | — | — | (6,943 | ) | |||||||||||
FFO | 62,411 | 26,966 | 181,544 | 145,110 | ||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | — | 278 | — | ||||||||||||
Allocation of earnings to participating securities | (560 | ) | (306 | ) | (1,571 | ) | (1,346 | ) | ||||||||
FFO available to common shareholders (1) | $ | 61,851 | $ | 26,660 | $ | 180,251 | $ | 143,764 | ||||||||
As further adjusted for: | ||||||||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | |||||||||||
Make-whole premium due to early extinguishment of debt (2) | — | 34,143 | — | 34,143 | ||||||||||||
Write-off of debt discount and debt origination costs due to early extinguishment of debt (2) | — | 1,483 | — | 1,483 | ||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | — | (249 | ) | — | (254 | ) | ||||||||||
AFFO available to common shareholders (1) | $ | 61,851 | $ | 61,938 | $ | 180,251 | $ | 179,664 | ||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.63 | $ | 0.27 | $ | 1.83 | $ | 1.44 | ||||||||
AFFO available to common shareholders per share - diluted (1) | $ | 0.63 | $ | 0.63 | $ | 1.83 | $ | 1.80 | ||||||||
Weighted Average Shares: | ||||||||||||||||
Basic weighted average common shares | 93,109 | 93,923 | 93,349 | 94,781 | ||||||||||||
Effect of outstanding options and restricted common shares | — | — | — | 23 | ||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 93,109 | 93,923 | 93,349 | 94,804 | ||||||||||||
Exchangeable operating partnership units | 4,995 | 5,028 | 4,995 | 5,028 | ||||||||||||
Diluted weighted average common shares (for FFO and AFFO per share computations) (1) | 98,104 | 98,951 | 98,344 | 99,832 |
(1) | Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. |
(2) | Due to charges related to the redemption of our $300.0 million 6.125% senior notes due 2020. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
FFO available to common shareholders | $ | 61,851 | $ | 26,660 | $ | 180,251 | $ | 143,764 | ||||||||
Adjusted for: | ||||||||||||||||
Corporate depreciation excluded above | 613 | 580 | 1,826 | 1,541 | ||||||||||||
Amortization of finance costs | 748 | 1,655 | 2,280 | 3,404 | ||||||||||||
Amortization of net debt discount (premium) | 105 | 837 | 309 | 1,082 | ||||||||||||
Amortization of equity-based compensation | 3,769 | 3,318 | 10,814 | 10,114 | ||||||||||||
Straight line rent adjustment | (1,450 | ) | (1,456 | ) | (4,744 | ) | (4,749 | ) | ||||||||
Market rent adjustment | 729 | 416 | 1,980 | 2,107 | ||||||||||||
2nd generation tenant allowances | (3,262 | ) | (5,573 | ) | (11,588 | ) | (14,788 | ) | ||||||||
Capital improvements | (5,562 | ) | (9,567 | ) | (16,483 | ) | (30,907 | ) | ||||||||
Adjustments from unconsolidated joint ventures | (456 | ) | (269 | ) | (875 | ) | (1,411 | ) | ||||||||
FAD available to common shareholders (1) | $ | 57,085 | $ | 16,601 | $ | 163,770 | $ | 110,157 | ||||||||
Dividends per share | $ | 0.3500 | $ | 0.3425 | $ | 1.0425 | $ | 1.0100 | ||||||||
FFO payout ratio | 56 | % | 127 | % | 57 | % | 70 | % | ||||||||
FAD payout ratio | 60 | % | 201 | % | 62 | % | 92 | % | ||||||||
Diluted weighted average common shares (1) | 98,104 | 98,951 | 98,344 | 99,832 |
(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. |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income (loss) | $ | (23,031 | ) | $ | (16,034 | ) | $ | 24,944 | $ | 38,427 | ||||||
Adjusted to exclude: | ||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | (1,833 | ) | 5,893 | (6,233 | ) | 1,201 | ||||||||||
Interest expense | 16,367 | 16,489 | 48,348 | 49,496 | ||||||||||||
Gain on sale of assets | — | — | — | (6,943 | ) | |||||||||||
Loss on early extinguishment of debt | — | 35,626 | — | 35,626 | ||||||||||||
Other non-operating income | (261 | ) | (591 | ) | (661 | ) | (683 | ) | ||||||||
Impairment charge | 49,739 | — | 49,739 | — | ||||||||||||
Depreciation and amortization | 32,850 | 30,976 | 98,667 | 95,175 | ||||||||||||
Other non-property expenses | 501 | 371 | 1,143 | 993 | ||||||||||||
Abandoned pre-development costs | — | (99 | ) | — | 528 | |||||||||||
Corporate general and administrative expenses | 10,725 | 11,020 | 32,532 | 33,499 | ||||||||||||
Non-cash adjustments (1) | (702 | ) | (1,020 | ) | (2,707 | ) | (2,580 | ) | ||||||||
Lease termination fees | (70 | ) | (162 | ) | (1,134 | ) | (2,796 | ) | ||||||||
Portfolio NOI | 84,285 | 82,469 | 244,638 | 241,943 | ||||||||||||
Non-same center NOI (2) | (4,580 | ) | (1,972 | ) | (13,022 | ) | (6,910 | ) | ||||||||
Same Center NOI | $ | 79,705 | $ | 80,497 | $ | 231,616 | $ | 235,033 |
(1) | Non-cash items include straight-line rent, above and below market rent amortization and gains or losses on outparcel sales. |
(2) | Excluded from Same Center NOI: |
Outlet centers opened: | Outlet centers sold: | Outlet center expansions: | |||||
Fort Worth | October 2017 | Westbrook | May 2017 | Lancaster | September 2017 |
Non-GAAP | |||
Pro Rata Portion Unconsolidated Joint Ventures (1) | |||
Assets | |||
Rental property: | |||
Land | $ | 47,059 | |
Buildings, improvements and fixtures | 251,715 | ||
Construction in progress | 1,584 | ||
300,358 | |||
Accumulated depreciation | (55,107 | ) | |
Total rental property, net | 245,251 | ||
Cash and cash equivalents | 6,683 | ||
Deferred lease costs and other intangibles, net | 4,694 | ||
Prepaids and other assets | 9,681 | ||
Total assets | $ | 266,309 | |
Liabilities and Owners' Equity | |||
Liabilities | |||
Mortgages payable, net | $ | 180,299 | |
Accounts payable and accruals | 5,558 | ||
Total liabilities | 185,857 | ||
Owners' equity | 80,452 | ||
Total liabilities and owners' equity | $ | 266,309 |
(1) | The carrying value of our investments in unconsolidated joint ventures as reported in our Consolidated Balance Sheet differs from our pro rata share of the net assets shown above 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 totaled $4.1 million as of September 30, 2018 and are being amortized over the various useful lives of the related assets. |
Non-GAAP Pro Rata Portion | |||||||
Noncontrolling Interests | Unconsolidated Joint Ventures | ||||||
Revenues: | |||||||
Base rentals | $ | — | $ | 20,403 | |||
Percentage rentals | — | 1,811 | |||||
Expense reimbursements | — | 12,900 | |||||
Other income | — | 356 | |||||
Total revenues | — | 35,470 | |||||
Expense: | |||||||
Property operating | — | 14,016 | |||||
General and administrative | — | 151 | |||||
Depreciation and amortization | — | 10,021 | |||||
Total expenses | — | 24,188 | |||||
Operating income | — | 11,282 | |||||
Other income (expense): | |||||||
Interest expense | — | (5,137 | ) | ||||
Other nonoperating income | 278 | 88 | |||||
Net income | $ | 278 | $ | 6,233 |
Tanger Factory Outlet Centers, Inc. | |
Investor Relations | |
Phone: | (336) 834-6892 |
Fax: | (336) 297-0931 |
e-mail: | tangerir@tangeroutlet.com |
Mail: | Tanger Factory Outlet Centers, Inc. |
3200 Northline Avenue | |
Suite 360 | |
Greensboro, NC 27408 |
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