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 March 31, 2020 and December 31, 2019 | |
Consolidated Statements of Operations - for the three months ended March 31, 2020 and 2019 | |
Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2020 and 2019 | |
Consolidated Statements of Shareholders’ Equity - for the three months ended March 31, 2020 and 2019 | |
Consolidated Statements of Cash Flows - for the three months ended March 31, 2020 and 2019 | |
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) | |
Consolidated Balance Sheets - as of March 31, 2020 and December 31, 2019 | |
Consolidated Statements of Operations - for the three months ended March 31, 2020 and 2019 | |
Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2020 and 2019 | |
Consolidated Statements of Equity - for the three months ended March 31, 2020 and 2019 | |
Consolidated Statements of Cash Flows - for the three months ended March 31, 2020 and 2019 | |
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 6. Exhibits | |
Signatures | |
March 31, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Rental property: | ||||||||
Land | $ | $ | ||||||
Buildings, improvements and fixtures | ||||||||
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, 93,076,701 and 92,892,260 shares issued and outstanding at March 31, 2020 and December 31 2019, 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 March 31, | ||||||||
2020 | 2019 | |||||||
Revenues: | ||||||||
Rental revenues | $ | $ | ||||||
Management, leasing and other services | ||||||||
Other revenues | ||||||||
Total revenues | ||||||||
Expenses: | ||||||||
Property operating | ||||||||
General and administrative | ||||||||
Impairment charge | ||||||||
Depreciation and amortization | ||||||||
Total expenses | ||||||||
Other income (expense): | ||||||||
Interest expense | ( | ) | ( | ) | ||||
Gain on sale of assets | ||||||||
Other income | ||||||||
Total other income (expense) | ( | ) | ||||||
Income (loss) before equity in earnings of unconsolidated joint ventures | ( | ) | ||||||
Equity in earnings of unconsolidated joint ventures | ||||||||
Net income (loss) | ( | ) | ||||||
Noncontrolling interests in Operating Partnership | ( | ) | ||||||
Noncontrolling interests in other consolidated partnerships | ( | ) | ( | ) | ||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | ( | ) | $ | ||||
Basic earnings per common share: | ||||||||
Net income (loss) | $ | ( | ) | $ | ||||
Diluted earnings per common share: | ||||||||
Net income (loss) | $ | ( | ) | $ | ||||
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Net income (loss) | $ | ( | ) | $ | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | ( | ) | ||||||
Change in fair value of cash flow hedges | ( | ) | ( | ) | ||||
Other comprehensive income (loss) | ( | ) | ( | ) | ||||
Comprehensive income (loss) | ( | ) | ||||||
Comprehensive (income) loss attributable to noncontrolling interests | ( | ) | ||||||
Comprehensive income (loss) 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, December 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
Net income | — | — | — | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ) | ( | ) | ( | ) | — | ( | ) | |||||||||||||
Compensation under Incentive Award Plan | — | — | — | — | — | ||||||||||||||||||||
Grant of 242,167 restricted common share awards, net of forfeitures | ( | ) | — | — | — | — | — | — | |||||||||||||||||
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) (1) | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, March 31, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
(1) | Includes both a $ |
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands, except share and per share data, unaudited) | |||||||||||||||||||||||||
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
Net income (loss) | — | — | ( | ) | — | ( | ) | ( | ) | ( | ) | ||||||||||||||
Other comprehensive loss | — | — | — | ( | ) | ( | ) | ( | ) | — | ( | ) | |||||||||||||
Compensation under Incentive Award Plan | — | — | — | — | — | ||||||||||||||||||||
Grant of 241,038 restricted common share awards, net of forfeitures | ( | ) | — | — | — | — | — | — | |||||||||||||||||
Withholding of 56,597 common shares for employee income taxes | — | ( | ) | — | — | ( | ) | — | — | ( | ) | ||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | ( | ) | — | — | ( | ) | — | — | ||||||||||||||||
Common dividends ($0.7125 per share) (1) | — | — | ( | ) | — | ( | ) | — | — | ( | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | |||||||||||||
(1) | Includes both a $ |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | ( | ) | $ | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Impairment charge | ||||||||
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 | ||||||||
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 | ( | ) | ( | ) | ||||
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 provided by (used) in financing activities | ( | ) | ||||||
Effect of foreign currency rate changes on cash and cash equivalents | ( | ) | ( | ) | ||||
Net increase (decrease) in cash and cash equivalents | ( | ) | ||||||
Cash and cash equivalents, beginning of period | ||||||||
Cash and cash equivalents, end of period | $ | $ | ||||||
March 31, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Rental property: | ||||||||
Land | $ | $ | ||||||
Buildings, improvements and fixtures | ||||||||
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 March 31, 2020 and December 31, 2019 | ||||||||
Limited partners, 4,911,173 and 4,911,173 Class A common units, and 92,076,701 and 91,892,260 Class B common units outstanding at March 31, 2020 and December 31, 2019, respectively | ||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Total partners’ equity | ||||||||
Noncontrolling interests in consolidated partnerships | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ | ||||||
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Revenues: | ||||||||
Rental revenues | $ | $ | ||||||
Management, leasing and other services | ||||||||
Other revenues | ||||||||
Total revenues | ||||||||
Expenses: | ||||||||
Property operating | ||||||||
General and administrative | ||||||||
Impairment charge | ||||||||
Depreciation and amortization | ||||||||
Total expenses | ||||||||
Other income (expense): | ||||||||
Interest expense | ( | ) | ( | ) | ||||
Gain on sale of assets | ||||||||
Other income | ||||||||
Total other income (expense) | ( | ) | ||||||
Income (loss) before equity in earnings of unconsolidated joint ventures | ( | ) | ||||||
Equity in earnings of unconsolidated joint ventures | ||||||||
Net income (loss) | ( | ) | ||||||
Noncontrolling interests in consolidated partnerships | ( | ) | ( | ) | ||||
Net income (loss) available to partners | ( | ) | ||||||
Net income (loss) available to limited partners | ( | ) | ||||||
Net income (loss) available to general partner | $ | ( | ) | $ | ||||
Basic earnings per common unit: | ||||||||
Net income (loss) | $ | ( | ) | $ | ||||
Diluted earnings per common unit: | ||||||||
Net income (loss) | $ | ( | ) | $ | ||||
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Net income (loss) | $ | ( | ) | $ | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | ( | ) | ||||||
Changes in fair value of cash flow hedges | ( | ) | ( | ) | ||||
Other comprehensive income (loss) | ( | ) | ( | ) | ||||
Comprehensive income (loss) | ( | ) | ||||||
Comprehensive (income) loss attributable to noncontrolling interests in consolidated partnerships | ( | ) | ( | ) | ||||
Comprehensive income (loss) attributable to the Operating Partnership | $ | ( | ) | $ | ||||
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 loss | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||
Compensation under Incentive Award Plan | — | — | — | ||||||||||||||||
Grant of 242,167 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||
Withholding of 81,284 common units for employee income taxes | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||
Common distributions ($0.705 per common unit) (1) | ( | ) | ( | ) | — | ( | ) | — | ( | ) | |||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||
Balance, March 31, 2019 | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||
(1) | Includes both a $ |
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (In thousands, except unit and per unit data, unaudited) | |||||||||||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||
Net income (loss) | ( | ) | ( | ) | — | ( | ) | ( | ) | ||||||||||
Other comprehensive loss | — | — | ( | ) | ( | ) | — | ( | ) | ||||||||||
Compensation under Incentive Award Plan | — | — | — | ||||||||||||||||
Grant of 241,038 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||
Withholding of 56,597 common units for employee income taxes | — | ( | ) | — | ( | ) | — | ( | ) | ||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||
Common distributions ($0.7125 per common unit) (1) | ( | ) | ( | ) | — | ( | ) | — | ( | ) | |||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ) | ( | ) | |||||||||||
Balance, March 31, 2020 | $ | $ | $ | ( | ) | $ | $ | $ | |||||||||||
(1) | Includes both a $ |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | ( | ) | $ | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Impairment charge | ||||||||
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 | ||||||||
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 | ( | ) | ( | ) | ||||
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 provided by (used) in financing activities | ( | ) | ||||||
Effect of foreign currency on cash and cash equivalents | ( | ) | ( | ) | ||||
Net increase (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 March 31, 2020 | ||||||||||||||||
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, 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 | % | ( | ) | ||||||||||||
$ | ( | ) | ||||||||||||||
(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 | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
Fee: | ||||||||
Management and marketing | $ | $ | ||||||
Leasing and other fees | ||||||||
Expense reimbursements from unconsolidated joint ventures | ||||||||
Total Fees | $ | $ | ||||||
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | March 31, 2020 | December 31, 2019 | ||||||
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 | ||||||||
Condensed Combined Statements of Operations | March 31, | |||||||
- Unconsolidated Joint Ventures | 2020 | 2019 | ||||||
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 | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
Unsecured lines of credit | $ | $ | ||||||
Unsecured term loan | $ | $ | ||||||
As of | As of | ||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
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 2020 | $ | |||
2021 | ||||
2022 | ||||
2023 | ||||
2024 | ||||
Thereafter | ||||
Subtotal | ||||
Net discount and debt origination costs | ( | ) | ||
Total | $ | |||
Fair Value | ||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | March 31, 2020 | December 31, 2019 | ||||||||||||||
Assets (Liabilities)(1): | ||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||
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 | February 1, 2024 | month LIBOR | % | ( | ) | ( | ) | |||||||||||||
January 1, 2021 | 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. |
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Interest Rate Swaps: | ||||||||
Amount of gain (loss) recognized in other comprehensive income (loss) 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 March 31, 2020: | ||||||||||||||||
Assets: | ||||||||||||||||
Short-term government securities (cash and cash equivalents) | $ | $ | $ | $ | ||||||||||||
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, 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 March 31, 2020: | ||||||||||||||||
Asset: | ||||||||||||||||
Long-lived assets | $ | $ | $ | $ | ||||||||||||
March 31, 2020 | December 31, 2019 | |||||||
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 | $ | $ | ||||||
Limited Partnership Units | ||||||||||||
General Partnership Units | Class A | Class B | Total | |||||||||
Balance December 31, 2018 | ||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | ||||||||||||
Units withheld for employee income taxes | ( | ) | ( | ) | ||||||||
Balance March 31, 2019 | ||||||||||||
Balance December 31, 2019 | ||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | ||||||||||||
Units withheld for employee income taxes | ( | ) | ( | ) | ||||||||
Balance March 31, 2020 | ||||||||||||
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Numerator: | ||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | ( | ) | $ | ||||
Less allocation of earnings to participating securities | ( | ) | ( | ) | ||||
Net income (loss) 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 (loss) | $ | ( | ) | $ | ||||
Diluted earnings per common share: | ||||||||
Net income (loss) | $ | ( | ) | $ | ||||
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Numerator: | ||||||||
Net income (loss) attributable to partners of the Operating Partnership | $ | ( | ) | $ | ||||
Less allocation of earnings to participating securities | ( | ) | ( | ) | ||||
Net income (loss) 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 (loss) | $ | ( | ) | $ | ||||
Diluted earnings per common unit: | ||||||||
Net income (loss) | $ | ( | ) | $ | ||||
Three months ended | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
Restricted common shares | $ | $ | ||||||
Notional unit performance awards | ||||||||
Options | ||||||||
Total equity-based compensation | $ | $ | ||||||
Three months ended | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
Equity-based compensation expense capitalized | $ | $ | ||||||
Performance targets (1) | |||||||
Absolute portion of award: | |||||||
Percent of total award | |||||||
Absolute total shareholder return range | % | - | |||||
Percentage of units to be earned | % | - | |||||
Relative portion of award: | |||||||
Percent of total award | |||||||
Percentile rank of peer group range(2) | th | - | |||||
Percentage of units to be earned | % | - | |||||
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 2020 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 December 31, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into interest expense | ( | ) | ( | ) | ||||||||||||||||||||
Balance March 31, 2020 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
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 interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Balance March 31, 2019 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | ||||||
Reclassification out of accumulated other comprehensive income (loss) into interest expense | — | ( | ) | ( | ) | |||||||
Balance March 31, 2020 | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
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 interest expense | — | ( | ) | ( | ) | |||||||
Balance March 31, 2019 | $ | ( | ) | $ | $ | ( | ) | |||||
Three months ended | ||||||||
March 31, | ||||||||
2020 | 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. |
As of | As of | |||||||
March 31, 2020 | March 31, 2019 | |||||||
Costs relating to construction included in accounts payable and accrued expenses | $ | $ | ||||||
As of | As of | |||||||
March 31, 2020 | March 31, 2019 | |||||||
Dividends payable | $ | $ | ||||||
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
Interest paid | $ | $ | ||||||
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, 2019 | 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 | 3 | — | 2 | — | ||||||||||
As of December 31, 2019 | 12,048 | 32 | 2,212 | 7 | ||||||||||
Other | (4 | ) | — | — | — | |||||||||
As of March 31, 2020 | 12,044 | 32 | 2,212 | 7 | ||||||||||
Consolidated Outlet Centers | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Deer Park, New York | 100 | 739,110 | 98 | |||||
Riverhead, New York (1) | 100 | 729,778 | 92 | |||||
Rehoboth Beach, Delaware (1) | 100 | 557,353 | 95 | |||||
Foley, Alabama | 100 | 554,587 | 88 | |||||
Atlantic City, New Jersey (1) (3) | 100 | 489,718 | 79 | |||||
San Marcos, Texas | 100 | 471,816 | 95 | |||||
Sevierville, Tennessee (1) | 100 | 447,815 | 99 | |||||
Savannah, Georgia | 100 | 429,089 | 96 | |||||
Myrtle Beach Hwy 501, South Carolina | 100 | 426,523 | 96 | |||||
Jeffersonville, Ohio | 100 | 411,904 | 84 | |||||
Glendale, Arizona (Westgate) | 100 | 410,751 | 97 | |||||
Myrtle Beach Hwy 17, South Carolina (1) | 100 | 403,425 | 99 | |||||
Charleston, South Carolina | 100 | 379,328 | 100 | |||||
Lancaster, Pennsylvania | 100 | 375,857 | 91 | |||||
Pittsburgh, Pennsylvania | 100 | 373,863 | 95 | |||||
Commerce, Georgia | 100 | 371,408 | 96 | |||||
Grand Rapids, Michigan | 100 | 357,119 | 90 | |||||
Fort Worth, Texas | 100 | 351,741 | 99 | |||||
Daytona Beach, Florida | 100 | 351,721 | 98 | |||||
Branson, Missouri | 100 | 329,861 | 99 | |||||
Southaven, Mississippi (2) (3) | 50 | 324,717 | 99 | |||||
Locust Grove, Georgia | 100 | 321,082 | 95 | |||||
Gonzales, Louisiana | 100 | 321,066 | 96 | |||||
Mebane, North Carolina | 100 | 318,886 | 100 | |||||
Howell, Michigan | 100 | 314,438 | 88 | |||||
Mashantucket, Connecticut (Foxwoods) (1) | 100 | 311,507 | 93 | |||||
Tilton, New Hampshire | 100 | 250,107 | 93 | |||||
Hershey, Pennsylvania | 100 | 249,696 | 99 | |||||
Hilton Head II, South Carolina | 100 | 206,564 | 98 | |||||
Hilton Head I, South Carolina | 100 | 181,670 | 97 | |||||
Terrell, Texas | 100 | 177,800 | 87 | |||||
Blowing Rock, North Carolina | 100 | 104,009 | 85 | |||||
Totals | 12,044,309 | 94 | ||||||
(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 6 and 7 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 | 398,676 | 97 | |||||
Ottawa, Ontario | 50 | 357,218 | 96 | |||||
Columbus, Ohio (1) | 50 | 355,245 | 97 | |||||
Texas City, Texas (Galveston/Houston) (1) | 50 | 352,705 | 92 | |||||
National Harbor, Maryland (1) | 50 | 341,156 | 96 | |||||
Cookstown, Ontario | 50 | 307,895 | 100 | |||||
Saint-Sauveur, Quebec (1) | 50 | 99,405 | 92 | |||||
Total | 2,212,300 | 96 | ||||||
(1) | Property encumbered by mortgage. See Note 5 to the consolidated financial statements for further details of the joint venture debt obligations. |
Trailing twelve months ended March 31, 2020(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 | 118 | 504 | $ | 36.13 | $ | 47.70 | 7.75 | $ | 29.98 | ||||||
Renewal | 178 | 839 | $ | 28.20 | $ | 0.90 | 3.90 | $ | 27.97 | ||||||
Trailing twelve months ended March 31, 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 | 81 | 388 | $ | 33.32 | $ | 45.13 | 7.83 | $ | 27.56 | ||||||
Renewal | 280 | 1,404 | $ | 34.37 | $ | 0.49 | 3.82 | $ | 34.24 | ||||||
(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 annual 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 other landlord costs. |
• | the $43.4 million gain recorded on the sale of the four outlet centers in March 2019; |
• | the loss of revenues from the four outlet centers sold in March 2019; and |
• | the $45.7 million impairment charge recognized in March 2020 on the center in Mashantucket, Connecticut. |
2020 | 2019 | Increase/(Decrease) | ||||||||||
Rental revenues from existing properties | $ | 106,778 | $ | 110,822 | $ | (4,044 | ) | |||||
Rental revenues from properties disposed | 12 | 6,402 | (6,390 | ) | ||||||||
Straight-line rent adjustments | 1,873 | 1,970 | (97 | ) | ||||||||
Lease termination fees | 164 | 1,130 | (966 | ) | ||||||||
Amortization of above and below market rent adjustments, net | (269 | ) | (370 | ) | 101 | |||||||
$ | 108,558 | $ | 119,954 | $ | (11,396 | ) | ||||||
2020 | 2019 | Increase/(Decrease) | ||||||||||
Other revenues from existing properties | $ | 1,632 | $ | 1,805 | $ | (173 | ) | |||||
Other revenues from property disposed | — | 54 | (54 | ) | ||||||||
$ | 1,632 | $ | 1,859 | $ | (227 | ) | ||||||
2020 | 2019 | Increase/(Decrease) | ||||||||||
Property operating expenses from existing properties | $ | 37,293 | $ | 38,480 | $ | (1,187 | ) | |||||
Property operating expenses from property disposed | — | 2,592 | (2,592 | ) | ||||||||
Expenses related to unconsolidated joint ventures | 882 | 745 | 137 | |||||||||
Other property operating expense | 452 | 560 | (108 | ) | ||||||||
$ | 38,627 | $ | 42,377 | $ | (3,750 | ) | ||||||
2020 | 2019 | Increase/(Decrease) | ||||||||||
Depreciation and amortization expenses from existing properties | $ | 29,417 | $ | 30,504 | $ | (1,087 | ) | |||||
Depreciation and amortization from property disposed | — | 1,256 | (1,256 | ) | ||||||||
$ | 29,417 | $ | 31,760 | $ | (2,343 | ) | ||||||
2020 | 2019 | Increase/(Decrease) | ||||||||||
Equity in earnings from existing properties | $ | 1,527 | $ | 1,627 | $ | (100 | ) | |||||
Equity in earnings from property disposed | — | 2 | (2 | ) | ||||||||
$ | 1,527 | $ | 1,629 | $ | (102 | ) | ||||||
Three months ended March 31, | ||||||||||||
2020 | 2019 | Change | ||||||||||
Net cash provided by operating activities | $ | 27,340 | $ | 33,214 | $ | (5,874 | ) | |||||
Net cash provided by (used in) investing activities | (6,377 | ) | 127,273 | (133,650 | ) | |||||||
Net cash provided by (used) in financing activities | 562,901 | (167,898 | ) | 730,799 | ||||||||
Effect of foreign currency rate changes on cash and equivalents | (24 | ) | (10 | ) | (14 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | $ | 583,840 | $ | (7,421 | ) | $ | 591,261 | |||||
Three months ended March 31, | ||||||||||||
2020 | 2019 | Change | ||||||||||
Capital expenditures analysis: | ||||||||||||
New outlet center developments and expansions | $ | 843 | $ | 939 | $ | (96 | ) | |||||
Major outlet center renovations | 2,170 | 197 | 1,973 | |||||||||
Second generation tenant allowances | 908 | 2,974 | (2,066 | ) | ||||||||
Other capital expenditures | 2,976 | 2,907 | 69 | |||||||||
6,897 | 7,017 | (120 | ) | |||||||||
Conversion from accrual to cash basis | 3,654 | 2,889 | 765 | |||||||||
Additions to rental property-cash basis | $ | 10,551 | $ | 9,906 | $ | 645 | ||||||
Senior unsecured notes financial covenants | Required | Actual | |
Total consolidated debt to adjusted total assets | <60% | 55 | % |
Total secured debt to adjusted total assets | <40% | 2 | % |
Total unencumbered assets to unsecured debt | >150% | 175 | % |
Contractual Obligations | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | |||||||||||||||||||||
Debt (1) | $ | 2,694 | $ | 657,023 | $ | 4,436 | $ | 254,768 | $ | 605,140 | $ | 657,206 | $ | 2,181,267 | ||||||||||||||
Interest payments (2) | $ | 50,588 | $ | 63,205 | $ | 52,022 | $ | 50,883 | $ | 34,838 | $ | 48,516 | $ | 300,052 | ||||||||||||||
(1) | These amounts represent total future cash payments related to debt obligations outstanding as of March 31, 2020. |
(2) | These amounts represent future interest payments related to our debt obligations based on the fixed and variable interest rates specified in the associated debt agreements, including the effects of our interest rate swaps. All of our variable rate debt agreements are based on the one month LIBOR rate, thus for purposes of calculating future interest amounts on variable interest rate debt, the one month LIBOR rate as of March 31, 2020 was used. |
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 2020 | 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 | 8.3 | May 2020 | 5.75 | % | 33.7 | % | 2.8 | |||||||||
Debt premium and debt origination costs | (1.1 | ) | ||||||||||||||
$ | 367.2 | $ | 19.2 | |||||||||||||
• | 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. |
• | Core FFO does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | Core 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 Core FFO does not reflect any cash requirements for such replacements; |
• | Core FFO 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 Core FFO differently than we do, limiting its usefulness as a comparative measure. |
Three months ended | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
Net income (loss) | $ | (28,119 | ) | $ | 65,841 | |||
Adjusted for: | ||||||||
Depreciation and amortization of real estate assets - consolidated | 28,801 | 31,148 | ||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,018 | 3,130 | ||||||
Impairment charge - consolidated | 45,675 | — | ||||||
Gain on sale of assets | — | (43,422 | ) | |||||
FFO | 49,375 | 56,697 | ||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | (190 | ) | (195 | ) | ||||
Allocation of earnings to participating securities | (516 | ) | (611 | ) | ||||
FFO available to common shareholders (1) | $ | 48,669 | $ | 55,891 | ||||
FFO available to common shareholders per share - diluted (1) | $ | 0.50 | $ | 0.57 | ||||
Weighted Average Shares: | ||||||||
Basic weighted average common shares | 92,500 | 93,303 | ||||||
Diluted weighted average common shares (for earnings per share computations) | 92,500 | 93,303 | ||||||
Exchangeable operating partnership units | 4,911 | 4,961 | ||||||
Diluted weighted average common shares (for FFO per share computations) (1) | 97,411 | 98,264 | ||||||
(1) | Assumes the Class A common limited partnership units of the Operating Partnership held by the noncontrolling interests are exchanged for common shares of the Company. Each Class A common limited partnership unit is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status. |
Three months ended | ||||||||
March 31, | ||||||||
2020 | 2019 | |||||||
Net income (loss) | $ | (28,119 | ) | $ | 65,841 | |||
Adjusted to exclude: | ||||||||
Equity in earnings of unconsolidated joint ventures | (1,527 | ) | (1,629 | ) | ||||
Interest expense | 15,196 | 16,307 | ||||||
Gain on sale of assets | — | (43,422 | ) | |||||
Other non-operating income | (220 | ) | (224 | ) | ||||
Impairment charge | 45,675 | — | ||||||
Depreciation and amortization | 29,417 | 31,760 | ||||||
Other non-property expense | 139 | 150 | ||||||
Corporate general and administrative expenses | 12,579 | 12,132 | ||||||
Non-cash adjustments(1) | (1,502 | ) | (1,472 | ) | ||||
Lease termination fees | (164 | ) | (1,130 | ) | ||||
Portfolio NOI | 71,474 | 78,313 | ||||||
Non-same center NOI(2) | — | (4,081 | ) | |||||
Same Center NOI | $ | 71,474 | $ | 74,232 | ||||
(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 |
• | They do not reflect our interest expense; |
• | They do not reflect gains or losses on sales of operating properties or impairment write-downs of depreciated property and of investment in unconsolidated joint ventures caused by a decrease in value of depreciated property in the affiliate; |
• | Adjusted EBITDA and Adjusted EBITDAre do not reflect gains and losses on extinguishment of debt and other items that may affect operations; and |
• | Other companies in our industry may calculate these measures differently than we do, limiting its usefulness as a comparative measure. |
Three months ended | ||||||||
March 31, | March 31, | |||||||
2020 | 2019 | |||||||
Net income (loss) | $ | (28,119 | ) | $ | 65,841 | |||
Adjusted to exclude: | ||||||||
Interest expense | 15,196 | 16,307 | ||||||
Depreciation and amortization | 29,417 | 31,760 | ||||||
Impairment charge - consolidated | 45,675 | — | ||||||
Gain on sale of assets | — | (43,422 | ) | |||||
Adjusted EBITDA | $ | 62,169 | $ | 70,486 | ||||
Three months ended | ||||||||
March 31, | March 31, | |||||||
2020 | 2019 | |||||||
Net income (loss) | $ | (28,119 | ) | $ | 65,841 | |||
Adjusted to exclude: | ||||||||
Interest expense | 15,196 | 16,307 | ||||||
Depreciation and amortization | 29,417 | 31,760 | ||||||
Impairment charge - consolidated | 45,675 | — | ||||||
Gain on sale of assets | — | (43,422 | ) | |||||
Pro-rata share of interest expense - unconsolidated joint ventures | 1,867 | 2,067 | ||||||
Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 3,018 | 3,129 | ||||||
EBITDAre | $ | 67,054 | $ | 75,682 | ||||
March 31, 2020 | December 31, 2019 | |||||||
Fair value of debt | $ | 2,181,170 | $ | 1,603,814 | ||||
Recorded value of debt | $ | 2,167,554 | $ | 1,569,773 | ||||
• | the reduced economic activity that could result in a prolonged recession and may consequently negatively impact consumer discretionary spending; |
• | difficulty accessing debt and equity capital on attractive terms, or at all, deteriorations in our credit ratings, and a severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect our access to capital necessary to fund business operations or address maturing liabilities on a timely basis and our tenants' ability to fund their business operations and meet their obligations to us; |
• | the financial impact of the COVID-19 pandemic could negatively impact our future compliance with financial covenants of our credit facility and other debt agreements and result in a default and potentially an acceleration of indebtedness, which non-compliance could negatively impact our liquidity; |
• | any impairment in value of our tangible or intangible assets which could be recorded as a result of a weaker economic conditions; |
• | a general decline in business activity and demand for real estate transactions could adversely affect our ability or desire to grow our portfolio of properties; |
• | a deterioration in our or our tenants' ability to operate in affected areas or delays in the supply of products or services to us or our tenants from vendors that are needed for our or our tenants' efficient operations could adversely affect our operations and those of our tenants; |
• | a significant increase in the number of tenants that file for Chapter 11 bankruptcy; |
• | adverse impacts from requiring most employees to work remotely, such as reductions in productivity and heightened cybersecurity risks; and |
• | the potential negative impact on the health of our personnel, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption. |
Exhibit Number | Exhibit Descriptions | ||
10.1 | |||
10.2 | |||
10.3 | |||
10.4 | |||
10.5* | |||
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. | |||
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) | |
(a) | The expiration of ten (10) years from the Grant Date; or |
(iii) | the delivery of property of any kind which constitutes good and valuable |
(iv) | the delivery of a notice that the Optionee has placed a market sell order with |
1. | I have reviewed this quarterly report on Form 10-Q of Tanger Factory Outlet Centers, Inc. for the period ended March 31, 2020; |
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 March 31, 2020; |
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 March 31, 2020; | ||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | ||
Date: | May 11, 2020 | ||
/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 March 31, 2020; | ||
2 | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||
3 | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||
4 | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | ||
5 | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | ||
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | ||
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | ||
Date: | May 11, 2020 | ||
/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: | May 11, 2020 | /s/ Steven B. Tanger |
Steven B. Tanger Chief Executive Officer Tanger Factory Outlet Centers, Inc. | ||
Date: | May 11, 2020 | /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 March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership. |
Date: | May 11, 2020 | /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 March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership. |
Date: | May 11, 2020 | /s/ James F. Williams |
James F. Williams | ||
Vice President and Treasurer Tanger GP Trust, sole general partner of the Operating Partnership (Principal Financial Officer) | ||
Debt of the Operating Partnership (Debt Maturities) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Schedule of Maturities of Debt [Line Items] | ||
| For the remainder of 2020 | $ 2,694 | |
| 2021 | 657,023 | |
| 2022 | 4,436 | |
| 2023 | 254,768 | |
| 2024 | 605,140 | |
| Thereafter | 657,206 | |
| Subtotal | 2,181,267 | $ 1,582,309 |
| Net discount and debt origination costs | (13,713) | |
| Total debt | $ 2,167,554 | $ 1,569,773 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Supplemental Cash Flow Information [Abstract] | ||
| Costs relating to construction included in accounts payable and accrued expenses | $ 18,168 | $ 12,791 |
| Dividends payable | 35,108 | 35,199 |
| Interest paid | $ 14,811 | $ 16,022 |
Partners' Equity of the Operating Partnership |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 months ended March 31, 2020 and March 31, 2019:
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Debt Guaranteed by the Company |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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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COVID-19 Pandemic (Notes) |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Risks and Uncertainties [Abstract] | |
| COVID-19 Pandemic | COVID-19 Pandemic The current novel coronavirus (“COVID-19”) pandemic has had, and likely will continue to have, repercussions across local, national and global economies and financial markets. COVID-19 has impacted all states where our tenants operate their businesses or where our properties are located and measures taken to prevent or remediate COVID-19, including “shelter-in place” or “stay-at-home” orders or other quarantine mandates issued by local, state or federal authorities, have had an adverse effect on our business and the businesses of our tenants. The full extent of the adverse impact on, among other things, our results of operations, liquidity (including our ability to access capital markets), the possibility of future impairments of long-lived assets or our investments in unconsolidated joint ventures, our compliance with debt covenants, our ability to renew and re-lease our leased space, the outlook for the retail environment, potential bankruptcies or other store closings and our ability to develop, acquire, dispose or lease properties for our portfolio, is unknown and will depend on future developments, which are highly uncertain and cannot be predicted. Our results of operations, liquidity and cash flows could be materially affected. While our outlet centers have remained open, retailers began closing their stores in our outlet centers in mid-March and by April 6, 2020, substantially all of the stores in our portfolio were closed as a result of mandates by order of local and state authorities. It remains unclear when mandates will be lifted completely or eased in additional locations. A number of our tenants have requested rent deferrals, rent abatements or other types of rent relief during this pandemic. As a response, in late March 2020, we offered all tenants in our consolidated portfolio the option to defer 100% of April and May rents interest free, payable in equal installments due in January and February of 2021. The extent of tenant requests and actions and the impact to our results of operations and cash flows is uncertain and cannot be predicted at this time. Also in March 2020, to increase liquidity, preserve financial flexibility and help ensure that we are able to meet our obligations for a sustained period of time until there is more clarity regarding the impact of the pandemic, we drew down substantially all of the available capacity under our $600.0 million unsecured lines of credit. We have also taken steps to reduce future cash outflows, including the reduction or deferral of certain operating and general and administrative expenses, as well as the deferral of the Nashville project and certain other planned capital expenditures. We intend to pay the dividend that was declared in January as scheduled on May 15, 2020. Going forward, given the current uncertainty related to the pandemic’s near and potential long-term impact, the Company’s Board of Directors will temporarily suspend dividend distributions to conserve approximately $35.0 million in cash per quarter and preserve our balance sheet strength and flexibility. The Board will continue to evaluate the potential for future dividend distributions on a quarterly basis. We expect to remain in compliance with REIT taxable income distribution requirements for the 2020 tax year.
|
Investments in Unconsolidated Real Estate Joint Ventures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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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Partners' Equity of the Operating Partnership (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Tanger Properties Limited Partnership [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Partners' Equity of the Operating Partnership [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Partners' Equity of the Operating Partnership | The following table sets forth the changes in outstanding partnership units for the three months ended March 31, 2020 and March 31, 2019:
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New Accounting Pronouncements |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Accounting Policies [Abstract] | |
| New Accounting Pronouncements | New Accounting Pronouncements Recently issued accounting standards In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions. On March 12, 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. We have not adopted any of the optional expedients or exceptions through March 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. Recently adopted accounting standards 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 did 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. The adoption of this new guidance did not have a material impact on our consolidated financial statements.
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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 loss for the three months ended March 31, 2020 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (in thousands):
We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.2 million of the amounts recorded within accumulated other comprehensive loss related to the interest rate swap agreements in effect as of March 31, 2020.
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Business |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Business | Business Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust (“REIT”) which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of March 31, 2020, 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. |
Leasing Agreements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of rental revenues | For the three months ended March 31, 2020, the components of rental revenues are as follows (in thousands):
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COVID-19 Pandemic (Details) - USD ($) |
1 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Feb. 29, 2020 |
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| Concentration Risk [Line Items] | ||
| Percentage of rent deferrals | 100.00% | |
| Dividend distributions suspended savings in cash per quarter | $ 35,000,000.0 | |
| Debt [Member] | Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||
| Concentration Risk [Line Items] | ||
| Line of credit borrowing capacity | $ 600,000,000.0 | $ 600,000,000.0 |
Equity-Based Compensation of the Company (Outperformance Plan Assumptions) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - 2020 OPP [Member] |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Risk Free Interest Rate | 1.40% |
| Expected Dividend Rate | 8.40% |
| Expected Volatility Rate | 29.00% |
Earnings Per Unit of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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| Numerator: | ||
| Net income (loss) attributable to partners of the Operating Partnership | $ (28,309) | $ 65,646 |
| Less allocation of earnings to participating securities | (516) | (611) |
| Net income (loss) available to common shareholders/unitholders | $ (28,825) | $ 65,035 |
| Denominator: | ||
| Basic weighted average common shares (in shares) | 97,411 | 98,264 |
| Diluted weighted average common shares (in shares) | 97,411 | 98,264 |
| Basic earnings per common share/unit: | ||
| Net income (loss), basic (in dollars per share) | $ (0.30) | $ 0.66 |
| Diluted earnings per common unit: | ||
| Net income (loss), diluted (in dollars per share) | $ (0.30) | $ 0.66 |
| Antidilutive Incremental Common Shares Attributable to Notional Units | 1,500 | 1,200 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 521 | 528 |
Fair Value Measurements (Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total fair value of debt | $ 2,181,170 | $ 1,603,814 |
| Recorded value of debt | 2,167,554 | 1,569,773 |
| 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 | 1,148,011 | 1,169,481 |
| Fair Value, Inputs, Level 3 [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total fair value of debt | $ 1,033,159 | $ 434,333 |
Supplemental Cash Flow Information |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
Dividends payable were as follows (in thousands):
Interest paid, net of interest capitalized was as follows (in thousands):
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Equity-Based Compensation of the Company |
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| Tanger Factory Outlet Centers, Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation of the Company | Equity-Based Compensation of the Company We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (as amended and restated on April 4, 2014), as amended (the “Plan”), which covers our non-employee directors, officers, employees and consultants. Per the Operating Partnership agreement, when a common share is 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 2020, the Company granted approximately 399,000 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 $12.03 to $13.75 per share. The restricted common shares vest ratably over a three year period on January 4th of each year for non-employee directors and on February 15th of each year for senior executive officers. For the restricted shares 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 57,000 and 81,000 for the three months ended March 31, 2020 and 2019, 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 $736,000 and $1.8 million for the three months ended March 31, 2020 and 2019, respectively. These amounts are reflected as financing activities within the consolidated statements of cash flows. 2020 Outperformance Plan During February 2020, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2020 Outperformance Plan (the “2020 OPP”) covering the Company's senior executive officers whereby a maximum of approximately 697,000 restricted common shares may be earned if certain share price appreciation goals are achieved over a three year measurement period. The 2020 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 2020 OPP performance targets and other relevant information about the 2020 OPP:
The fair values of the 2020 OPP awards granted during the three months ended March 31, 2020 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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Supplemental Cash Flow Information (Tables) |
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| Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | Expenditures included in accounts payable and accrued expenses were as follows (in thousands):
Dividends payable were as follows (in thousands):
Interest paid, net of interest capitalized was 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 |
3 Months Ended |
|---|---|
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Mar. 31, 2019
USD ($)
ft²
property
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| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Number of properties sold | property | 4 |
| Gross proceeds from sale of assets | $ 130,500 |
| Area of Real Estate Property | ft² | 878 |
| Net Sales Proceeds | $ 128,248 |
| Gain on sale of assets | $ 43,422 |
Earnings Per Share of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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| Numerator: | ||
| Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ (26,882) | $ 62,331 |
| Less allocation of earnings to participating securities | (516) | (611) |
| Net income (loss) available to common shareholders/unitholders | $ (27,398) | $ 61,720 |
| Denominator: | ||
| Basic weighted average common shares (in shares) | 92,500 | 93,303 |
| Diluted weighted average common shares (in shares) | 92,500 | 93,303 |
| Basic earnings per common share/unit: | ||
| Net income (loss), basic (in dollars per share) | $ (0.30) | $ 0.66 |
| Diluted earnings per common share: | ||
| Net income (loss), diluted (in dollars per share) | $ (0.30) | $ 0.66 |
| Antidilutive Incremental Common Shares Attributable to Notional Units | 1,500 | 1,200 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 521 | 528 |
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Assets | ||
| Land | $ 87,015 | $ 90,859 |
| Buildings, improvements and fixtures | 463,656 | 477,061 |
| Construction in progress | 4,286 | 4,779 |
| Rental property, at cost, total | 554,957 | 572,699 |
| Accumulated depreciation | (133,948) | (132,860) |
| Total rental property, net | 421,009 | 439,839 |
| Cash and cash equivalents | 12,653 | 19,750 |
| Deferred lease costs and other intangibles, net | 6,331 | 6,772 |
| Prepaids and other assets | 15,947 | 17,789 |
| Total assets | 455,940 | 484,150 |
| Liabilities and Owners’ Equity | ||
| Mortgages payable, net | 367,171 | 368,032 |
| Accounts payable and other liabilities | 13,252 | 17,173 |
| Total liabilities | 380,423 | 385,205 |
| Owners’ equity | 75,517 | 98,945 |
| Total liabilities and equity | $ 455,940 | $ 484,150 |
Investments in Unconsolidated Real Estate Joint Ventures |
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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):
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 $3.8 million as of both March 31, 2020 and December 31, 2019) are amortized over the various useful lives of the related assets. Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
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Summary of Significant Accounting Policies |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies 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, 2019. The December 31, 2019 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned and properties where we own less than 100% but 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. “Noncontrolling interests in the Operating Partnership” reflects the Non-Company LP’s percentage ownership of the Operating Partnership’s units. “Noncontrolling interests in other consolidated partnerships” consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. Impairment of Long-Lived Assets Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate that the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. During the first quarter of 2020, we determined that the estimated future undiscounted cash flows of our Foxwoods outlet center, Mashantucket, Connecticut did not exceed the property's carrying value due to a decline in forecasted operating results. Therefore, we recorded a $45.7 million non-cash impairment charge in our consolidated statement of operations which equaled the excess of the property's carrying value over its estimated fair value. If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if our expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. We can provide no assurance that material impairment charges with respect to our investment properties will not occur during the remaining quarters in 2020 or future periods.
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Shareholders' Equity of the Company |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Schedule of Shareholders' Equity of the Company [Line Items] | |
| Share Repurchase Program | Shareholders’ Equity of the Company Dividend Declaration In January 2020, the Company's Board of Directors declared a $0.355 cash dividend per common which was paid during the first quarter of 2020 to each shareholder of record on January 31, 2020, and the Trustees of Tanger GP Trust declared a $0.355 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. Also in January 2020, the Company's Board of Directors declared a $0.3575 cash dividend per common share payable on May 15, 2020 to each shareholder of record on April 30, 2020, and the Trustees of Tanger GP Trust declared a $0.3575 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. A liability in the amount of approximately $35.1 million was recorded in accounts payable and accrued expenses in the consolidated balance sheet as of March 31, 2020. In January 2019, the Company's Board of Directors declared a $0.35 cash dividend per common which was paid during the first quarter of 2019, to each shareholder of record on January 31, 2019, and the Trustees of Tanger GP Trust declared a $0.35 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. In February 2019, the Company's Board of Directors declared a $$0.355 cash dividend per common share payable on May 15, 2019 to each shareholder of record on April 30, 2019, and the Trustees of Tanger GP Trust declared a $0.355 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. A liability in the amount of approximately $35.2 million was recorded in accounts payable and accrued expenses in the consolidated balance sheet as of March 31, 2019. Share Repurchase Program |
Debt Guaranteed by the Company (Tables) |
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| 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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Earnings Per Share of the Company (Tables) |
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| 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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Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2020 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events In April 2020, Stephen Yalof became the President and Chief Operating Officer of the Company, the Operating Partnership and the General Partner. As part of his employment, Mr. Yalof was granted 1.0 million options that have an exercise price of $7.15 per share, which equaled the closing market price of the Company's common shares on the day prior to the grant date. The options expire 10 years from the date of grant and 25% of the options become exercisable on December 31, 2020 with the remaining options vesting ratably on each December 31st through 2023, in each case, contingent upon continued employment with the Company through the applicable vesting date (subject to acceleration upon certain terminations of employment). The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model, which resulted in a weighted average grant date fair value per share of $0.42 and included the following weighted-average assumptions: expected dividend yield 9.86%; expected life of 7.9 years; expected volatility of 30.44%; a risk-free rate of 0.60%; and forfeiture rate 0.0%. In addition, Mr. Yalof was granted 389,308 restricted common shares with a grant date fair value of $7.15 per share. The restricted common shares vest ratably over a three year period, with one-third of the restricted common shares vesting on each anniversary of the grant date, beginning on April 10, 2021, contingent upon continued employment with the Company through the applicable vesting date (subject to acceleration upon certain terminations of employment). |
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 loss for the three months ended March 31, 2020 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (in thousands):
We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.2 million of the amounts recorded within accumulated other comprehensive loss related to the interest rate swap agreements in effect as of March 31, 2020.
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Earnings Per Share of the Company |
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 ended March 31, 2020 and 2019. Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2020 and 2019, approximately 1.5 million and 1.2 million notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or 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 the three months ended March 31, 2020,and 2019, approximately 521,000 and 528,000 options were excluded from the computation, respectively, as they were anti-dilutive. The assumed exchange of the partnership units held by the Non-Company LPs as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a common limited partnership unit, as if exchanged, is equivalent to earnings allocated to a common share. Certain of the Company’s unvested restricted common share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of these unvested restricted common share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards based on dividends declared and the unvested restricted common shares’ participation rights in undistributed earnings. Unvested restricted common shares that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per share computation if the effect is dilutive, using the treasury stock method.
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Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Equity-based compensation | $ 3,788 | $ 3,818 |
| Restricted common shares [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Equity-based compensation | 2,227 | 2,513 |
| Notional unit performance awards [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Equity-based compensation | 1,520 | 1,262 |
| Options [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Equity-based compensation | $ 41 | $ 43 |
Shareholders' Equity of the Company (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|
Jan. 31, 2020 |
Feb. 28, 2019 |
Jan. 31, 2019 |
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| Dividends payable | $ 35,108 | $ 35,199 | |||
| Tanger Factory Outlet Centers, Inc. [Member] | |||||
| Common dividends paid per common share (in dollars per share) | $ 0.355 | $ 0.35 | |||
| Common dividends per common share (in dollars per share) | 0.3575 | $ 0.355 | $ 0.7125 | $ 0.705 | |
| Additional amount authorized | $ 44,300 | ||||
| Authorized repurchase amount | $ 169,300 | ||||
| Remaining amount authorized to be repurchase | $ 80,000 | ||||
| Tanger Properties Limited Partnership [Member] | |||||
| Common distributions (in dollars per share) | 0.355 | $ 0.35 | $ 0.7125 | $ 0.705 | |
| Cash dividend declared (in dollars per unit) | $ 0.3575 | $ 0.355 | |||
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tanger Properties Limited Partnership [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2020 (in thousands):
The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (in thousands):
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CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Tanger Factory Outlet Centers, Inc. [Member] |
Tanger Factory Outlet Centers, Inc. [Member]
Common shares [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Paid in capital [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Accumulated distributions in excess of earnings [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Accumulated other comprehensive loss [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Total parent equity [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Noncontrolling interests [Member]
Limited partners [Member]
|
Tanger Factory Outlet Centers, Inc. [Member]
Noncontrolling interests [Member]
Other consolidated partnerships [Member]
|
Tanger Properties Limited Partnership [Member] |
Tanger Properties Limited Partnership [Member]
Accumulated other comprehensive loss [Member]
|
Tanger Properties Limited Partnership [Member]
Total parent equity [Member]
|
Tanger Properties Limited Partnership [Member]
Noncontrolling interests [Member]
|
Tanger Properties Limited Partnership [Member]
General partner [Member]
|
Tanger Properties Limited Partnership [Member]
Limited partners [Member]
|
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Balance at Dec. 31, 2018 | $ 505,535 | $ 939 | $ 778,845 | $ (272,454) | $ (27,151) | $ 480,179 | $ 25,356 | $ 0 | ||||||||||||||
| Beginning Balance at Dec. 31, 2018 | $ (28,631) | $ 505,535 | $ 0 | $ 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 (loss) | 65,841 | 62,331 | 62,331 | 3,315 | 195 | 65,841 | 65,646 | 195 | 663 | 64,983 | ||||||||||||
| Other comprehensive income (loss) | (3) | (2) | (2) | (1) | (3) | (3) | (3) | |||||||||||||||
| Compensation under Incentive Award Plan | 3,910 | 3,910 | 3,910 | 3,910 | 3,910 | 3,910 | ||||||||||||||||
| Grant of restricted common share awards, net of forfeitures | 3 | (3) | ||||||||||||||||||||
| 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 | 18 | 18 | 18 | 18 | ||||||||||||||||||
| Adjustment for noncontrolling interests in Operating Partnership | (36) | (36) | 36 | |||||||||||||||||||
| Common distributions declared | [1] | (69,864) | (69,864) | (350) | (69,514) | |||||||||||||||||
| Common dividends declared | [2] | (66,368) | (66,368) | (66,368) | ||||||||||||||||||
| Distributions to noncontrolling interests | (3,709) | (3,496) | (213) | (213) | (213) | |||||||||||||||||
| Ending Balance at Mar. 31, 2019 | 503,443 | 941 | 780,936 | (276,491) | (27,153) | 478,233 | 25,210 | 0 | ||||||||||||||
| Ending Balance at Mar. 31, 2019 | (28,634) | 503,443 | 0 | 5,227 | 526,850 | |||||||||||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2019 | 503,443 | |||||||||||||||||||||
| Beginning Balance at Dec. 31, 2019 | 456,109 | 929 | 775,035 | (317,263) | (25,495) | 433,206 | 22,903 | 0 | ||||||||||||||
| Beginning Balance at Dec. 31, 2019 | 456,109 | (26,888) | 456,109 | 0 | 4,435 | 478,562 | ||||||||||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2019 | 456,109 | |||||||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
| Net income (loss) | (28,119) | (26,882) | (26,882) | (1,427) | 190 | (28,119) | (28,309) | 190 | (289) | (28,020) | ||||||||||||
| Other comprehensive income (loss) | (13,409) | (12,733) | (12,733) | (676) | (13,409) | (13,409) | (13,409) | |||||||||||||||
| Compensation under Incentive Award Plan | 3,889 | 3,889 | 3,889 | 3,889 | 3,889 | 3,889 | ||||||||||||||||
| Grant of restricted common share awards, net of forfeitures | 2 | (2) | ||||||||||||||||||||
| Withholding of common shares/units for employee income taxes | (736) | (736) | (736) | (736) | (736) | (736) | ||||||||||||||||
| Contributions from noncontrolling interests | 72 | 72 | 72 | 72 | ||||||||||||||||||
| Adjustment for noncontrolling interests in Operating Partnership | (124) | (124) | 124 | |||||||||||||||||||
| Common distributions declared | [3] | (69,886) | (69,886) | (713) | (69,173) | |||||||||||||||||
| Common dividends declared | [4] | (66,387) | (66,387) | (66,387) | ||||||||||||||||||
| Distributions to noncontrolling interests | (3,761) | (3,499) | (262) | (262) | (262) | |||||||||||||||||
| Ending Balance at Mar. 31, 2020 | $ 347,658 | $ 931 | $ 778,062 | $ (410,532) | $ (38,228) | $ 330,233 | $ 17,425 | $ 0 | ||||||||||||||
| Ending Balance at Mar. 31, 2020 | 347,658 | $ (40,297) | $ 347,658 | $ 0 | $ 3,433 | $ 384,522 | ||||||||||||||||
| Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2020 | $ 347,658 | |||||||||||||||||||||
| ||||||||||||||||||||||
Summary of Significant Accounting Policies (Details) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2020
USD ($)
| |
| Foxwoods [Member] | |
| Impairment charge | $ 45,700 |
Leasing Agreements - Rental Revenues (Details) $ in Thousands |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2020
USD ($)
OutletCenter
store
|
Mar. 31, 2019
USD ($)
|
|
| Rental revenues - fixed | $ 86,933 | $ 93,459 |
| Rental revenues - variable | 21,625 | 26,495 |
| Rental revenues | $ 108,558 | $ 119,954 |
| Consolidated Properties [Member] | ||
| Number of stores | store | 2,300 | |
| Number of outlet centers | OutletCenter | 32 | |
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Schedule of Equity Method Investments [Line Items] | ||
| Differences in basis | $ 3.8 | $ 3.8 |
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
| 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 (loss) on derivative | $ (5,676) | $ (1,952) |
Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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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| Fair Value Measurements on a Nonrecurring Basis | The following table sets forth our assets that are measured at fair value on a nonrecurring basis 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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Equity-Based Compensation of the Company (Tables) - Tanger Factory Outlet Centers, Inc. [Member] |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 2020 OPP performance targets and other relevant information about the 2020 OPP:
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the 2020 OPP awards granted during the three months ended March 31, 2020 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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Debt of the Operating Partnership |
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| 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 $171.7 million at March 31, 2020, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $600.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $580.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. As of March 31, 2020, 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 March 31, 2020, the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $19.2 million. The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of March 31, 2020, we believe we were in compliance with all of our debt covenants. Unsecured Lines of Credit As of December 31, 2019, there were no outstanding balances under our unsecured lines of credit. In March 2020, in response to the COVID-19 pandemic, we drew down approximately $599.8 million under our unsecured lines of credit to increase liquidity and preserve financial flexibility to help ensure that the Company is able to meet its obligations for a sustained period of time until there is more clarity regarding the impact of the pandemic. Interest rates In February 2020, due to a change in our credit rating, our interest rate spread over LIBOR on our $600.0 million unsecured line of credit facility increased from 0.875% to 1.0% and our annual facility fee increased from 0.15% to 0.20%. In addition, our interest rate spread over LIBOR on our $350.0 million unsecured term loan increased from 0.90% to 1.0%. Debt Maturities Maturities of the existing long-term debt as of March 31, 2020 for the next five years and thereafter are as follows (in thousands):
Given the financial implications of COVID-19 and potential defaults on our debt covenants associated with our line of credit and term loan, we have considered our short-term (one year or less from the date of filing these financial statements) liquidity needs and the adequacy of our estimated cash flows from operating activities and other financing sources to meet these needs. These other sources include but are not limited to: existing cash, ongoing relationships with certain financial institutions, our ability to sell debt or issue equity subject to market conditions and proceeds from the potential sale of non-core assets. We believe that we have access to the necessary financing to fund our short-term liquidity needs.
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Disposition of Properties |
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposition of Properties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposition of Properties and Impairment Charge [Text Block] | Disposition of Properties Disposition of Properties During the three months ended March 31, 2019, we closed on the sale of four non-core outlet centers for total gross proceeds of $130.5 million. The following table sets forth certain summarized information regarding properties and land outparcels sold during the three months ended March 31, 2019:
The rental properties sold did not meet the criteria to be reported as discontinued operations.
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Debt Guaranteed by the Company (Details) - Debt [Member] - USD ($) |
Mar. 31, 2020 |
Feb. 29, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||
| Line of Credit Facility [Line Items] | |||
| Line of credit borrowing capacity | $ 600,000,000.0 | $ 600,000,000.0 | |
| Tanger Factory Outlet Centers, Inc. [Member] | Line of Credit [Member] | |||
| Line of Credit Facility [Line Items] | |||
| Guarantor obligation | 599,830,000 | $ 0 | |
| Tanger Factory Outlet Centers, Inc. [Member] | Unsecured Term Loan [Member] | |||
| Line of Credit Facility [Line Items] | |||
| Guarantor obligation | $ 350,000,000 | $ 350,000,000 |
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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| Management, Leasing and other services [Line Items] | ||
| Fees received | $ 1,443 | $ 1,342 |
| Management and Marketing Fee [Member] | ||
| Management, Leasing and other services [Line Items] | ||
| Fees received | 541 | 566 |
| Leasing and other fees [Member] | ||
| Management, Leasing and other services [Line Items] | ||
| Fees received | 20 | 31 |
| Expense reimbursements from unconsolidated joint ventures [Member] | ||
| Management, Leasing and other services [Line Items] | ||
| Fees received | $ 882 | $ 745 |
Earnings Per Unit of the Operating Partnership (Tables) |
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| 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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Disposition of Properties (Tables) |
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| 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 properties and land outparcels sold during the three months ended March 31, 2019:
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Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] |
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| 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 March 31, 2020 for the next five years and thereafter are as follows (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):
Short-term government securities Short-term government securities are highly liquid investments, which are classified as Level 1 in the fair value hierarchy because they are valued using quoted market prices in an active market. Interest rate swaps Fair values of interest rate swaps are estimated 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. Fair Value Measurements on a Nonrecurring Basis The following table sets forth our assets that are measured at fair value on a nonrecurring basis within the fair value hierarchy (in thousands):
During the first quarter 2020, we recorded a $45.7 million impairment charge in our consolidated statement of operations which equaled the excess of the carrying value of our Foxwoods outlet center over its estimated fair value. The estimated fair value was based on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates and terminal capitalization rates utilized in this approach were derived from property-specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant unobservable inputs in determining the fair value. The terminal capitalization rate used in the calculation was 7.8% and the discount rate used was 8.5%. These inputs are classified under Level 3 in the fair value hierarchy above. Should the significant assumptions utilized above to determine fair value continue to deteriorate, additional impairments in the future could be possible. 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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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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