QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
(Tanger Factory Outlet Centers, Inc.) | ||
(Tanger Properties Limited Partnership) | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
$0.01 par value | ||
Tanger Factory Outlet Centers, Inc. | ☒ | No | ☐ | |
Tanger Properties Limited Partnership | ☒ | No | ☐ | |
Tanger Factory Outlet Centers, Inc. | ☒ | No | ☐ | |
Tanger Properties Limited Partnership | ☒ | No | ☐ | |
Tanger Factory Outlet Centers, Inc. | ||||
☒ | Accelerated Filer | ☐ | ||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ||
Emerging Growth Company | ||||
Tanger Properties Limited Partnership | ||||
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |
☒ | Smaller Reporting Company | |||
Emerging Growth Company | ||||
Tanger Factory Outlet Centers, Inc. | ☐ |
Tanger Properties Limited Partnership | ☐ |
Tanger Factory Outlet Centers, Inc. | Yes | No | ☒ | |
Tanger Properties Limited Partnership | Yes | No | ☒ | |
• | 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. |
• | 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. |
Page Number | |
Part I. Financial Information | |
Item 1. | |
FINANCIAL STATEMENTS OF TANGER FACTORY OUTLET CENTERS, INC. (Unaudited) | |
Consolidated Balance Sheets - as of June 30, 2019 and December 31, 2018 | |
Consolidated Statements of Operations - for the three and six months ended June 30, 2019 and 2018 | |
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2019 and 2018 | |
Consolidated Statements of Shareholders’ Equity - for the three and six months ended June 30, 2019 and 2018 | |
Consolidated Statements of Cash Flows - for the six months ended June 30, 2019 and 2018 | |
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) | |
Consolidated Balance Sheets - as of June 30, 2019 and December 31, 2018 | |
Consolidated Statements of Operations - for the three and six months ended June 30, 2019 and 2018 | |
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2019 and 2018 | |
Consolidated Statements of Equity - for the three and six months ended June 30, 2019 and 2018 | |
Consolidated Statements of Cash Flows - for the six months ended June 30, 2019 and 2018 | |
Condensed Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. Quantitative and Qualitative Disclosures about Market Risk | |
Item 4. Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership) | |
Part II. Other Information | |
Item 1. Legal Proceedings | |
Item 1A. Risk Factors | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 6. Exhibits | |
Signatures | |
June 30, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Rental property: | ||||||||
Land | $ | $ | ||||||
Buildings, improvements and fixtures | ||||||||
Construction in progress | ||||||||
Accumulated depreciation | ( | ) | ( | ) | ||||
Total rental property, net | ||||||||
Cash and cash equivalents | ||||||||
Investments in unconsolidated joint ventures | ||||||||
Deferred lease costs and other intangibles, net | ||||||||
Operating lease right-of-use assets | ||||||||
Prepaids and other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities and Equity | ||||||||
Liabilities | ||||||||
Debt: | ||||||||
Senior, unsecured notes, net | $ | $ | ||||||
Unsecured term loan, net | ||||||||
Mortgages payable, net | ||||||||
Unsecured lines of credit, net | ||||||||
Total debt | ||||||||
Accounts payable and accrued expenses | ||||||||
Operating lease liabilities | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Tanger Factory Outlet Centers, Inc.: | ||||||||
Common shares, $.01 par value, 300,000,000 shares authorized, 93,544,267 and 93,941,783 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | ||||||||
Paid in capital | ||||||||
Accumulated distributions in excess of net income | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | ||||||||
Equity attributable to noncontrolling interests: | ||||||||
Noncontrolling interests in Operating Partnership | ||||||||
Noncontrolling interests in other consolidated partnerships | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ | ||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||||
Rental revenues | $ | $ | $ | $ | ||||||||||||
Management, leasing and other services | ||||||||||||||||
Other revenues | ||||||||||||||||
Total revenues | ||||||||||||||||
Expenses: | ||||||||||||||||
Property operating | ||||||||||||||||
General and administrative | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Total expenses | ||||||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Gain on sale of assets | ||||||||||||||||
Other income (expense) | ( | ) | ( | ) | ||||||||||||
Total other income (expense) | ( | ) | ( | ) | ( | ) | ||||||||||
Income before equity in earnings of unconsolidated joint ventures | ||||||||||||||||
Equity in earnings of unconsolidated joint ventures | ||||||||||||||||
Net income | ||||||||||||||||
Noncontrolling interests in Operating Partnership | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Noncontrolling interests in other consolidated partnerships | ( | ) | ( | ) | ||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ | $ | $ | $ | ||||||||||||
Basic earnings per common share: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Diluted earnings per common share: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | ( | ) | ( | ) | ||||||||||||
Change in fair value of cash flow hedges | ( | ) | ( | ) | ||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||
Comprehensive income | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | $ | $ | $ | $ | ||||||||||||
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, March 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
Net income | — | — | — | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ) | ( | ) | ( | ) | — | ( | ) | |||||||||||||
Compensation under Incentive Award Plan | — | — | — | — | — | ||||||||||||||||||||
Repurchase of 475,549 common shares, including transaction costs | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | — | — | ( | ) | — | — | ||||||||||||||||||
Common dividends ($0.35 per share) | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
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 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
Net income | — | — | — | ( | ) | ||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ) | ( | ) | ( | ) | — | ( | ) | |||||||||||||
Compensation under Incentive Award Plan | — | — | — | — | — | ||||||||||||||||||||
Grant of 355,184 restricted common share awards, net of forfeitures | ( | ) | — | — | — | — | — | — | |||||||||||||||||
Repurchase of 919,249 common shares, including transaction costs | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||
Withholding of 89,437 common shares for employee income taxes | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | — | — | ( | ) | — | — | ||||||||||||||||||
Common dividends ($0.6925 per share) | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||||||||||
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, March 31, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | — | — | — | — | ||||||||||||||||||||
Repurchase of 558,399 common shares, including transaction costs | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | — | — | ( | ) | — | — | ||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
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, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
Net income | — | — | — | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | — | — | — | — | ||||||||||||||||||||
Grant of 242,167 restricted common share awards, net of forfeitures | ( | ) | — | — | — | — | — | — | |||||||||||||||||
Repurchase of 558,399 common shares, including transaction costs | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||
Withholding of 81,284 common shares for employee income taxes | ( | ) | ( | ) | — | — | ( | ) | — | — | ( | ) | |||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | ( | ) | — | — | ( | ) | — | — | ||||||||||||||||
Common dividends ($0.705 per share) | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
Six months ended June 30, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Amortization of deferred financing costs | ||||||||
Gain on sale of assets | ( | ) | ||||||
Equity in earnings of unconsolidated joint ventures | ( | ) | ( | ) | ||||
Equity-based compensation expense | ||||||||
Amortization of debt (premiums) and discounts, net | ||||||||
Amortization (accretion) of market rent rate adjustments, net | ||||||||
Straight-line rent adjustments | ( | ) | ( | ) | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | ||||||||
Other non-cash | ||||||||
Changes in other assets and liabilities: | ||||||||
Other assets | ( | ) | ||||||
Accounts payable and accrued expenses | ( | ) | ( | ) | ||||
Net cash provided by operating activities | ||||||||
INVESTING ACTIVITIES | ||||||||
Additions to rental property | ( | ) | ( | ) | ||||
Additions to investments in unconsolidated joint ventures | ( | ) | ( | ) | ||||
Net proceeds from sale of assets | ||||||||
Additions to non-real estate assets | ( | ) | ( | ) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | ||||||||
Additions to deferred lease costs | ( | ) | ( | ) | ||||
Other investing activities | ||||||||
Net cash provided by (used) in investing activities | ( | ) | ||||||
FINANCING ACTIVITIES | ||||||||
Cash dividends paid | ( | ) | ( | ) | ||||
Distributions to noncontrolling interests in Operating Partnership | ( | ) | ( | ) | ||||
Proceeds from revolving credit facility | ||||||||
Repayments of revolving credit facility | ( | ) | ( | ) | ||||
Repayments of notes, mortgages and loans | ( | ) | ( | ) | ||||
Repurchase of common shares, including transaction costs | ( | ) | ( | ) | ||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | ( | ) | ( | ) | ||||
Additions to deferred financing costs | ( | ) | ( | ) | ||||
Proceeds from other financing activities | ||||||||
Payment for other financing activities | ( | ) | ( | ) | ||||
Net cash used in financing activities | ( | ) | ( | ) | ||||
Effect of foreign currency rate changes on cash and cash equivalents | ( | ) | ( | ) | ||||
Net decrease in cash and cash equivalents | ( | ) | ( | ) | ||||
Cash and cash equivalents, beginning of period | ||||||||
Cash and cash equivalents, end of period | $ | $ | ||||||
June 30, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Rental property: | ||||||||
Land | $ | $ | ||||||
Buildings, improvements and fixtures | ||||||||
Construction in progress | ||||||||
Accumulated depreciation | ( | ) | ( | ) | ||||
Total rental property, net | ||||||||
Cash and cash equivalents | ||||||||
Investments in unconsolidated joint ventures | ||||||||
Deferred lease costs and other intangibles, net | ||||||||
Operating lease right-of-use assets | ||||||||
Prepaids and other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities and Equity | ||||||||
Liabilities | ||||||||
Debt: | ||||||||
Senior, unsecured notes, net | $ | $ | ||||||
Unsecured term loan, net | ||||||||
Mortgages payable, net | ||||||||
Unsecured lines of credit, net | ||||||||
Total debt | ||||||||
Accounts payable and accrued expenses | ||||||||
Operating lease liabilities | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Partners’ Equity: | ||||||||
General partner, 1,000,000 units outstanding at June 30, 2019 and December 31, 2018 | ||||||||
Limited partners, 4,960,684 and 4,960,684 Class A common units, and 92,544,267 and 92,941,783 Class B common units outstanding at June 30, 2019 and December 31, 2018, respectively | ||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Total partners’ equity | ||||||||
Noncontrolling interests in consolidated partnerships | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ | ||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenues: | ||||||||||||||||
Rental revenues | $ | $ | $ | $ | ||||||||||||
Management, leasing and other services | ||||||||||||||||
Other revenues | ||||||||||||||||
Total revenues | ||||||||||||||||
Expenses: | ||||||||||||||||
Property operating | ||||||||||||||||
General and administrative | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Total expenses | ||||||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Gain on sale of assets | ||||||||||||||||
Other income (expense) | ( | ) | ( | ) | ||||||||||||
Total other income (expense) | ( | ) | ( | ) | ( | ) | ||||||||||
Income before equity in earnings of unconsolidated joint ventures | ||||||||||||||||
Equity in earnings of unconsolidated joint ventures | ||||||||||||||||
Net income | ||||||||||||||||
Noncontrolling interests in consolidated partnerships | ( | ) | ( | ) | ||||||||||||
Net income available to partners | ||||||||||||||||
Net income available to limited partners | ||||||||||||||||
Net income available to general partner | $ | $ | $ | $ | ||||||||||||
Basic earnings per common unit: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Diluted earnings per common unit: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | ( | ) | ( | ) | ||||||||||||
Changes in fair value of cash flow hedges | ( | ) | ( | ) | ||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||
Comprehensive income | ||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests in consolidated partnerships | ( | ) | ( | ) | ||||||||||||
Comprehensive income attributable to the Operating Partnership | $ | $ | $ | $ | ||||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, March 31, 2018 | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||
Net income | — | ||||||||||||||||||
Other comprehensive loss | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||
Compensation under Incentive Award Plan | — | — | — | ||||||||||||||||
Repurchase of 475,549 units, including transaction costs | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||
Common distributions ($0.35 per common unit) | ( | ) | ( | ) | — | ( | ) | — | ( | ) | |||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||
Balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2017 | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||
Net income | — | ( | ) | ||||||||||||||||
Other comprehensive loss | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||
Compensation under Incentive Award Plan | — | — | — | ||||||||||||||||
Grant of 355,184 restricted common share awards by the Company, net of forfeitures | — | — | — | — | — | — | |||||||||||||
Repurchase of 919,249 units, including transaction costs | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||
Withholding of 89,437 common units for employee income taxes | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||
Common distributions ($0.6925 per common unit) | ( | ) | ( | ) | — | ( | ) | — | ( | ) | |||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||
Balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||
The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||||
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, March 31, 2019 | $ | $ | $ | ( | ) | $ | $ | — | $ | ||||||||||
Net income | — | — | |||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||
Compensation under Incentive Award Plan | — | — | — | ||||||||||||||||
Repurchase of 558,399 units, including transaction costs | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||
Reclassification of general and limited partner interest | ( | ) | — | — | — | — | |||||||||||||
Contributions from noncontrolling interests | — | — | — | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||
Balance, June 30, 2019 | $ | $ | $ | ( | ) | $ | $ | — | $ | ||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2018 | $ | $ | $ | ( | ) | $ | $ | — | $ | ||||||||||
Net income | — | ||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||
Compensation under Incentive Award Plan | — | — | — | ||||||||||||||||
Grant of 242,167 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||
Repurchase of 558,399 units, including transaction costs | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||
Withholding of 81,284 common units for employee income taxes | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||
Common distributions ($0.705 per common unit) | ( | ) | ( | ) | — | ( | ) | — | ( | ) | |||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||
Balance, June 30, 2019 | $ | $ | $ | ( | ) | $ | $ | — | $ | ||||||||||
Six months ended June 30, | ||||||||
2019 | 2018 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Amortization of deferred financing costs | ||||||||
Gain on sale of assets | ( | ) | ||||||
Equity in earnings of unconsolidated joint ventures | ( | ) | ( | ) | ||||
Equity-based compensation expense | ||||||||
Amortization of debt (premiums) and discounts, net | ||||||||
Amortization (accretion) of market rent rate adjustments, net | ||||||||
Straight-line rent adjustments | ( | ) | ( | ) | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | ||||||||
Other non-cash | ||||||||
Changes in other assets and liabilities: | ||||||||
Other assets | ( | ) | ||||||
Accounts payable and accrued expenses | ( | ) | ( | ) | ||||
Net cash provided by operating activities | ||||||||
INVESTING ACTIVITIES | ||||||||
Additions to rental property | ( | ) | ( | ) | ||||
Additions to investments in unconsolidated joint ventures | ( | ) | ( | ) | ||||
Net proceeds from sale of assets | ||||||||
Additions to non-real estate assets | ( | ) | ( | ) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | ||||||||
Additions to deferred lease costs | ( | ) | ( | ) | ||||
Other investing activities | ||||||||
Net cash provided by (used) in investing activities | ( | ) | ||||||
FINANCING ACTIVITIES | ||||||||
Cash distributions paid | ( | ) | ( | ) | ||||
Proceeds from revolving credit facility | ||||||||
Repayments of revolving credit facility | ( | ) | ( | ) | ||||
Repayments of notes, mortgages and loans | ( | ) | ( | ) | ||||
Repurchase of units, including transaction costs | ( | ) | ( | ) | ||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | ( | ) | ( | ) | ||||
Additions to deferred financing costs | ( | ) | ( | ) | ||||
Proceeds from other financing activities | ||||||||
Payment for other financing activities | ( | ) | ( | ) | ||||
Net cash used in financing activities | ( | ) | ( | ) | ||||
Effect of foreign currency on cash and cash equivalents | ( | ) | ( | ) | ||||
Net decrease in cash and cash equivalents | ( | ) | ( | ) | ||||
Cash and cash equivalents, beginning of period | ||||||||
Cash and cash equivalents, end of period | $ | $ | ||||||
Property | Location | Date Sold | Square Feet (in 000’s) | Net Sales Proceeds (in 000’s) | Gain on Sale (in 000’s) | ||||||||||
Nags Head, Ocean City, Park City, and Williamsburg | Nags Head, NC, Ocean City, MD, Park City, UT, and Williamsburg, IA | March 2019 | $ | $ | |||||||||||
As of June 30, 2019 | ||||||||||||||||
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) | |||||||||||
Investments included in investments in unconsolidated joint ventures: | ||||||||||||||||
RioCan Canada | Various | % | $ | $ | ||||||||||||
$ | ||||||||||||||||
Investments included in other liabilities: | ||||||||||||||||
Columbus(2) | Columbus, OH | % | $ | ( | ) | $ | ||||||||||
Charlotte(2) | Charlotte, NC | % | ( | ) | ||||||||||||
National Harbor(2) | National Harbor, MD | % | ( | ) | ||||||||||||
Galveston/Houston (2) | Texas City, TX | % | ( | ) | ||||||||||||
$ | ( | ) | ||||||||||||||
As of December 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) | |||||||||||
Investments included in investments in unconsolidated joint ventures: | ||||||||||||||||
RioCan Canada | Various | % | $ | $ | ||||||||||||
$ | ||||||||||||||||
Investments included in other liabilities: | ||||||||||||||||
Columbus (2) | Columbus, OH | % | $ | ( | ) | $ | ||||||||||
Charlotte(2) | Charlotte, NC | % | ( | ) | ||||||||||||
National Harbor (2) | National Harbor, MD | % | ( | ) | ||||||||||||
Galveston/Houston(2) | Texas City, TX | % | ( | ) | ||||||||||||
$ | ( | ) | ||||||||||||||
(1) | Net of debt origination costs and including premiums of $ |
(2) | The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Fee: | ||||||||||||||||
Management and marketing | $ | $ | $ | $ | ||||||||||||
Leasing and other fees | ||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | ||||||||||||||||
Total Fees | $ | $ | $ | $ | ||||||||||||
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | June 30, 2019 | December 31, 2018 | ||||||
Assets | ||||||||
Land | $ | $ | ||||||
Buildings, improvements and fixtures | ||||||||
Construction in progress | ||||||||
Accumulated depreciation | ( | ) | ( | ) | ||||
Total rental property, net | ||||||||
Cash and cash equivalents | ||||||||
Deferred lease costs and other intangibles, net | ||||||||
Prepaids and other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities and Owners’ Equity | ||||||||
Mortgages payable, net | $ | $ | ||||||
Accounts payable and other liabilities | ||||||||
Total liabilities | ||||||||
Owners’ equity | ||||||||
Total liabilities and owners’ equity | $ | $ | ||||||
Three months ended | Six months ended | |||||||||||||||
Condensed Combined Statements of Operations | June 30, | June 30, | ||||||||||||||
- Unconsolidated Joint Ventures | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||
Expenses: | ||||||||||||||||
Property operating | ||||||||||||||||
General and administrative | ||||||||||||||||
Depreciation and amortization | ||||||||||||||||
Total expenses | ||||||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other income | ||||||||||||||||
Total other income (expense) | ( | ) | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
Net income | $ | $ | $ | $ | ||||||||||||
The Company and Operating Partnership’s share of: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Depreciation and amortization (real estate related) | $ | $ | $ | $ | ||||||||||||
As of | ||||||||
June 30, 2019 | December 31, 2018 | |||||||
Unsecured lines of credit | $ | $ | ||||||
Unsecured term loan | $ | $ | ||||||
As of | As of | ||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
Stated Interest Rate(s) | Maturity Date | Principal | Book Value(1) | Principal | Book Value(1) | ||||||||||||||||||
Senior, unsecured notes: | |||||||||||||||||||||||
Senior notes | % | December 2023 | $ | $ | $ | $ | |||||||||||||||||
Senior notes | % | December 2024 | |||||||||||||||||||||
Senior notes | % | September 2026 | |||||||||||||||||||||
Senior notes | % | July 2027 | |||||||||||||||||||||
Mortgages payable: | |||||||||||||||||||||||
Atlantic City (2)(3) | % | - | November 2021- December 2026 | ||||||||||||||||||||
Southaven | LIBOR | + | April 2021 | ||||||||||||||||||||
Unsecured term loan | LIBOR | + | April 2024 | ||||||||||||||||||||
Unsecured lines of credit | LIBOR | + | October 2021 | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
(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 |
(3) | Principal and interest due monthly with remaining principal due at maturity. |
Calendar Year | Amount | |||
For the remainder of 2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
Subtotal | ||||
Net discount and debt origination costs | ( | ) | ||
Total | $ | |||
Fair Value | ||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | June 30, 2019 | December 31, 2018 | ||||||||||||||
Assets (Liabilities)(1): | ||||||||||||||||||||
April 13, 2016 | January 1, 2021 | month LIBOR | % | $ | $ | |||||||||||||||
March 1, 2018 | January 31, 2021 | month LIBOR | % | ( | ) | ( | ) | |||||||||||||
August 14, 2018 | January 1, 2021 | month LIBOR | % | ( | ) | |||||||||||||||
July, 1, 2019 (2) | February 1, 2024 | month LIBOR | % | ( | ) | |||||||||||||||
Total | $ | $ | $ | |||||||||||||||||
(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. |
(2) | In June 2019, we entered into a $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Interest Rate Swaps: | ||||||||||||||||
Amount of gain (loss) recognized in Other comprehensive income on derivative | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
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 | |
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 June 30, 2019: | ||||||||||||||||
Asset: | ||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | $ | $ | $ | ||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (other liabilities) | $ | $ | $ | $ | ||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||
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, 2018: | ||||||||||||||||
Asset: | ||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | $ | $ | $ | ||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps (other liabilities) | $ | $ | $ | $ | ||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||||
June 30, 2019 | December 31, 2018 | |||||||
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities | $ | $ | ||||||
Level 2 Significant Observable Inputs | ||||||||
Level 3 Significant Unobservable Inputs | ||||||||
Total fair value of debt | $ | $ | ||||||
Recorded value of debt | $ | $ | ||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Total number of shares purchased | ||||||||||||||||
Average price paid per share | $ | $ | $ | $ | ||||||||||||
Total price paid exclusive of commissions and related fees (in thousands) | $ | $ | $ | $ | ||||||||||||
Limited Partnership Units | ||||||||||||
General Partnership Units | Class A | Class B | Total | |||||||||
March 31, 2018 | ||||||||||||
Repurchase of units | ( | ) | ( | ) | ||||||||
Balance June 30, 2018 | ||||||||||||
Balance December 31, 2017 | ||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | ||||||||||||
Repurchase of units | ( | ) | ( | ) | ||||||||
Units withheld for employee income taxes | ( | ) | ( | ) | ||||||||
Balance June 30, 2018 | ||||||||||||
March 31, 2019 | ||||||||||||
Repurchase of units | ( | ) | ( | ) | ||||||||
Balance June 30, 2019 | ||||||||||||
Balance December 31, 2018 | ||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | ||||||||||||
Repurchase of units | ( | ) | ( | ) | ||||||||
Units withheld for employee income taxes | ( | ) | ( | ) | ||||||||
Balance June 30, 2019 | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ | $ | $ | $ | ||||||||||||
Less allocation of earnings to participating securities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | $ | $ | $ | ||||||||||||
Denominator: | ||||||||||||||||
Basic weighted average common shares | ||||||||||||||||
Diluted weighted average common shares | ||||||||||||||||
Basic earnings per common share: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Diluted earnings per common share: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Numerator: | ||||||||||||||||
Net income attributable to partners of the Operating Partnership | $ | $ | $ | $ | ||||||||||||
Less allocation of earnings to participating securities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net income available to common unitholders of the Operating Partnership | $ | $ | $ | $ | ||||||||||||
Denominator: | ||||||||||||||||
Basic weighted average common units | ||||||||||||||||
Diluted weighted average common units | ||||||||||||||||
Basic earnings per common unit: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Diluted earnings per common unit: | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Restricted common shares (1) | $ | $ | $ | $ | ||||||||||||
Notional unit performance awards (1) | ||||||||||||||||
Options | ||||||||||||||||
Total equity-based compensation | $ | $ | $ | $ | ||||||||||||
(1) | Includes the accelerated recognition of compensation cost related to the planned retirement of an executive officer. |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Equity-based compensation expense capitalized | $ | $ | $ | $ | ||||||||||||
Performance targets (1) | ||||
Absolute portion of award: | ||||
Percent of total award | ||||
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 | ||||
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 | ||||
Grant date fair value per share | $ | |||
(1) | The number of restricted common shares received under the 2019 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. |
Risk free interest rate (1) | % | ||
Expected dividend yield (2) | % | ||
Expected volatility (3) | % | ||
(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) |
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 March 31, 2019 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | ( | ) | ( | ) | ||||||||||||||||||||
Balance June 30, 2019 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
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, 2018 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | ( | ) | ( | ) | ||||||||||||||||||||
Balance June 30, 2019 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
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 March 31, 2018 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Balance June 30, 2018 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
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 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Balance June 30, 2018 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance March 31, 2019 | $ | ( | ) | $ | $ | ( | ) | |||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | ( | ) | ||||||||||
Balance June 30, 2019 | $ | ( | ) | $ | $ | ( | ) | |||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2018 | $ | ( | ) | $ | $ | ( | ) | |||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | ( | ) | ||||||||||
Balance June 30, 2019 | $ | ( | ) | $ | $ | ( | ) | |||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance March 31, 2018 | $ | ( | ) | $ | $ | ( | ) | |||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||
Reclassification out of accumulated other comprehensive income (loss) into interest expense | — | ( | ) | ( | ) | |||||||
Balance June 30, 2018 | $ | ( | ) | $ | $ | ( | ) | |||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2017 | $ | ( | ) | $ | $ | ( | ) | |||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ||||||||
Reclassification out of accumulated other comprehensive income (loss) into interest expense | — | ( | ) | ( | ) | |||||||
Balance June 30, 2018 | $ | ( | ) | $ | $ | ( | ) | |||||
As of | As of | |||||||
June 30, 2019 | June 30, 2018 | |||||||
Costs relating to construction included in accounts payable and accrued expenses | $ | $ | ||||||
Six months ended June 30, | ||||||||
2019 | 2018 | |||||||
Interest paid | $ | $ | ||||||
June 30, 2019 | ||||
Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities | $ | |||
Non-Cash operating lease liabilities exchanged for operating right-of-use assets | ||||
Three months ended June 30, 2019 | Six months ended June 30, 2019 | |||||||
Rental revenues - fixed | $ | $ | ||||||
Rental revenues - variable (1) | ||||||||
Rental revenues | $ | $ | ||||||
(1) | Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. |
For the remainder of 2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024 | ||||
Thereafter | ||||
$ | ||||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
$ | ||||
Three months ended June 30, 2019 | Six months ended June 30, 2019 | |||||||
Operating lease costs | $ | $ | ||||||
Short-term lease costs | ||||||||
Variable lease costs (1) | ||||||||
Total lease costs | $ | $ | ||||||
(1) |
June 30, 2019 | |||
Weighted - average remaining lease term (years) | |||
Weighted - average discount rate | % | ||
June 30, 2019 | ||||
Operating cash outflows related to operating leases | $ | |||
For the remainder of 2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024 | ||||
Thereafter | ||||
Total lease payments | $ | |||
Less imputed interest | ||||
Present value of lease liabilities | $ | |||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
Total minimum payment | $ | |||
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, 2018 | 12,930 | 36 | 2,370 | 8 | ||||||||||
Other | (7 | ) | — | 1 | — | |||||||||
As of December 31, 2018 | 12,923 | 36 | 2,371 | 8 | ||||||||||
Dispositions: | ||||||||||||||
Nags Head | First Quarter | (82 | ) | (1 | ) | — | — | |||||||
Ocean City | First Quarter | (200 | ) | (1 | ) | — | — | |||||||
Park City | First Quarter | (320 | ) | (1 | ) | — | — | |||||||
Williamsburg | First Quarter | (276 | ) | (1 | ) | — | — | |||||||
Bromont | Second Quarter | — | — | (161 | ) | (1 | ) | |||||||
Other | 2 | — | — | — | ||||||||||
As of June 30, 2019 | 12,047 | 32 | 2,210 | 7 | ||||||||||
Consolidated Outlet Centers | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Deer Park, New York | 100 | 739,109 | 97 | |||||
Riverhead, New York (1) | 100 | 729,778 | 96 | |||||
Rehoboth Beach, Delaware (1) | 100 | 557,353 | 98 | |||||
Foley, Alabama | 100 | 554,583 | 92 | |||||
Atlantic City, New Jersey (1) (3) | 100 | 489,706 | 78 | |||||
San Marcos, Texas | 100 | 471,816 | 92 | |||||
Sevierville, Tennessee (1) | 100 | 447,815 | 99 | |||||
Savannah, Georgia | 100 | 429,089 | 97 | |||||
Myrtle Beach Hwy 501, South Carolina | 100 | 426,523 | 99 | |||||
Jeffersonville, Ohio | 100 | 411,867 | 94 | |||||
Glendale, Arizona (Westgate) | 100 | 410,734 | 95 | |||||
Myrtle Beach Hwy 17, South Carolina (1) | 100 | 403,425 | 100 | |||||
Charleston, South Carolina | 100 | 382,180 | 99 | |||||
Lancaster, Pennsylvania | 100 | 376,997 | 95 | |||||
Pittsburgh, Pennsylvania | 100 | 372,856 | 98 | |||||
Commerce, Georgia | 100 | 371,408 | 99 | |||||
Grand Rapids, Michigan | 100 | 357,103 | 96 | |||||
Fort Worth, Texas | 100 | 351,741 | 96 | |||||
Daytona Beach, Florida | 100 | 351,721 | 99 | |||||
Branson, Missouri | 100 | 329,861 | 100 | |||||
Southaven, Mississippi (2) (3) | 50 | 324,716 | 97 | |||||
Locust Grove, Georgia | 100 | 321,082 | 97 | |||||
Gonzales, Louisiana | 100 | 321,066 | 94 | |||||
Mebane, North Carolina | 100 | 318,886 | 100 | |||||
Howell, Michigan | 100 | 314,438 | 92 | |||||
Mashantucket, Connecticut (Foxwoods) (1) | 100 | 311,529 | 94 | |||||
Tilton, New Hampshire | 100 | 250,107 | 95 | |||||
Hershey, Pennsylvania | 100 | 249,696 | 100 | |||||
Hilton Head II, South Carolina | 100 | 206,564 | 97 | |||||
Hilton Head I, South Carolina | 100 | 181,670 | 100 | |||||
Terrell, Texas | 100 | 177,800 | 97 | |||||
Blowing Rock, North Carolina | 100 | 104,009 | 95 | |||||
Totals | 12,047,228 | 96 | ||||||
(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) | Property encumbered by mortgage. See Notes 5 and 6 to the consolidated financial statements for further details of our debt obligations. |
Unconsolidated joint venture properties | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Charlotte, North Carolina (1) | 50 | 398,697 | 98 | |||||
Columbus, Ohio (1) | 50 | 355,245 | 94 | |||||
Ottawa, Ontario | 50 | 355,013 | 95 | |||||
Texas City, Texas (Galveston/Houston) (1) | 50 | 352,705 | 97 | |||||
National Harbor, Maryland (1) | 50 | 341,156 | 96 | |||||
Cookstown, Ontario | 50 | 307,779 | 97 | |||||
Saint-Sauveur, Quebec (1) | 50 | 99,405 | 94 | |||||
Total | 2,210,000 | 96 | ||||||
(1) | Property encumbered by mortgage. See Note 4 to the consolidated financial statements for further details of the joint venture debt obligations. |
Trailing twelve months ended June 30, 2019(1),(2) | |||||||||||||||
# 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) (3) | ||||||||||
Re-tenant | 83 | 420 | $ | 33.93 | $ | 43.37 | 8.65 | $ | 28.92 | ||||||
Renewal | 255 | 1,200 | $ | 34.58 | $ | 0.58 | 3.78 | $ | 34.43 | ||||||
Trailing twelve months ended June 30, 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) (3) | ||||||||||
Re-tenant | 103 | 457 | $ | 33.54 | $ | 69.41 | 7.75 | $ | 24.58 | ||||||
Renewal | 261 | 1,349 | $ | 29.92 | $ | 0.11 | 3.63 | $ | 29.89 | ||||||
(1) | Excludes license agreements, seasonal tenants, and month-to-month leases. |
(2) | Excludes outlet centers sold in March 2019 (Nags Head, Ocean City, Park City, and Williamsburg Outlets Centers). |
(3) | 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. |
2019 | 2018 | Increase/(Decrease) | ||||||||||
Rental revenues from existing properties | $ | 109,360 | $ | 109,437 | $ | (77 | ) | |||||
Rental revenues from properties disposed | 20 | 6,297 | (6,277 | ) | ||||||||
Straight-line rent adjustments | 2,916 | 1,346 | 1,570 | |||||||||
Lease termination fees | 269 | 13 | 256 | |||||||||
Amortization of above and below market rent adjustments, net | (180 | ) | (575 | ) | 395 | |||||||
$ | 112,385 | $ | 116,518 | $ | (4,133 | ) | ||||||
2019 | 2018 | Increase/(Decrease) | ||||||||||
Property operating expenses from existing properties | $ | 35,382 | $ | 35,069 | $ | 313 | ||||||
Properties operating expenses from properties disposed | 5 | 1,834 | (1,829 | ) | ||||||||
Other property operating expenses | 1,339 | 1,043 | 296 | |||||||||
$ | 36,726 | $ | 37,946 | $ | (1,220 | ) | ||||||
2019 | 2018 | Increase/(Decrease) | ||||||||||
Depreciation and amortization from existing properties | $ | 31,146 | $ | 31,339 | $ | (193 | ) | |||||
Depreciation and amortization from properties disposed | — | 1,355 | (1,355 | ) | ||||||||
$ | 31,146 | $ | 32,694 | $ | (1,548 | ) | ||||||
2019 | 2018 | Increase/(Decrease) | ||||||||||
Equity in earnings from existing properties | $ | 1,639 | $ | 2,164 | $ | (525 | ) | |||||
Equity in earnings from property disposed | 7 | 42 | (35 | ) | ||||||||
$ | 1,646 | $ | 2,206 | $ | (560 | ) | ||||||
2019 | 2018 | Increase/(Decrease) | ||||||||||
Rental revenues from existing properties | $ | 220,182 | $ | 221,001 | $ | (819 | ) | |||||
Rental revenues from properties disposed | 6,422 | 12,838 | (6,416 | ) | ||||||||
Straight-line rent adjustments | 4,886 | 3,294 | 1,592 | |||||||||
Lease termination fees | 1,399 | 1,064 | 335 | |||||||||
Amortization of above and below market rent adjustments, net | (550 | ) | (1,023 | ) | 473 | |||||||
$ | 232,339 | $ | 237,174 | $ | (4,835 | ) | ||||||
2019 | 2018 | Increase/(Decrease) | ||||||||||
Property operating expenses from existing properties | $ | 73,863 | $ | 73,685 | $ | 178 | ||||||
Property operating expenses from property disposed | 2,598 | 4,082 | (1,484 | ) | ||||||||
Other property operating expense | 2,642 | 2,397 | 245 | |||||||||
$ | 79,103 | $ | 80,164 | $ | (1,061 | ) | ||||||
2019 | 2018 | Increase/(Decrease) | ||||||||||
Depreciation and amortization expenses from existing properties | $ | 61,650 | $ | 63,126 | $ | (1,476 | ) | |||||
Depreciation and amortization from property disposed | 1,256 | 2,691 | (1,435 | ) | ||||||||
$ | 62,906 | $ | 65,817 | $ | (2,911 | ) | ||||||
2019 | 2018 | Increase/(Decrease) | ||||||||||
Equity in earnings from existing properties | $ | 3,267 | $ | 4,364 | $ | (1,097 | ) | |||||
Equity in earnings from property disposed | 8 | 36 | (28 | ) | ||||||||
$ | 3,275 | $ | 4,400 | $ | (1,125 | ) | ||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Total number of shares purchased | 558,399 | 475,549 | 558,399 | 919,249 | ||||||||||||
Average price paid per share | $ | 17.89 | $ | 21.01 | $ | 17.89 | $ | 21.74 | ||||||||
Total price paid exclusive of commissions and related fees (in thousands) | $ | 9,989 | $ | 9,990 | $ | 9,989 | $ | 19,980 | ||||||||
Six months ended June 30, | ||||||||||||
2019 | 2018 | Change | ||||||||||
Net cash provided by operating activities | $ | 92,779 | $ | 115,292 | $ | (22,513 | ) | |||||
Net cash provided by (used in) investing activities | 116,331 | (28,701 | ) | 145,032 | ||||||||
Net cash used in financing activities | (210,740 | ) | (88,453 | ) | (122,287 | ) | ||||||
Effect of foreign currency rate changes on cash and equivalents | (16 | ) | (53 | ) | 37 | |||||||
Net decrease in cash and cash equivalents | $ | (1,646 | ) | $ | (1,915 | ) | $ | 269 | ||||
Six months ended June 30, | ||||||||||||
2019 | 2018 | Change | ||||||||||
Capital expenditures analysis: | ||||||||||||
New outlet center developments and expansions | $ | 4,010 | $ | 5,285 | $ | (1,275 | ) | |||||
Major outlet center renovations | 290 | 1,786 | (1,496 | ) | ||||||||
Second generation tenant allowances | 6,050 | 8,326 | (2,276 | ) | ||||||||
Other capital expenditures | 10,293 | 9,134 | 1,159 | |||||||||
20,643 | 24,531 | (3,888 | ) | |||||||||
Conversion from accrual to cash basis | 1,759 | 16,681 | (14,922 | ) | ||||||||
Additions to rental property-cash basis | $ | 22,402 | $ | 41,212 | $ | (18,810 | ) | |||||
Senior unsecured notes financial covenants | Required | Actual | |
Total consolidated debt to adjusted total assets | <60% | 49 | % |
Total secured debt to adjusted total assets | <40% | 3 | % |
Total unencumbered assets to unsecured debt | >150% | 197 | % |
Joint Venture | Total Joint Venture Debt | Maturity Date | Interest Rate | Percent Guaranteed by the Operating Partnership | Maximum Guaranteed Amount by the Company | |||||||||||
Charlotte | $ | 100.0 | July 2028 | 4.27% | — | % | $ | — | ||||||||
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 | 95.0 | January 2030 | 4.63 | % | — | % | — | |||||||||
RioCan Canada | 9.4 | May 2020 | 5.75 | % | 31.9 | % | 3.0 | |||||||||
Debt premium and debt origination costs | (1.3 | ) | ||||||||||||||
$ | 368.1 | $ | 19.4 | |||||||||||||
• | 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; and |
• | Other companies in our industry may calculate FFO differently than we do, limiting its usefulness as a comparative measure. |
• | AFFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | AFFO does not reflect changes in, or cash requirements for, our working capital needs; |
• | Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and AFFO does not reflect any cash requirements for such replacements; |
• | AFFO does not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and |
• | Other companies in our industry may calculate AFFO differently than we do, limiting its usefulness as a comparative measure. |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | 14,457 | $ | 24,290 | $ | 80,298 | $ | 47,975 | ||||||||
Adjusted for: | ||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 30,550 | 32,062 | 61,698 | 64,604 | ||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,265 | 3,325 | 6,395 | 6,554 | ||||||||||||
Foreign currency loss from sale of joint venture property | 3,641 | — | 3,641 | — | ||||||||||||
Gain on sale of assets | — | — | (43,422 | ) | — | |||||||||||
FFO | 51,913 | 59,677 | 108,610 | 119,133 | ||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | (92 | ) | (195 | ) | 278 | ||||||||||
Allocation of earnings to participating securities | (410 | ) | (534 | ) | (1,021 | ) | (1,011 | ) | ||||||||
FFO available to common shareholders (1) | $ | 51,503 | $ | 59,051 | $ | 107,394 | $ | 118,400 | ||||||||
As further adjusted for: | ||||||||||||||||
Compensation related to executive officer retirement (2) | 4,371 | — | 4,371 | — | ||||||||||||
Impact of above adjustment to the allocation of earnings to participating securities | (35 | ) | — | (35 | ) | — | ||||||||||
AFFO available to common shareholders (1) | $ | 55,839 | $ | 59,051 | $ | 111,730 | $ | 118,400 | ||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.52 | $ | 0.60 | $ | 1.09 | $ | 1.20 | ||||||||
AFFO available to common shareholders per share - diluted (1) | $ | 0.57 | $ | 0.60 | $ | 1.14 | $ | 1.20 | ||||||||
Weighted Average Shares: | ||||||||||||||||
Basic weighted average common shares | 93,187 | 93,298 | 93,245 | 93,470 | ||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 93,187 | 93,298 | 93,245 | 93,470 | ||||||||||||
Exchangeable operating partnership units | 4,960 | 4,996 | 4,960 | 4,996 | ||||||||||||
Diluted weighted average common shares (for FFO and AFFO per share computations) (1) | 98,147 | 98,294 | 98,205 | 98,466 | ||||||||||||
(1) | Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status. |
(2) | Represents the accelerated recognition of compensation cost entitled to be received by the Company’s President and Chief Operating Officer per the terms of a transition agreement executed in connection with his planned retirement. |
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | 14,457 | $ | 24,290 | $ | 80,298 | $ | 47,975 | ||||||||
Adjusted to exclude: | ||||||||||||||||
Equity in earnings of unconsolidated joint ventures | (1,646 | ) | (2,206 | ) | (3,275 | ) | (4,400 | ) | ||||||||
Interest expense | 15,134 | 16,181 | 31,441 | 31,981 | ||||||||||||
Gain on sale of assets | — | — | (43,422 | ) | — | |||||||||||
Other non-operating (income) expense | 3,417 | (191 | ) | 3,193 | (400 | ) | ||||||||||
Depreciation and amortization | 31,146 | 32,694 | 62,906 | 65,817 | ||||||||||||
Other non-property expense | 180 | (13 | ) | 331 | 374 | |||||||||||
Corporate general and administrative expenses | 16,635 | 10,943 | 28,767 | 21,702 | ||||||||||||
Non-cash adjustments(1) | (2,628 | ) | (638 | ) | (4,100 | ) | (2,004 | ) | ||||||||
Lease termination fees | (269 | ) | (13 | ) | (1,399 | ) | (1,064 | ) | ||||||||
Portfolio NOI | 76,426 | 81,047 | 154,740 | 159,981 | ||||||||||||
Non-same center NOI(2) | (23 | ) | (4,558 | ) | (4,108 | ) | (8,926 | ) | ||||||||
Same Center NOI | $ | 76,403 | $ | 76,489 | $ | 150,632 | $ | 151,055 | ||||||||
(1) | Non-cash items include straight-line rent, above and below market rent amortization, straight-line rent expense on land leases and gains or losses on outparcel sales, as applicable. |
(2) | Excluded from Same Center NOI: |
Outlet centers sold: | |
Nags Head, Ocean City, Park City, and Williamsburg | March 2019 |
June 30, 2019 | December 31, 2018 | |||||||
Fair value of debt | $ | 1,594,754 | $ | 1,668,475 | ||||
Recorded value of debt | $ | 1,586,309 | $ | 1,712,918 | ||||
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) | ||||||||||
April 1, 2019 to April 30, 2019 | — | $ | — | — | $ | 100.0 | ||||||||
May 1, 2019 to May 31, 2019 | 558,399 | 17.89 | 558,399 | 90.0 | ||||||||||
June 1, 2019 to June 30, 2019 | — | — | — | 90.0 | ||||||||||
Total | 558,399 | $ | 17.89 | 558,399 | $ | 90.0 | ||||||||
Exhibit Number | Exhibit Descriptions | ||
10.1* | |||
10.2 | |||
31.1* | |||
31.2* | |||
31.3* | |||
31.4* | |||
32.1** | |||
32.2** | |||
32.3** | |||
32.4** | |||
101.INS*** | Inline XBRL Instance Document - the Instance Document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | ||
101.SCH*** | Inline XBRL Taxonomy Extension Schema Document | ||
101.CAL*** | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.LAB*** | Inline XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE*** | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||
101.DEF*** | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||
104*** | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||
* Filed herewith. | |||
** Furnished herewith. | |||
*** Submitted herewith. | |||
TANGER FACTORY OUTLET CENTERS, INC. | |
By: | /s/ James F. Williams |
James F. Williams | |
Executive 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) | |
1. | The first sentence of Section 2.1(a) of the Plan is hereby amended and restated in its entirety as follows: |
2. | This Amendment is adopted by the Board on the Amendment Date, effective as of the date of its approval by the shareholders of the Company within twelve (12) months following the Amendment Date (such date, the “Effective Date”). To the extent this Amendment is not approved by the shareholders of the Company within twelve (12) months following the Amendment Date, it shall be of no force and effect. |
3. | Upon the Effective Date, this Amendment shall be incorporated in and form a part of the Plan. |
4. | Except as set forth herein, the Plan shall remain unchanged and in full force and effect following the Amendment Date. |
TANGER FACTORY OUTLET CENTERS, INC. | ||
By: | /s/ James F. Williams | |
Name: | James F. Williams | |
Title: | EVP, Chief Financial Officer | |
TANGER PROPERTIES LIMITED PARTNERSHIP | ||
By: | /s/ Chad D. Perry | |
Name: | Chad D. Perry | |
Title: | Vice President & Secretary | |
1. | I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period ended June 30, 2019; |
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 |
(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. |
1. | I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period ended June 30, 2019; |
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 |
(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. |
1 | I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended June 30, 2019; | ||
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: | August 5, 2019 | ||
/s/ Steven B. Tanger | |||
Steven B. Tanger | |||
Chief Executive Officer | |||
Tanger GP Trust, sole general partner of the Operating Partnership | |||
1 | I have reviewed this quarterly report on Form 10-Q of Tanger Properties Limited Partnership for the period ended June 30, 2019; | ||
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: | August 5, 2019 | ||
/s/ James F. Williams | |||
James F. Williams | |||
Vice-President and Treasurer | |||
Tanger GP Trust, sole general partner of the Operating Partnership (Principal Financial Officer) | |||
Date: | August 5, 2019 | /s/ Steven B. Tanger |
Steven B. Tanger Chief Executive Officer Tanger Factory Outlet Centers, Inc. | ||
Date: | August 5, 2019 | /s/ James F. Williams |
James F. Williams Executive Vice President and Chief Financial Officer Tanger Factory Outlet Centers, Inc. | ||
(i) | the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the period ended June 30, 2019 (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: | August 5, 2019 | /s/ Steven B. Tanger |
Steven B. Tanger | ||
Chief Executive Officer | ||
Tanger GP Trust, sole general partner of the Operating Partnership | ||
(i) | the accompanying Quarterly Report on Form 10-Q of the Operating Partnership for the period ended June 30, 2019 (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: | August 5, 2019 | /s/ James F. Williams |
James F. Williams | ||
Vice President and Treasurer Tanger GP Trust, sole general partner of the Operating Partnership (Principal Financial Officer) | ||
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| 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) | 93,544,267 | 93,941,783 |
| Common shares, outstanding (in shares) | 93,544,267 | 93,941,783 |
| 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) | 4,960,684 | 4,960,684 |
| Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member] | ||
| Limited partners units, outstanding (in units) | 92,544,267 | 92,941,783 |
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, 2017 | $ 612,302 | $ 946 | $ 784,782 | $ (184,865) | $ (19,285) | $ 581,578 | $ 30,724 | $ 0 | ||||||
| Beginning Balance at Dec. 31, 2017 | $ (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 | 47,975 | 45,807 | 45,807 | 2,446 | (278) | 47,975 | 48,253 | (278) | 485 | 47,768 | ||||
| Other comprehensive income | (1,514) | (1,437) | (1,437) | (77) | (1,514) | (1,514) | (1,514) | |||||||
| Compensation under Incentive Award Plan | 7,596 | 7,596 | 7,596 | 7,596 | 7,596 | 7,596 | ||||||||
| Grant of restricted common share awards, net of forfeitures | 3 | (3) | ||||||||||||
| Repurchased of common shares including transaction costs | (19,998) | (9) | (19,989) | (19,998) | (19,998) | (19,998) | (19,998) | |||||||
| 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 | 558 | 558 | (558) | |||||||||||
| Common distributions declared | (68,907) | (68,907) | (692) | (68,215) | ||||||||||
| Common dividends declared | (65,448) | (65,448) | (65,448) | |||||||||||
| Distributions to noncontrolling interests | (3,626) | (3,459) | (167) | (167) | (167) | |||||||||
| Ending Balance at Jun. 30, 2018 | 575,664 | 939 | 770,877 | (204,506) | (20,722) | 546,588 | 29,076 | 0 | ||||||
| Ending Balance at Jun. 30, 2018 | (21,859) | 575,664 | 0 | 5,637 | 591,886 | |||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2018 | 575,664 | |||||||||||||
| Beginning Balance at Mar. 31, 2018 | 593,491 | 944 | 776,753 | (194,416) | (19,623) | 563,658 | 29,833 | 0 | ||||||
| Beginning Balance at Mar. 31, 2018 | (20,701) | 593,491 | 0 | 5,743 | 608,449 | |||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2018 | 593,491 | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
| Net income | 24,290 | 22,969 | 22,969 | 1,229 | 92 | 24,290 | 24,198 | 92 | 244 | 23,954 | ||||
| Other comprehensive income | (1,158) | (1,099) | (1,099) | (59) | (1,158) | (1,158) | (1,158) | |||||||
| Compensation under Incentive Award Plan | 3,940 | 3,940 | 3,940 | 3,940 | 3,940 | 3,940 | ||||||||
| Repurchased of common shares including transaction costs | (10,000) | (5) | (9,995) | (10,000) | (10,000) | (10,000) | (10,000) | |||||||
| Adjustment for noncontrolling interests in Operating Partnership | 179 | 179 | (179) | |||||||||||
| Common distributions declared | (34,807) | (34,807) | (350) | (34,457) | ||||||||||
| Common dividends declared | (33,059) | (33,059) | (33,059) | |||||||||||
| Distributions to noncontrolling interests | (1,840) | (1,748) | (92) | (92) | (92) | |||||||||
| Ending Balance at Jun. 30, 2018 | 575,664 | 939 | 770,877 | (204,506) | (20,722) | 546,588 | 29,076 | 0 | ||||||
| Ending Balance at Jun. 30, 2018 | (21,859) | 575,664 | 0 | 5,637 | 591,886 | |||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2018 | 575,664 | |||||||||||||
| Beginning Balance at Dec. 31, 2018 | 505,535 | 939 | 778,845 | (272,454) | (27,151) | 480,179 | 25,356 | 0 | ||||||
| Beginning Balance at Dec. 31, 2018 | 505,535 | (28,631) | 505,535 | 4,914 | 529,252 | |||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2018 | 505,535 | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
| Net income | 80,298 | 76,058 | 76,058 | 4,045 | 195 | 80,298 | 80,103 | 195 | 809 | 79,294 | ||||
| Other comprehensive income | 1,827 | 1,736 | 1,736 | 91 | 1,827 | 1,827 | 1,827 | |||||||
| Compensation under Incentive Award Plan | 10,988 | 10,988 | 10,988 | 10,988 | 10,988 | 10,988 | ||||||||
| Grant of restricted common share awards, net of forfeitures | 3 | (3) | ||||||||||||
| Repurchased of common shares including transaction costs | (10,000) | (6) | (9,994) | (10,000) | (10,000) | (10,000) | (10,000) | |||||||
| Withholding of common shares/units for employee income taxes | (1,781) | (1) | (1,780) | (1,781) | (1,781) | (1,781) | (1,781) | |||||||
| Contributions from noncontrolling interests | 36 | 36 | 36 | 36 | ||||||||||
| Adjustment for noncontrolling interests in Operating Partnership | (30) | (30) | 30 | |||||||||||
| Common distributions declared | (69,864) | (69,864) | (705) | (69,159) | ||||||||||
| Common dividends declared | (66,368) | (66,368) | (66,368) | |||||||||||
| Distributions to noncontrolling interests | (3,727) | (3,496) | (231) | (231) | (231) | |||||||||
| Ending Balance at Jun. 30, 2019 | 516,808 | 935 | 778,026 | (262,764) | (25,415) | 490,782 | 26,026 | 0 | ||||||
| Ending Balance at Jun. 30, 2019 | 516,808 | (26,804) | 516,808 | 5,018 | 538,594 | |||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2019 | 516,808 | |||||||||||||
| Beginning Balance at Mar. 31, 2019 | 503,443 | 941 | 780,936 | (276,491) | (27,153) | 478,233 | 25,210 | 0 | ||||||
| Beginning Balance at Mar. 31, 2019 | (28,634) | 503,443 | 5,227 | 526,850 | ||||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2019 | 503,443 | |||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
| Net income | 14,457 | 13,727 | 13,727 | 730 | 14,457 | 14,457 | 146 | 14,311 | ||||||
| Other comprehensive income | 1,830 | 1,738 | 1,738 | 92 | 1,830 | 1,830 | 1,830 | |||||||
| Compensation under Incentive Award Plan | 7,078 | 7,078 | 7,078 | 7,078 | 7,078 | 7,078 | ||||||||
| Repurchased of common shares including transaction costs | (10,000) | (6) | (9,994) | 0 | 0 | (10,000) | 0 | 0 | (10,000) | (10,000) | (10,000) | |||
| Reclassification of general and limited partner interest | (355) | 355 | ||||||||||||
| Contributions from noncontrolling interests | 18 | 18 | 18 | 0 | 18 | |||||||||
| Adjustment for noncontrolling interests in Operating Partnership | 6 | 6 | (6) | |||||||||||
| Distributions to noncontrolling interests | (18) | (18) | (18) | $ (18) | ||||||||||
| Ending Balance at Jun. 30, 2019 | $ 516,808 | $ 935 | $ 778,026 | $ (262,764) | $ (25,415) | $ 490,782 | $ 26,026 | $ 0 | ||||||
| Ending Balance at Jun. 30, 2019 | 516,808 | $ (26,804) | $ 516,808 | $ 5,018 | $ 538,594 | |||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2019 | $ 516,808 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Tanger Factory Outlet Centers, Inc. [Member] | ||||
| Grant of restricted common share awards, net of forfeitures (in shares) | 242,167 | 355,184 | ||
| Total number of shares purchased (in shares) | 558,399 | 475,549 | 558,399 | 919,249 |
| Shares paid for tax withholding for share based compensation (in shares) | 81,284 | 89,437 | ||
| Common dividends per common share (in dollars per share) | $ 0.3500 | $ 0.7050 | $ 0.6925 | |
| Tanger Properties Limited Partnership [Member] | ||||
| Grant of restricted common share awards, net of forfeitures (in shares) | 242,167 | 355,184 | ||
| Total number of shares purchased (in shares) | 558,399 | 475,549 | 558,399 | 919,249 |
| Shares paid for tax withholding for share based compensation (in shares) | 81,284 | 89,437 | ||
| Common distributions (in dollars per share) | $ 0.3500 | $ 0.7050 | $ 0.6925 | |
Business |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| 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 June 30, 2019, we owned and operated 32 consolidated outlet centers, with a total gross leasable area of approximately 12.0 million square feet. We also had partial ownership interests in 7 unconsolidated outlet centers totaling approximately 2.2 million square feet, including 3 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. |
Basis of Presentation |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| 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, 2018. The December 31, 2018 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. Certain prior period balances in the accompanying unaudited consolidated statements of operations have been reclassified or combined to conform to the current period presentation. 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 control such properties. 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 on 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, Columbus, Galveston/Houston, and National Harbor 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. |
Disposition of Properties |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposition of Properties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposition of Properties [Text Block] | Disposition of Properties During the six months ended June 30, 2019, the Company closed on the sale of four non-core outlet centers for total gross proceeds of $130.5 million. The following table sets forth certain summarized information regarding the properties sold during the six months ended June 30, 2019:
The rental properties sold did not meet the criteria to be reported as discontinued operations.
|
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Investments in Unconsolidated Real Estate Joint Ventures |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
Expense reimbursements from unconsolidated joint ventures were previously included in expense reimbursements in our June 30, 2018 Form 10-Q. As these revenues are not related to leases, the 2018 amounts have been reclassified to management, leasing and other services on the consolidated statements of operations to conform to the current year presentation. See Note 17 for discussion of adoption of Accounting Standards Codification Topic 842 “Leases”. 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 $3.9 million and $4.1 million as of June 30, 2019 and December 31, 2018, respectively) are amortized over the various useful lives of the related assets. RioCan Canada In May 2019, the RioCan joint venture closed on the sale of its outlet center in Bromont, for net proceeds of approximately $6.4 million. Our share of the proceeds was approximately $3.2 million. As a result of this transaction, we recorded a foreign currency loss of approximately $3.6 million in other income (expense), which had been previously recorded in other comprehensive income. Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
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Debt Guaranteed by the Company |
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| 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):
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Debt of the Operating Partnership |
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| 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):
Certain of our properties, which had a net book value of approximately $176.8 million at June 30, 2019, 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 June 30, 2019, letters of credit totaling approximately $170,000 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 June 30, 2019, the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $19.4 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 June 30, 2019, we believe we were in compliance with all of our debt covenants. Debt Maturities Maturities of the existing long-term debt as of June 30, 2019 for the next five years and thereafter are as follows (in thousands):
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Derivative Financial Instruments |
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| 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):
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. 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 following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands):
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Fair Value Measurements |
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| 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:
Fair Value Measurements on a Recurring Basis The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands):
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. Other Fair Value Disclosures 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):
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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Shareholders' Equity of the Company |
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| Schedule of Shareholders' Equity of the Company [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Repurchase Program | Shareholders’ Equity of the Company Share Repurchase Program In May 2017, the Company 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. As of December 31, 2018, the remaining amount authorized to be repurchased under the program was approximately $55.7 million. In February 2019, the Company’s Board of Directors authorized the repurchase of up to an additional $44.3 million of our outstanding common shares for a total authorized amount of $100.0 million. The Board of Directors also extended the expiration of the existing plan by two years to May 2021. 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. Shares repurchased are as follows:
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Partners' Equity of the Operating Partnership |
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| 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 Class B common limited partnership unit 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 Class B common limited partnership unit held by Tanger LP Trust. The following table sets forth the changes in outstanding partnership units for the three and six months ended June 30, 2019 and June 30, 2018:
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Earnings Per Share of the Company |
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| 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):
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. There were no securities which had a dilutive effect on earnings per common share for the three months and six months ended June 30, 2019 and 2018. 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 both the three and six months ended June 30, 2019, approximately 1.1 million notional units were excluded from the computation and for both the three and six months ended June 30, 2018 approximately 1.0 million notional units were excluded from the computation 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 as 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 both the three and six months ended June 30, 2019, 526,000 options were excluded from the computation, and for both the three and six months ended June 30, 2018, approximately 558,000 options were excluded from the computation as they were anti-dilutive. The assumed exchange of the partnership units held by the Non-Company LPs as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a common limited partnership unit, as if exchanged, is equivalent to earnings allocated to a common share. Certain of the Company’s unvested restricted common share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of these unvested restricted common share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards based on dividends declared and the unvested restricted common shares’ participation rights in undistributed earnings. Unvested restricted common shares that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per share computation if the effect is dilutive, using the treasury stock method.
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Earnings Per Unit of the Operating Partnership |
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| 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):
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. There were no securities which had a dilutive effect on earnings per common unit for the three and six months ended June 30, 2019 and 2018. 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 units would be issuable if the end of the reporting period were the end of the contingency period. For both the three and six months ended June 30, 2019, approximately 1.1 million notional units were excluded from the computation and for both the three and six months ended June 30, 2018 approximately 1.0 million notional units were excluded from the computation 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 as 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 both the three and six months ended June 30, 2019, approximately 526,000 options were excluded from the computation, and for the three and six months ended June 30, 2018, approximately 558,000 options were excluded from the computation as they were anti-dilutive. Certain of the Company’s unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units’ participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method.
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Equity-Based Compensation of the Company |
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| 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):
Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):
Restricted Common Share and Restricted Share Unit Awards During February 2019, the Company granted approximately 309,000 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 $19.01 to $21.73 per share. The non-employee directors’ restricted common shares vest ratably over a three year period and the senior executive officers’ restricted shares (other than our Chief Executive Officer’s) vest ratably over a three or five year period. Our Chief Executive Officer’s restricted shares vest on the first anniversary of the grant date and his restricted share units vest in two equal installments on the second and third anniversaries of the grant date. For the restricted shares and units issued to our Chief Executive Officer, the award agreements require him to hold shares or units issued to him for a minimum of three years following vesting or the share issuance date, as applicable. 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 for the applicable income and other employment taxes, and remit cash to the appropriate taxing authorities. The total number of shares withheld upon vesting were approximately 81,000 and 89,000 for the six months ended June 30, 2019 and 2018, 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 were $1.8 million for the six months ended June 30, 2019 and $2.1 million for the six months ended June 30, 2018. These amounts are reflected as financing activities within the consolidated statements of cash flows. 2019 Outperformance Plan In February 2019, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2019 Outperformance Plan (the “2019 OPP”). The 2019 OPP is a long-term incentive compensation plan. Recipients may earn units which may convert into restricted common shares of the Company based on the Company’s absolute share price appreciation (or absolute total shareholder return) and its share price appreciation relative to its peer group (or relative total shareholder return) over a three-year measurement period. Any shares earned at the end of the three-year measurement period are subject to a time-based vesting schedule, with 50% of the shares vesting immediately following the measurement period, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or, with respect to our Chief Executive Officer, retirement or (c) due to death or disability). The following table sets forth 2019 OPP performance targets and other relevant information about the 2019 OPP:
The fair values of the 2019 OPP awards granted during the six months ended June 30, 2019 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
(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 |
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| 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 and six months ended June 30, 2019 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and six months ended June 30, 2018 (in thousands):
We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $617,000 of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2019.
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Accumulated Other Comprehensive Income (Loss) of the Operating Partnership |
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| 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 and six months ended June 30, 2019 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and six months ended June 30, 2018 (in thousands):
We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $617,000 of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2019.
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Supplemental Cash Flow Information |
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| Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental cash flow information | 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):
Interest paid, net of interest capitalized was as follows (in thousands):
Information related to non-cash assets and liabilities recorded as a result of the adoption of Accounting Standards Codification Topic 842 “Leases” (“ASC 842”) as of June 30, 2019 was as follows (in thousands):
Cash flow information related to leases for the six months ended June 30, 2019 (in thousands):
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Leases (Notes) |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases On January 1, 2019, we adopted ASC 842, which supersedes ASC 840. We adopted ASC 842 using the modified retrospective approach, whereby there was no cumulative effect adjustments to retained earnings on adoption and prior periods were not restated. Accordingly, our leases and lease related costs, as both lessee and lessor, and lease related receivables, as lessor, are presented under ASC 842 as of and for the three and six months ended June 30, 2019 and under ASC 840 as of December 31, 2018 and for the three and six months ended June 30, 2018. As a lessor, substantially all of our revenues are earned from arrangements that are within the scope of ASC 842. We utilized the practical expedient in ASU 2018-11 to account for lease and non-lease components as a single component which resulted in all of our revenues associated with leases being recorded as rental revenues in the consolidated statements of operations. As a result of the adoption of ASC 842, the amounts disclosed in our 2018 second quarter 10-Q as base rentals, percentage rentals and expense reimbursements have now been combined into rental revenues on the consolidated statements of operations to conform to the current year presentation. In addition, certain amounts previously included in expense reimbursements in our 2018 second quarter 10-Q, which are not related to leases have been reclassified to management, leasing and other services on the consolidated statements of operations to conform to the current year presentation. See Note 4 for additional details. ASC 842 requires certain other accounting changes effective January 1, 2019 where prior year amounts are not reclassified or restated. Uncollectible tenant revenues previously recorded in general and administrative expense are recorded in rental revenues as a contra-revenue account in 2019. As a result of combining all components of a lease, all fixed contractual payments, including consideration received from certain executory costs, are now recognized on a straight line basis. For the three and six months ended June 30, 2019, we recorded a straight-line rent adjustment of $1.7 million and $3.2 million, respectively, in rental revenues in our consolidated statements of operations to record revenues from executory costs on a straight-line basis. In addition, direct internal leasing costs are capitalized, however, indirect internal leasing costs previously capitalized are now expensed. We only capitalize the portion of these types of costs incurred that are a direct result of an executed lease. For the three and six months ended June 30, 2019, lease costs of approximately $1.1 million and $2.1 million, respectively, were expensed which would have been capitalized under ASC 840. As a lessee, the new standard also provides a number of optional provisions, known as practical expedients, which companies may elect to adopt to facilitate implementation. We elected the package of practical expedients which, among other items, precludes us from needing to reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification of any expired or existing leases, and (3) initial direct costs for any existing leases. Information as Lessor Under ASC 842 As of June 30, 2019, we were the lessor to over 2,300 stores in our 32 consolidated outlet centers, under operating leases with initial terms that expire from 2019 to 2032, with certain agreements containing extension options. We also have certain agreements which require tenants to pay their portion of reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. For the three and six months ended June 30, 2019, the components of rental revenues are as follows (in thousands):
Future minimum lease receipts under non-cancelable operating leases as of June 30, 2019, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
Information as Lessor Under ASC 840 As of December 31, 2018, we were the lessor to over 2,600 stores in our 36 consolidated outlet centers, under operating leases with initial terms that expire from 2019 to 2033. The majority of our leases contain provisions which provide additional rents based on tenants’ sales volume. Percentage rentals are recognized when specified targets that trigger the contingent rent are met. Future minimum lease receipts under non-cancelable operating leases as of December 31, 2018, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
Information as Lessee Under ASC 842 Adoption of the new standard resulted in the recording of operating lease right-of-use assets and operating lease liabilities, of $90.4 million and $95.1 million, respectively, as of January 1, 2019 equal to the present value of the minimum lease payments required under each lease. The difference between the recorded operating lease liability and operating right-of-use assets represents the accrued straight-line rent liability and our prepaid rent balances previously recognized under ASC 840. In March 2019, we sold our Ocean City outlet center, which had an operating lease right-of-use asset and operating lease liability of approximately $2.5 million. Our non-cancelable operating leases, with terms in excess of one year, have terms, including certain extension options, that expire from 2028 to 2101. Certain extension options, which are reasonably certain at inception, are used in the calculation of our operating lease right-of-use assets based on the economic life of the asset. Leases with an initial term of 12 months or less (short-term leases) are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The majority of our operating lease expense is related to ground leases at the following outlet centers: Myrtle Beach Hwy 17, Atlantic City, Sevierville, Riverhead, Foxwoods and Rehoboth Beach and the lease of our corporate office in Greensboro, North Carolina. For the three and six months ended June 30, 2019, the components of lease costs are as follows (in thousands):
The discount rate applied to measure each operating lease right-of-use asset and operating lease liability is based on our incremental borrowing rate (“IBR”). We consider the general economic environment and our credit rating and factor in various financing and asset specific adjustments to ensure the IBR is appropriate based on the intended use of the underlying lease. The lease term and discount rates are as follows:
Cash flow information related to leases for the six months ended June 30, 2019 (in thousands):
Maturities of lease liabilities as of June 30, 2019 for the next five years and thereafter are as follows (in thousands):
Information as Lessee Under ASC 840 As of December 31, 2018, our non-cancelable operating leases have terms, including certain extension options, that expire from 2019 to 2101. Rental payments for these leases totaled approximately $1.8 million and $3.6 million, respectively for the three and six months ended June 30, 2018. As of December 31, 2018, the majority of our rental payments are related to ground leases at the following outlet centers: Myrtle Beach Hwy 17, Atlantic City, Ocean City, Sevierville, Riverhead, Foxwoods and Rehoboth Beach and the lease of our corporate office in Greensboro, North Carolina. The contingent portion of our ground lease payments is based on center performance and/or changes in an index. For operating leases as of December 31, 2018, minimum lease payments for the next five years and thereafter are as follows (in thousands):
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New Accounting Pronouncements |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| New Accounting Pronouncements | New Accounting Pronouncements Recently adopted accounting standards (other than ASC 842 Leases) In October 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to Accounting Standards Codification 815. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The mandatory effective date for calendar year-end public companies was January 1, 2019. The adoption of ASU 2018-16 as of January 1, 2019 did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU 2018-07 were effective for us as of January 1, 2019 using a modified transition method upon adoption, and early adoption was permitted. The adoption of ASU 2018-07 as of January 1, 2019 did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance made more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amended the presentation and disclosure requirements and changed 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 adoption of ASU 2017-12 as of January 1, 2019 did not have a material impact on our consolidated financial statements. Recently issued accounting standards to be adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted. The adoption of ASU 2018-13 will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 to amend the accounting for credit losses for certain financial instruments. Under the new guidance, an entity recognizes its estimate of expected credit losses as an allowance, which the FASB believes will result in more timely recognition of such losses. In November 2018, the FASB released ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses.” This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 “Financial Instruments - Credit Losses.” Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this new guidance will not have a material impact on our consolidated financial statements.
|
Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events |
Basis of Presentation Accounting Policies (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Basis of Accounting | 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, 2018. The December 31, 2018 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.
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| Consolidation | 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 control such properties. 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 on 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, Columbus, Galveston/Houston, and National Harbor 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. |
New Accounting Pronouncements (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| New Accounting Pronouncements | Recently adopted accounting standards (other than ASC 842 Leases) In October 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to Accounting Standards Codification 815. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The mandatory effective date for calendar year-end public companies was January 1, 2019. The adoption of ASU 2018-16 as of January 1, 2019 did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU 2018-07 were effective for us as of January 1, 2019 using a modified transition method upon adoption, and early adoption was permitted. The adoption of ASU 2018-07 as of January 1, 2019 did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance made more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amended the presentation and disclosure requirements and changed 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 adoption of ASU 2017-12 as of January 1, 2019 did not have a material impact on our consolidated financial statements. Recently issued accounting standards to be adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted. The adoption of ASU 2018-13 will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 to amend the accounting for credit losses for certain financial instruments. Under the new guidance, an entity recognizes its estimate of expected credit losses as an allowance, which the FASB believes will result in more timely recognition of such losses. In November 2018, the FASB released ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses.” This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20 “Financial Instruments - Credit Losses.” Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this new guidance will not have a material impact on our consolidated financial statements.
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Disposition of Properties (Tables) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposition of Property | The following table sets forth certain summarized information regarding the properties sold during the six months ended June 30, 2019:
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Investments in Unconsolidated Real Estate Joint Ventures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
|
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| 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):
|
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| 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):
|
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| Summary Financial Information Of Unconsolidated JVs Statements of Operations |
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Debt Guaranteed by the Company (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
|
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Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The debt of the Operating Partnership consisted of the following (in thousands):
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| Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of June 30, 2019 for the next five years and thereafter are as follows (in thousands):
|
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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| 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):
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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| 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):
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Shareholders' Equity of the Company (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share repurchase program [Table Text Block] | Shares repurchased are as follows:
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Partners' Equity of the Operating Partnership (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 and six months ended June 30, 2019 and June 30, 2018:
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Earnings Per Share of the Company (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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Earnings Per Unit of the Operating Partnership (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
|
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Equity-Based Compensation of the Company (Tables) - Tanger Factory Outlet Centers, Inc. [Member] |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands):
|
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| Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2019 OPP performance targets and other relevant information about the 2019 OPP:
(2) The peer group is based on companies included in the FTSE NAREIT Retail Index.
|
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the 2019 OPP awards granted during the six months ended June 30, 2019 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions:
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Accumulated Other Comprehensive Income (Loss) of the Company (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 and six months ended June 30, 2019 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and six months ended June 30, 2018 (in thousands):
|
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Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 and six months ended June 30, 2019 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and six months ended June 30, 2018 (in thousands):
|
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Supplemental Cash Flow Information (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Expenditures included in accounts payable and accrued expenses were as follows (in thousands):
Interest paid, net of interest capitalized was as follows (in thousands):
Information related to non-cash assets and liabilities recorded as a result of the adoption of Accounting Standards Codification Topic 842 “Leases” (“ASC 842”) as of June 30, 2019 was as follows (in thousands):
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of rental revenues | For the three and six months ended June 30, 2019, the components of rental revenues are as follows (in thousands):
(1) Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes.
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| Future minimum lease receipts under non-cancelable operating leases | Future minimum lease receipts under non-cancelable operating leases as of June 30, 2019, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
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| Future minimum lease receipts under non-cancelable operating leases | Future minimum lease receipts under non-cancelable operating leases as of December 31, 2018, excluding the effect of straight-line rent and variable rentals, are as follows (in thousands):
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| Components of lease costs | For the three and six months ended June 30, 2019, the components of lease costs are as follows (in thousands):
(1) Our variable lease costs relate to our ground leases where increases in payments are based on center financial performance.
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| Lease term and discount rates | The lease term and discount rates are as follows:
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| Supplemental cash flow information | 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):
Interest paid, net of interest capitalized was as follows (in thousands):
Information related to non-cash assets and liabilities recorded as a result of the adoption of Accounting Standards Codification Topic 842 “Leases” (“ASC 842”) as of June 30, 2019 was as follows (in thousands):
Cash flow information related to leases for the six months ended June 30, 2019 (in thousands):
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| Maturity of lease liabilities | Maturities of lease liabilities as of June 30, 2019 for the next five years and thereafter are as follows (in thousands):
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| Minimum lease payments | For operating leases as of December 31, 2018, minimum lease payments for the next five years and thereafter are as follows (in thousands):
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Disposition of Properties (Details) - Nags Head, Ocean City, Park City & Williamsburg [Member] - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] ft² in Thousands, $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
ft²
| |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Gross proceeds from sale of assets | $ 130,500 |
| Area of Real Estate Property | ft² | 878 |
| Net proceeds from sale of assets | $ 128,248 |
| Gain on sale of assets | $ 43,422 |
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Management, Leasing and other services [Line Items] | ||||
| Fees received | $ 1,245 | $ 1,142 | $ 2,587 | $ 2,340 |
| Management and Marketing Fee [Member] | ||||
| Management, Leasing and other services [Line Items] | ||||
| Fees received | 561 | 565 | 1,128 | 1,133 |
| Leasing and other fees [Member] | ||||
| Management, Leasing and other services [Line Items] | ||||
| Fees received | 9 | 65 | 40 | 110 |
| Expense reimbursements from unconsolidated joint ventures [Member] | ||||
| Management, Leasing and other services [Line Items] | ||||
| Fees received | $ 675 | $ 512 | $ 1,419 | $ 1,097 |
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Assets | ||
| Land | $ 90,579 | $ 91,443 |
| Buildings, improvements and fixtures | 473,016 | 469,834 |
| Construction in progress | 4,207 | 2,841 |
| Rental property, at cost, total | 567,802 | 564,118 |
| Accumulated depreciation | (121,741) | (113,713) |
| Total rental property, net | 446,061 | 450,405 |
| Cash and cash equivalents | 15,345 | 16,216 |
| Deferred lease costs and other intangibles, net | 7,530 | 8,437 |
| Prepaids and other assets | 15,956 | 25,648 |
| Total assets | 484,892 | 500,706 |
| Liabilities and Owners’ Equity | ||
| Mortgages payable, net | 368,072 | 367,865 |
| Accounts payable and other liabilities | 12,932 | 13,414 |
| Total liabilities | 381,004 | 381,279 |
| Owners’ equity | 103,888 | 119,427 |
| Total liabilities and owners’ equity | $ 484,892 | $ 500,706 |
Investments in Unconsolidated Real Estate Joint Ventures (Summary Statements of Operations for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Unconsolidated Properties [Member] | ||||
| Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
| Revenues | $ 23,575 | $ 23,406 | $ 47,038 | $ 47,403 |
| Expenses: | ||||
| Property operating | 9,611 | 8,958 | 19,400 | 18,886 |
| General and administrative | 62 | 54 | 152 | 253 |
| Depreciation and amortization | 6,317 | 6,545 | 12,427 | 12,907 |
| Total expenses | 15,990 | 15,557 | 31,979 | 32,046 |
| Interest expense | (4,138) | (3,388) | (8,272) | (6,465) |
| Other income (expense) | 60 | 55 | 126 | 107 |
| Total other income (expense) | (4,078) | (3,333) | (8,146) | (6,358) |
| Net income | 3,507 | 4,516 | 6,913 | 8,999 |
| Tanger Factory Outlet Centers, Inc. [Member] | ||||
| Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
| Revenues | 115,707 | 119,711 | 238,862 | 243,246 |
| Expenses: | ||||
| Property operating | 36,726 | 37,946 | 79,103 | 80,164 |
| General and administrative | 16,473 | 10,997 | 28,618 | 22,109 |
| Depreciation and amortization | 31,146 | 32,694 | 62,906 | 65,817 |
| Total expenses | 84,345 | 81,637 | 170,627 | 168,090 |
| Interest expense | (15,134) | (16,181) | (31,441) | (31,981) |
| Other income (expense) | (3,417) | 191 | (3,193) | 400 |
| Total other income (expense) | (18,551) | (15,990) | 8,788 | (31,581) |
| Net income | 14,457 | 24,290 | 80,298 | 47,975 |
| The Company and Operating Partnership's share of: | ||||
| Net income | 1,646 | 2,206 | 3,275 | 4,400 |
| Depreciation and amortization (real estate related) | $ 3,265 | $ 3,325 | $ 6,395 | $ 6,554 |
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
|---|---|---|---|
May 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Differences in basis | $ 3,900 | $ 4,100 | |
| Bromont Outlet Mall Property [Member] | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net proceeds from sale of assets | $ 6,400 | ||
| Our share of net proceeds from sale of asset | 3,200 | ||
| Realized loss on foreign currency due to sale | $ 3,600 |
Debt Guaranteed by the Company (Details) - Debt [Member] - USD ($) |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Line of credit borrowing capacity | $ 600,000,000.0 | |
| Tanger Factory Outlet Centers, Inc. [Member] | Line of Credit [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Guarantor obligation | 18,500,000 | $ 145,100,000 |
| Tanger Factory Outlet Centers, Inc. [Member] | Unsecured Term Loan [Member] | ||
| Line of Credit Facility [Line Items] | ||
| Guarantor obligation | $ 350,000,000 | $ 350,000,000 |
Debt of the Operating Partnership (Debt Maturities) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Schedule of Maturities of Debt [Line Items] | ||
| For the remainder of 2019 | $ 1,708 | |
| 2020 | 3,566 | |
| 2021 | 75,693 | |
| 2022 | 4,436 | |
| 2023 | 254,768 | |
| Thereafter | 1,262,346 | |
| Subtotal | 1,602,517 | $ 1,730,779 |
| Net discount and debt origination costs | (16,208) | |
| Total debt | $ 1,586,309 | $ 1,712,918 |
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Amount of gain (loss) recognized in Other comprehensive income on derivative | $ (3,613) | $ 844 | $ (5,565) | $ 3,583 |
Fair Value Measurements (Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total fair value of debt | $ 1,594,754 | $ 1,668,475 |
| Recorded value of debt | 1,586,309 | 1,712,918 |
| 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 | 1,139,946 | 1,085,138 |
| Fair Value, Inputs, Level 3 [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total fair value of debt | $ 454,808 | $ 583,337 |
Shareholders' Equity of the Company (Narrative) (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Feb. 28, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
May 31, 2017 |
|
| Tanger Factory Outlet Centers, Inc. [Member] | |||||||
| Authorized repurchase amount | $ 100,000,000.0 | $ 125,000,000.0 | |||||
| Remaining amount authorized to be repurchase | $ 90,000,000.0 | $ 90,000,000.0 | $ 55,700,000 | ||||
| Additional amount authorized | $ 44,300,000 | ||||||
| Expiration of the plan | 2 years | ||||||
| Total number of shares purchased (in shares) | 558,399 | 475,549 | 558,399 | 919,249 | |||
| Average price paid per share | $ 17.89 | $ 21.01 | $ 17.89 | $ 21.74 | |||
| Shares repurchased exclusive of commissions and related fees | $ 9,989,000 | $ 9,990,000 | $ 9,989,000 | $ 19,980,000 | |||
| Tanger Properties Limited Partnership [Member] | |||||||
| Total number of shares purchased (in shares) | 558,399 | 475,549 | 558,399 | 919,249 | |||
Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Equity-based compensation | $ 6,982 | $ 3,479 | $ 10,800 | $ 7,045 |
| Restricted common shares [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Equity-based compensation | 4,627 | 2,366 | 7,140 | 4,855 |
| Notional unit performance awards [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Equity-based compensation | 2,314 | 1,014 | 3,576 | 1,998 |
| Options [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Equity-based compensation | $ 41 | $ 99 | $ 84 | $ 192 |
Equity-Based Compensation of the Company (Equity-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Tanger Factory Outlet Centers, Inc. [Member] | ||||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
| Equity-based compensation expense capitalized | $ 96 | $ 461 | $ 188 | $ 552 |
Equity-Based Compensation of the Company (Outperformance Plan Assumptions) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - 2019 OPP [Member] |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Risk Free Interest Rate | 2.60% |
| Expected Dividend Rate | 5.30% |
| Expected Volatility Rate | 24.00% |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Supplemental Cash Flow Information [Abstract] | ||
| Costs relating to construction included in accounts payable and accrued expenses | $ 13,822 | $ 15,187 |
| Interest paid | 29,284 | $ 30,074 |
| Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities | 87,679 | |
| Non-Cash operating lease liabilities exchanged for operating right-of-use assets | 92,354 | |
| Accrued straight line rent liability | 5,000 | |
| Prepaid rent | $ 307 | |
Leases Revenue (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
|
Jun. 30, 2019
USD ($)
OutletCenter
store
|
Jun. 30, 2019
USD ($)
OutletCenter
store
|
Dec. 31, 2018
OutletCenter
store
|
|
| Rental revenues - fixed | $ 89,262 | $ 182,721 | |
| Rental revenues - variable | 23,123 | 49,618 | |
| Rental revenues | 112,385 | 232,339 | |
| Accounting Standards Update 2016-02 [Member] | |||
| Executory costs on a straight-line basis | 1,700 | 3,200 | |
| Indirect internal leasing costs | $ 1,100 | $ 2,100 | |
| Consolidated Properties [Member] | |||
| Number of stores (over) | store | 2,300 | 2,300 | 2,600 |
| Number of outlet centers | OutletCenter | 32 | 32 | 36 |
Leases Future minimum lease receipts ASC 842 (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
|---|---|
| Leases [Abstract] | |
| For the remainder of 2019 | $ 161,791 |
| 2020 | 315,266 |
| 2021 | 278,847 |
| 2022 | 243,310 |
| 2023 | 209,258 |
| 2024 | 173,803 |
| Thereafter | 325,913 |
| Future minimum lease receipts | $ 1,708,188 |
Leases Future minimum lease receipts ASC 840 (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2019 | $ 285,343 |
| 2020 | 265,361 |
| 2021 | 229,553 |
| 2022 | 195,808 |
| 2023 | 164,845 |
| Thereafter | 364,844 |
| Future minimum lease receipts | $ 1,505,754 |
Leases Lessee (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Mar. 29, 2019 |
Jan. 01, 2019 |
|
| Operating lease liabilities | $ 92,092 | $ 92,092 | ||||
| Operating lease costs | 1,372 | 2,776 | ||||
| Short-term lease costs | 571 | 1,163 | ||||
| Variable lease costs | 53 | 131 | ||||
| Total lease costs | $ 1,996 | $ 4,070 | ||||
| Weighted - average remaining lease term (years) | 50 years | 50 years | ||||
| Weighted - average discount rate | 5.00% | 5.00% | ||||
| Operating cash outflows related to operating leases | $ 2,788 | |||||
| Rental payments | $ 1,800 | $ 3,600 | ||||
| Accounting Standards Update 2016-02 [Member] | ||||||
| Operating lease right-of-use assets | $ 90,400 | |||||
| Operating lease liabilities | $ 95,100 | |||||
| Ocean City | ||||||
| Operating lease right-of-use assets | $ 2,500 | |||||
| Operating lease liabilities | $ 2,500 | |||||
Leases Future minimum lease payments ASC 842 (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
|---|---|
| Leases [Abstract] | |
| For the remainder of 2019 | $ 2,782 |
| 2020 | 5,568 |
| 2021 | 5,613 |
| 2022 | 5,669 |
| 2023 | 5,709 |
| 2024 | 5,765 |
| Thereafter | 226,837 |
| Total lease payments | 257,943 |
| Less imputed interest | 165,851 |
| Present value of lease liabilities | $ 92,092 |
Leases Future minimum lease payments ASC 840 (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2019 | $ 7,526 |
| 2020 | 7,311 |
| 2021 | 7,140 |
| 2022 | 7,127 |
| 2023 | 7,167 |
| Thereafter | 258,438 |
| Total minimum payments | $ 294,709 |
Subsequent Events (Details) - $ / shares |
1 Months Ended | 3 Months Ended | 6 Months Ended | |
|---|---|---|---|---|
Jul. 31, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Tanger Factory Outlet Centers, Inc. [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Common dividends per common share (in dollars per share) | $ 0.3500 | $ 0.7050 | $ 0.6925 | |
| Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Common dividends per common share (in dollars per share) | $ 0.355 | |||
| Tanger Properties Limited Partnership [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Common distributions (in dollars per share) | $ 0.3500 | $ 0.7050 | $ 0.6925 | |
| Tanger Properties Limited Partnership [Member] | Subsequent Event [Member] | ||||
| Subsequent Event [Line Items] | ||||
| Common distributions (in dollars per share) | $ 0.355 | |||