(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
$0.01 par value |
Exhibit No. | ||||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
For the year ending December 31, 2021: | Revised | Previous | ||||||||||||
Low Range | High Range | Low Range | High Range | |||||||||||
Estimated diluted net income per share | $ | 0.04 | $ | 0.08 | $ | 0.20 | $ | 0.27 | ||||||
Depreciation and amortization of real estate assets - consolidated and the Company’s share of unconsolidated joint ventures | 1.12 | 1.12 | 1.12 | 1.12 | ||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||
Estimated diluted FFO per share | $ | 1.20 | $ | 1.24 | $ | 1.36 | $ | 1.43 | ||||||
Loss on early extinguishment of debt | 0.45 | 0.45 | 0.14 | 0.14 | ||||||||||
Compensation related to voluntary retirement plan and other executive severance | 0.02 | 0.02 | 0.02 | 0.02 | ||||||||||
Estimated diluted Core FFO per share | $ | 1.67 | $ | 1.71 | $ | 1.52 | $ | 1.59 |
Investor Contact Information | Media Contact Information | |||||||||||||
Cyndi Holt | Jim Williams | Quentin Pell | ||||||||||||
SVP, Finance and Investor Relations | EVP, CFO and Treasurer | SVP, ESG and Communications | ||||||||||||
336-834-6892 | 336-834-6800 | 336-834-6827 | ||||||||||||
cyndi.holt@tangeroutlets.com | jim.williams@tangeroutlets.com | quentin.pell@tangeroutlets.com |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental revenues | $ | 107,265 | $ | 100,251 | $ | 301,556 | $ | 271,082 | |||||||||||||||
Management, leasing and other services | 1,641 | 1,194 | 4,372 | 3,362 | |||||||||||||||||||
Other revenues | 3,559 | 1,768 | 8,504 | 4,392 | |||||||||||||||||||
Total revenues | 112,465 | 103,213 | 314,432 | 278,836 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating | 37,186 | 35,206 | 103,747 | 101,991 | |||||||||||||||||||
General and administrative | 14,817 | 11,181 | 47,310 | 35,331 | |||||||||||||||||||
Impairment charges | — | — | — | 45,675 | |||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | |||||||||||||||||||
Total expenses | 78,947 | 76,290 | 233,883 | 270,963 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | (13,282) | (15,647) | (40,982) | (47,786) | |||||||||||||||||||
Loss on early extinguishment of debt | (33,821) | — | (47,860) | — | |||||||||||||||||||
Gain on sale of assets | — | 2,324 | — | 2,324 | |||||||||||||||||||
Other income (expense) (1) | 253 | 161 | (2,598) | 789 | |||||||||||||||||||
Total other income (expense) | (46,850) | (13,162) | (91,440) | (44,673) | |||||||||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (13,332) | 13,761 | (10,891) | (36,800) | |||||||||||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | 2,261 | (42) | 6,758 | (1,490) | |||||||||||||||||||
Net income (loss) | (11,071) | 13,719 | (4,133) | (38,290) | |||||||||||||||||||
Noncontrolling interests in Operating Partnership | 492 | (690) | 165 | 1,939 | |||||||||||||||||||
Noncontrolling interests in other consolidated partnerships | — | — | — | (190) | |||||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | (10,579) | 13,029 | (3,968) | (36,541) | |||||||||||||||||||
Allocation of earnings to participating securities | (401) | (146) | (804) | (692) | |||||||||||||||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | (10,980) | $ | 12,883 | $ | (4,772) | $ | (37,233) | |||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||
Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||
Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Rental property: | |||||||||||
Land | $ | 268,243 | $ | 265,968 | |||||||
Buildings, improvements and fixtures | 2,520,492 | 2,527,404 | |||||||||
2,788,735 | 2,793,372 | ||||||||||
Accumulated depreciation | (1,125,883) | (1,054,993) | |||||||||
Total rental property, net | 1,662,852 | 1,738,379 | |||||||||
Cash and cash equivalents | 143,116 | 84,832 | |||||||||
Investments in unconsolidated joint ventures | 85,421 | 94,579 | |||||||||
Deferred lease costs and other intangibles, net | 76,980 | 84,960 | |||||||||
Operating lease right-of-use assets | 80,658 | 81,499 | |||||||||
Prepaids and other assets | 100,134 | 105,282 | |||||||||
Total assets | $ | 2,149,161 | $ | 2,189,531 | |||||||
Liabilities and Equity | |||||||||||
Liabilities | |||||||||||
Debt: | |||||||||||
Senior, unsecured notes, net | $ | 1,035,670 | $ | 1,140,576 | |||||||
Unsecured term loan, net | 298,288 | 347,370 | |||||||||
Mortgages payable, net | 76,807 | 79,940 | |||||||||
Unsecured lines of credit | — | — | |||||||||
Total debt | 1,410,765 | 1,567,886 | |||||||||
Accounts payable and accrued expenses | 90,053 | 88,253 | |||||||||
Operating lease liabilities | 89,364 | 90,105 | |||||||||
Other liabilities | 78,819 | 84,404 | |||||||||
Total liabilities | 1,669,001 | 1,830,648 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Tanger Factory Outlet Centers, Inc.: | |||||||||||
Common shares, $0.01 par value, 300,000,000 shares authorized, 103,984,234 and 93,569,801 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 1,040 | 936 | |||||||||
Paid in capital | 975,137 | 787,143 | |||||||||
Accumulated distributions in excess of net income | (496,495) | (420,104) | |||||||||
Accumulated other comprehensive loss | (20,686) | (26,585) | |||||||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 458,996 | 341,390 | |||||||||
Equity attributable to noncontrolling interests: | |||||||||||
Noncontrolling interests in Operating Partnership | 21,164 | 17,493 | |||||||||
Noncontrolling interests in other consolidated partnerships | — | — | |||||||||
Total equity | 480,160 | 358,883 | |||||||||
Total liabilities and equity | $ | 2,149,161 | $ | 2,189,531 |
September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Gross leasable area open at end of period (in thousands): | ||||||||||||||
Consolidated | 11,453 | 11,873 | ||||||||||||
Partially owned - unconsolidated | 2,113 | 2,212 | ||||||||||||
Total (1) | 13,566 | 14,085 | ||||||||||||
Outlet centers in operation at end of period: | ||||||||||||||
Consolidated | 30 | 31 | ||||||||||||
Partially owned - unconsolidated | 6 | 7 | ||||||||||||
Total | 36 | 38 | ||||||||||||
Occupancy at end of period: | ||||||||||||||
Consolidated | 94.3 | % | 92.9 | % | ||||||||||
Partially owned - unconsolidated | 96.3 | % | 95.1 | % | ||||||||||
Total | 94.6 | % | 94.6 | % | ||||||||||
Total states operated in at end of period | 20 | 20 | ||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 26,367 | 28,676 | 81,106 | 85,534 | ||||||||||||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 2,908 | 3,003 | 8,817 | 9,038 | ||||||||||||||||||||||
Impairment charges - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
FFO | 18,204 | 43,074 | 89,494 | 102,724 | ||||||||||||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | — | — | (190) | ||||||||||||||||||||||
Allocation of earnings to participating securities | (401) | (461) | (1,095) | (1,153) | ||||||||||||||||||||||
FFO available to common shareholders (2) | $ | 17,803 | $ | 42,613 | $ | 88,399 | $ | 101,381 | ||||||||||||||||||
As further adjusted for: | ||||||||||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (3) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (4) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | (97) | — | (225) | — | ||||||||||||||||||||||
Core FFO available to common shareholders (2) | $ | 51,821 | $ | 42,613 | $ | 138,746 | $ | 101,381 | ||||||||||||||||||
FFO available to common shareholders per share - diluted (2) | $ | 0.16 | $ | 0.44 | $ | 0.84 | $ | 1.04 | ||||||||||||||||||
Core FFO available to common shareholders per share - diluted (2) | $ | 0.47 | $ | 0.44 | $ | 1.32 | $ | 1.04 | ||||||||||||||||||
Weighted Average Shares: | ||||||||||||||||||||||||||
Basic weighted average common shares | 103,269 | 92,649 | 99,446 | 92,596 | ||||||||||||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 103,269 | 92,649 | 99,446 | 92,596 | ||||||||||||||||||||||
Effect of notional units | 583 | — | 518 | — | ||||||||||||||||||||||
Effect of outstanding options | 753 | — | 736 | — | ||||||||||||||||||||||
Exchangeable operating partnership units | 4,795 | 4,911 | 4,795 | 4,911 | ||||||||||||||||||||||
Diluted weighted average common shares (for FFO and Core FFO per share computations) (2) | 109,400 | 97,560 | 105,495 | 97,507 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
FFO available to common shareholders | $ | 17,803 | $ | 42,613 | $ | 88,399 | $ | 101,381 | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
Corporate depreciation excluded above | 577 | 1,227 | 1,720 | 2,432 | ||||||||||||||||||||||
Amortization of finance costs | 1,793 | 996 | 4,460 | 2,586 | ||||||||||||||||||||||
Amortization of net debt discount | 1,083 | 122 | 2,031 | 359 | ||||||||||||||||||||||
Amortization of equity-based compensation | 2,994 | 2,347 | 9,602 | 9,566 | ||||||||||||||||||||||
Straight-line rent adjustments | (384) | 1,741 | 1,137 | 2,418 | ||||||||||||||||||||||
Market rent adjustments | 126 | 2,149 | 151 | 2,560 | ||||||||||||||||||||||
Second generation tenant allowances and lease incentives (1) | 2,199 | (2,181) | (95) | (13,719) | ||||||||||||||||||||||
Capital improvements | (2,611) | (2,788) | (6,253) | (11,980) | ||||||||||||||||||||||
Adjustments from unconsolidated joint ventures | (666) | (358) | (1,204) | (479) | ||||||||||||||||||||||
FAD available to common shareholders (2) | $ | 22,914 | $ | 45,868 | $ | 99,948 | $ | 95,124 | ||||||||||||||||||
Dividends per share | $ | 0.1775 | $ | — | $ | 0.5325 | $ | 0.7125 | ||||||||||||||||||
FFO payout ratio | 111 | % | — | % | 63 | % | 69 | % | ||||||||||||||||||
FAD payout ratio | 85 | % | — | % | 56 | % | 73 | % | ||||||||||||||||||
Diluted weighted average common shares (2) | 109,400 | 97,560 | 105,495 | 97,507 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | (2,261) | 42 | (6,758) | 1,490 | ||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Loss on early extinguishment of debt (1) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Other (income) expense | (253) | (161) | 2,598 | (789) | ||||||||||||||||||||||
Impairment charges | — | — | — | 45,675 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Other non-property expenses | 113 | 704 | 22 | 1,162 | ||||||||||||||||||||||
Corporate general and administrative expenses | 14,951 | 11,463 | 47,468 | 35,759 | ||||||||||||||||||||||
Non-cash adjustments (2) | (244) | 3,913 | 1,326 | 5,032 | ||||||||||||||||||||||
Lease termination fees | (1,424) | (6,323) | (2,224) | (8,000) | ||||||||||||||||||||||
Portfolio NOI | 73,858 | 66,583 | 209,967 | 175,467 | ||||||||||||||||||||||
Non-same center NOI (3) | (106) | (435) | (1,751) | (1,582) | ||||||||||||||||||||||
Same Center NOI | $ | 73,752 | $ | 66,148 | $ | 208,216 | $ | 173,885 |
Outlet centers sold: | |||||
Terrell | August 2020 | ||||
Jeffersonville | January 2021 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Impairment charges - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (3) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 63,270 | $ | 56,945 | $ | 173,951 | $ | 143,904 |
Twelve months ended | ||||||||||||||
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Net loss | $ | (3,856) | $ | (38,013) | ||||||||||
Adjusted to exclude: | ||||||||||||||
Interest expense | 56,338 | 63,142 | ||||||||||||
Depreciation and amortization | 112,003 | 117,143 | ||||||||||||
Impairment charges - consolidated | 21,551 | 67,226 | ||||||||||||
Impairment charge - unconsolidated joint ventures | — | 3,091 | ||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | 3,704 | — | ||||||||||||
Gain on sale of assets | — | (2,324) | ||||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 3,285 | 573 | ||||||||||||
Gain on sale of outparcel - unconsolidated joint ventures | (992) | (992) | ||||||||||||
Loss on early extinguishment of debt (3) | 47,860 | — | ||||||||||||
Adjusted EBITDA | $ | 239,893 | $ | 209,846 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Impairment charges - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Pro-rata share of interest expense - unconsolidated joint ventures | 1,457 | 1,512 | 4,384 | 4,995 | ||||||||||||||||||||||
Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 2,907 | 3,003 | 8,817 | 9,038 | ||||||||||||||||||||||
EBITDAre | $ | 33,519 | $ | 61,460 | $ | 136,580 | $ | 157,937 | ||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (3) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Adjusted EBITDAre | $ | 67,634 | $ | 61,460 | $ | 187,152 | $ | 157,937 |
Twelve months ended | ||||||||||||||
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Net loss | $ | (3,856) | $ | (38,013) | ||||||||||
Adjusted to exclude: | ||||||||||||||
Interest expense | 56,338 | 63,142 | ||||||||||||
Depreciation and amortization | 112,003 | 117,143 | ||||||||||||
Impairment charges - consolidated | 21,551 | 67,226 | ||||||||||||
Impairment charge - unconsolidated joint ventures | — | 3,091 | ||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | 3,704 | — | ||||||||||||
Gain on sale of assets | — | (2,324) | ||||||||||||
Pro-rata share of interest expense - unconsolidated joint ventures | 5,934 | 6,545 | ||||||||||||
Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 11,803 | 12,024 | ||||||||||||
EBITDAre | $ | 207,477 | $ | 228,834 | ||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 3,285 | 573 | ||||||||||||
Gain on sale of outparcel - unconsolidated joint ventures | (992) | (992) | ||||||||||||
Loss on early extinguishment of debt (3) | 47,860 | — | ||||||||||||
Adjusted EBITDAre | $ | 257,630 | $ | 228,415 |
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Total debt | $ | 1,410,765 | $ | 1,567,886 | ||||||||||
Less: Cash and cash equivalents | (143,116) | (84,832) | ||||||||||||
Net debt | $ | 1,267,649 | $ | 1,483,054 | ||||||||||
Section | |||||
Portfolio Data: | |||||
Summary Operating Metrics | |||||
Geographic Diversification | |||||
Property Summary - Occupancy at End of Each Period Shown | |||||
Portfolio Occupancy at the End of Each Period | |||||
Outlet Center Ranking | |||||
Top 25 Tenants Based on Percentage of Total Annualized Base Rent | |||||
Lease Expirations as of September 30, 2021 | |||||
Capital Expenditures | |||||
Leasing Activity | |||||
Financial Data: | |||||
Consolidated Balance Sheets | |||||
Consolidated Statements of Operations | |||||
Components of Rental Revenues | |||||
Unconsolidated Joint Venture Information | |||||
Debt Outstanding Summary | |||||
Future Scheduled Principal Payments | |||||
Senior Unsecured Notes Financial Covenants | |||||
Enterprise Value, Net Debt, Liquidity, Debt Ratios and Credit Ratings | |||||
Non-GAAP and Supplemental Measures: | |||||
Non-GAAP Definitions | |||||
FFO and FAD Analysis | |||||
Portfolio NOI and Same Center NOI | |||||
Adjusted EBITDA and EBITDAre | |||||
Net Debt | |||||
Pro Rata Balance Sheet Information | |||||
Pro Rata Statement of Operations Information | |||||
Investor Information |
September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Outlet centers in operation at end of period: | ||||||||||||||
Consolidated | 30 | 31 | ||||||||||||
Partially owned - unconsolidated | 6 | 7 | ||||||||||||
Total Number of Properties | 36 | 38 | ||||||||||||
Gross leasable area open at end of period (in thousands): | ||||||||||||||
Consolidated | 11,453 | 11,873 | ||||||||||||
Partially owned - unconsolidated | 2,113 | 2,212 | ||||||||||||
Total | 13,566 | 14,085 | ||||||||||||
Ending Occupancy: | ||||||||||||||
Consolidated properties | 94.3 | % | 92.9 | % | ||||||||||
Partially owned - unconsolidated | 96.3 | % | 95.1 | % | ||||||||||
Total properties | 94.6 | % | 94.6 | % | ||||||||||
Average Tenant Sales Per Square Foot (1)(2): | ||||||||||||||
Consolidated properties | $ | 448 | ||||||||||||
Partially owned - domestic unconsolidated | $ | 471 | ||||||||||||
Total domestic properties | $ | 451 | ||||||||||||
Occupancy Cost Ratio (2)(3) | 8.4 | % |
State | # of Centers | GLA | % of GLA | ||||||||||||||
South Carolina | 5 | 1,605,795 | 14 | % | |||||||||||||
New York | 2 | 1,468,706 | 13 | % | |||||||||||||
Georgia | 3 | 1,121,579 | 10 | % | |||||||||||||
Pennsylvania | 3 | 999,442 | 9 | % | |||||||||||||
Texas | 2 | 823,557 | 7 | % | |||||||||||||
Michigan | 2 | 671,565 | 6 | % | |||||||||||||
Alabama | 1 | 554,649 | 5 | % | |||||||||||||
Delaware | 1 | 549,890 | 5 | % | |||||||||||||
New Jersey | 1 | 487,718 | 4 | % | |||||||||||||
Tennessee | 1 | 447,810 | 4 | % | |||||||||||||
North Carolina | 2 | 422,895 | 3 | % | |||||||||||||
Arizona | 1 | 410,753 | 3 | % | |||||||||||||
Florida | 1 | 351,721 | 3 | % | |||||||||||||
Missouri | 1 | 329,861 | 3 | % | |||||||||||||
Mississippi | 1 | 324,720 | 3 | % | |||||||||||||
Louisiana | 1 | 321,066 | 3 | % | |||||||||||||
Connecticut | 1 | 311,229 | 3 | % | |||||||||||||
New Hampshire | 1 | 250,139 | 2 | % | |||||||||||||
Total Consolidated Properties | 30 | 11,453,095 | 100 | % | |||||||||||||
Unconsolidated Joint Venture Properties | |||||||||||||||||
# of Centers | GLA | Ownership % | |||||||||||||||
Charlotte, NC | 1 | 398,649 | 50.00 | % | |||||||||||||
Ottawa, ON | 1 | 357,209 | 50.00 | % | |||||||||||||
Columbus, OH | 1 | 355,245 | 50.00 | % | |||||||||||||
Texas City, TX | 1 | 352,705 | 50.00 | % | |||||||||||||
National Harbor, MD | 1 | 341,156 | 50.00 | % | |||||||||||||
Cookstown, ON | 1 | 307,883 | 50.00 | % | |||||||||||||
Total Unconsolidated Joint Venture Properties | 6 | 2,112,847 | |||||||||||||||
Grand Total | 36 | 13,565,942 |
Location | Total GLA 09/30/21 | % Occupied 09/30/21 | % Occupied 06/30/21 | % Occupied 09/30/20 | ||||||||||||||||||||||
Deer Park, NY | 739,148 | 93.8 | % | 93.0 | % | 93.2 | % | |||||||||||||||||||
Riverhead, NY | 729,558 | 91.1 | % | 90.2 | % | 91.9 | % | |||||||||||||||||||
Foley, AL | 554,649 | 89.1 | % | 87.6 | % | 88.8 | % | |||||||||||||||||||
Rehoboth Beach, DE | 549,890 | 91.7 | % | 91.7 | % | 93.3 | % | |||||||||||||||||||
Atlantic City, NJ | 487,718 | 80.8 | % | 81.8 | % | 79.4 | % | |||||||||||||||||||
San Marcos, TX | 471,816 | 94.0 | % | 91.0 | % | 92.7 | % | |||||||||||||||||||
Sevierville, TN | 447,810 | 99.4 | % | 97.7 | % | 99.4 | % | |||||||||||||||||||
Savannah, GA | 429,089 | 99.5 | % | 96.1 | % | 98.5 | % | |||||||||||||||||||
Myrtle Beach Hwy 501, SC | 426,523 | 97.5 | % | 97.5 | % | 97.6 | % | |||||||||||||||||||
Glendale, AZ (Westgate) | 410,753 | 98.7 | % | 94.9 | % | 91.8 | % | |||||||||||||||||||
Myrtle Beach Hwy 17, SC | 404,710 | 99.4 | % | 100.0 | % | 98.9 | % | |||||||||||||||||||
Charleston, SC | 386,328 | 100.0 | % | 99.3 | % | 93.4 | % | |||||||||||||||||||
Lancaster, PA | 375,883 | 99.7 | % | 99.3 | % | 97.4 | % | |||||||||||||||||||
Pittsburgh, PA | 373,863 | 94.7 | % | 90.4 | % | 92.1 | % | |||||||||||||||||||
Commerce, GA | 371,408 | 96.9 | % | 92.8 | % | 94.0 | % | |||||||||||||||||||
Grand Rapids, MI | 357,127 | 88.6 | % | 88.3 | % | 89.3 | % | |||||||||||||||||||
Fort Worth, TX | 351,741 | 97.0 | % | 98.2 | % | 98.6 | % | |||||||||||||||||||
Daytona Beach, FL | 351,721 | 100.0 | % | 100.0 | % | 96.7 | % | |||||||||||||||||||
Branson, MO | 329,861 | 99.2 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||
Southaven, MS | 324,720 | 100.0 | % | 98.5 | % | 97.4 | % | |||||||||||||||||||
Locust Grove, GA | 321,082 | 98.8 | % | 98.8 | % | 97.8 | % | |||||||||||||||||||
Gonzales, LA | 321,066 | 96.0 | % | 96.0 | % | 96.8 | % | |||||||||||||||||||
Mebane, NC | 318,886 | 100.0 | % | 100.0 | % | 97.0 | % | |||||||||||||||||||
Howell, MI | 314,438 | 78.4 | % | 73.9 | % | 80.1 | % | |||||||||||||||||||
Mashantucket, CT (Foxwoods) | 311,229 | 78.8 | % | 76.8 | % | 88.5 | % | |||||||||||||||||||
Tilton, NH | 250,139 | 86.0 | % | 80.2 | % | 86.8 | % | |||||||||||||||||||
Hershey, PA | 249,696 | 98.4 | % | 97.0 | % | 100.0 | % | |||||||||||||||||||
Hilton Head II, SC | 206,564 | 100.0 | % | 100.0 | % | 89.3 | % | |||||||||||||||||||
Hilton Head I, SC | 181,670 | 95.8 | % | 90.5 | % | 93.2 | % | |||||||||||||||||||
Blowing Rock, NC | 104,009 | 89.8 | % | 88.4 | % | 88.8 | % | |||||||||||||||||||
Jeffersonville, OH | N/A | N/A | N/A | 80.3 | % | |||||||||||||||||||||
Total Consolidated | 11,453,095 | 94.3 | % | 93.0 | % | 92.9 | % | |||||||||||||||||||
Charlotte, NC | 398,649 | 99.1 | % | 97.3 | % | 98.1 | % | |||||||||||||||||||
Ottawa, ON | 357,209 | 96.4 | % | 94.9 | % | 95.9 | % | |||||||||||||||||||
Columbus, OH | 355,245 | 96.6 | % | 96.4 | % | 96.7 | % | |||||||||||||||||||
Texas City, TX (Galveston/Houston) | 352,705 | 94.2 | % | 94.6 | % | 91.0 | % | |||||||||||||||||||
National Harbor, MD | 341,156 | 98.4 | % | 99.3 | % | 98.6 | % | |||||||||||||||||||
Cookstown, ON | 307,883 | 91.9 | % | 91.9 | % | 91.6 | % | |||||||||||||||||||
Saint-Sauveur, QC | N/A | N/A | N/A | 86.9 | % | |||||||||||||||||||||
Total Unconsolidated | 2,112,847 | 96.3 | % | 95.8 | % | 95.1 | % | |||||||||||||||||||
Total | 13,565,942 | 94.6 | % | 93.4 | % | 94.6 | % |
Ranking (2) | 12 Months SPSF | Period End Occupancy | Sq Ft (thousands) | % of Square Feet | % of Portfolio NOI (3) | ||||||||||||||||||
Consolidated Centers | |||||||||||||||||||||||
Centers 1 - 5 | $ | 593 | 97 | % | 2,324 | 21 | % | 26 | % | ||||||||||||||
Centers 6 - 10 | $ | 499 | 94 | % | 2,110 | 18 | % | 24 | % | ||||||||||||||
Centers 11 - 15 | $ | 449 | 97 | % | 1,694 | 15 | % | 14 | % | ||||||||||||||
Centers 16 - 20 | $ | 398 | 93 | % | 1,963 | 17 | % | 15 | % | ||||||||||||||
Centers 21 - 25 | $ | 361 | 95 | % | 2,176 | 19 | % | 16 | % | ||||||||||||||
Centers 26 - 30 | $ | 309 | 85 | % | 1,186 | 10 | % | 5 | % | ||||||||||||||
Ranking (2) | Cumulative 12 Months SPSF | Cumulative Period End Occupancy | Cumulative Sq Ft (thousands) | Cumulative % of Square Feet | Cumulative % of Portfolio NOI (3) | ||||||||||||||||||
Consolidated Centers | |||||||||||||||||||||||
Centers 1 - 5 | $ | 593 | 97 | % | 2,324 | 21 | % | 26 | % | ||||||||||||||
Centers 1 - 10 | $ | 547 | 96 | % | 4,434 | 39 | % | 50 | % | ||||||||||||||
Centers 1 - 15 | $ | 520 | 96 | % | 6,128 | 54 | % | 64 | % | ||||||||||||||
Centers 1 - 20 | $ | 490 | 96 | % | 8,091 | 71 | % | 79 | % | ||||||||||||||
Centers 1 - 25 | $ | 462 | 95 | % | 10,267 | 90 | % | 95 | % | ||||||||||||||
Centers 1 - 30 | $ | 448 | 94 | % | 11,453 | 100 | % | 100 | % | ||||||||||||||
Unconsolidated centers (4) | $ | 471 | 97 | % | 1,448 | n/a | n/a | ||||||||||||||||
Domestic centers (5) | $ | 451 | 95 | % | 12,901 | n/a | n/a | ||||||||||||||||
(1) | Centers are ranked by sales per square foot for the trailing twelve months ended September 30, 2021 and sales per square foot include stores that have been occupied for a minimum of twelve months and are less than 20,000 square feet. | ||||||||||||||||||||||
(2) | Outlet centers included in each ranking group above are as follows (in alphabetical order): | ||||||||||||||||||||||
Centers 1 - 5: | Deer Park, NY | Glendale, AZ (Westgate) | Locust Grove, GA | Myrtle Beach Hwy 17, SC | Sevierville, TN | ||||||||||||||||||
Centers 6 - 10: | Branson, MO | Hilton Head I, SC | Mebane, NC | Rehoboth Beach, DE | Riverhead, NY | ||||||||||||||||||
Centers 11 - 15: | Charleston, SC | Grand Rapids, MI | Hershey, PA | Lancaster, PA | Southaven, MS | ||||||||||||||||||
Centers 16 - 20: | Atlantic City, NJ | Fort Worth, TX | Gonzales, LA | Pittsburgh, PA | Savannah, GA | ||||||||||||||||||
Centers 21 - 25: | Commerce, GA | Daytona Beach, FL | Foley, AL | Myrtle Beach Hwy 501, SC | San Marcos, TX | ||||||||||||||||||
Centers 26 - 30: | Blowing Rock, NC | Hilton Head II, SC | Howell, MI | Mashantucket, CT (Foxwoods) | Tilton, NH | ||||||||||||||||||
(3) | Based on the Company’s forecast of 2021 Portfolio NOI (see non-GAAP definitions), excluding centers not yet stabilized (none). The Company’s forecast is based on management’s estimates as of September 30, 2021 and may be considered a forward-looking statement that is subject to risks and uncertainties. Actual results could differ materially from those projected due to various factors including, but not limited to, the risks associated with general economic and real estate conditions. For a more detailed discussion of the factors that affect operating results, interested parties should review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the three months ended September 30, 2021. | ||||||||||||||||||||||
(4) | Includes domestic outlet centers open 12 full calendar months (in alphabetical order): | ||||||||||||||||||||||
Unconsolidated: | Charlotte, NC | Columbus, OH | National Harbor, MD | Texas City, TX (Galveston/Houston) | |||||||||||||||||||
(5) | Includes consolidated portfolio and domestic unconsolidated joint ventures. |
Consolidated | Unconsolidated | |||||||||||||||||||||||||||||||
Tenant | Brands | # of Stores | GLA | % of Total GLA | % of Total Annualized Base Rent (2) | # of Stores | ||||||||||||||||||||||||||
The Gap, Inc. | Gap, Banana Republic, Old Navy | 83 | 881,942 | 7.7 | % | 6.2 | % | 18 | ||||||||||||||||||||||||
Premium Apparel, LLC; The Talbots, Inc. | LOFT, Ann Taylor, Lane Bryant, Talbots | 77 | 426,970 | 3.7 | % | 4.3 | % | 10 | ||||||||||||||||||||||||
SPARC Group | Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brands, Nautica | 76 | 469,640 | 4.1 | % | 4.2 | % | 11 | ||||||||||||||||||||||||
PVH Corp. | Tommy Hilfiger, Calvin Klein | 40 | 298,803 | 2.6 | % | 3.6 | % | 12 | ||||||||||||||||||||||||
Tapestry, Inc. | Coach, Kate Spade, Stuart Weitzman | 47 | 223,813 | 2.0 | % | 3.3 | % | 11 | ||||||||||||||||||||||||
Under Armour, Inc. | Under Armour, Under Armour Kids | 29 | 228,931 | 2.0 | % | 3.2 | % | 6 | ||||||||||||||||||||||||
American Eagle Outfitters, Inc. | American Eagle Outfitters, Aerie | 39 | 268,350 | 2.3 | % | 2.9 | % | 7 | ||||||||||||||||||||||||
Nike, Inc. | Nike, Converse, Hurley | 31 | 370,448 | 3.2 | % | 2.8 | % | 9 | ||||||||||||||||||||||||
Columbia Sportswear Company | Columbia Sportswear | 23 | 183,484 | 1.6 | % | 2.6 | % | 6 | ||||||||||||||||||||||||
Adidas AG | Adidas, Reebok | 32 | 206,425 | 1.8 | % | 2.3 | % | 10 | ||||||||||||||||||||||||
Capri Holdings Limited | Michael Kors, Michael Kors Men’s | 27 | 134,989 | 1.2 | % | 2.3 | % | 5 | ||||||||||||||||||||||||
Carter’s, Inc. | Carters, OshKosh B Gosh | 40 | 177,045 | 1.5 | % | 2.3 | % | 9 | ||||||||||||||||||||||||
Hanesbrands Inc. | Hanesbrands, Maidenform, Champion | 35 | 172,347 | 1.5 | % | 2.2 | % | 2 | ||||||||||||||||||||||||
Skechers USA, Inc. | Skechers | 28 | 154,913 | 1.4 | % | 2.0 | % | 6 | ||||||||||||||||||||||||
Rack Room Shoes, Inc. | Rack Room Shoes, Off Broadway Shoe | 26 | 193,632 | 1.7 | % | 2.0 | % | 2 | ||||||||||||||||||||||||
Signet Jewelers Limited | Kay Jewelers, Zales, Jared Vault | 45 | 103,260 | 0.9 | % | 2.0 | % | 8 | ||||||||||||||||||||||||
Ralph Lauren Corporation | Polo Ralph Lauren, Polo Children, Polo Ralph Lauren Big & Tall | 32 | 350,331 | 3.1 | % | 2.0 | % | 6 | ||||||||||||||||||||||||
V. F. Corporation | The North Face, Vans, Timberland, Dickies, Work Authority | 27 | 143,207 | 1.2 | % | 1.9 | % | 3 | ||||||||||||||||||||||||
Express Inc. | Express Factory | 24 | 168,000 | 1.5 | % | 1.8 | % | 4 | ||||||||||||||||||||||||
Chico’s, FAS Inc. | Chicos, White House/Black Market, Soma Intimates | 37 | 107,287 | 0.9 | % | 1.8 | % | 5 | ||||||||||||||||||||||||
H & M Hennes & Mauritz LP. | H&M | 18 | 385,321 | 3.4 | % | 1.8 | % | 2 | ||||||||||||||||||||||||
Luxottica Group S.p.A. | Sunglass Hut, Oakley, Lenscrafters | 52 | 76,178 | 0.7 | % | 1.7 | % | 10 | ||||||||||||||||||||||||
Levi Strauss & Co. | Levi's | 27 | 111,510 | 1.0 | % | 1.7 | % | 5 | ||||||||||||||||||||||||
Caleres Inc. | Famous Footwear, Allen Edmonds | 27 | 152,156 | 1.3 | % | 1.6 | % | 6 | ||||||||||||||||||||||||
Rue 21, LLC | Rue 21 | 19 | 114,562 | 1.0 | % | 1.4 | % | 1 | ||||||||||||||||||||||||
Total of Top 25 tenants | 941 | 6,103,544 | 53.3 | % | 63.9 | % | 174 |
Nine months ended | ||||||||||||||
September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Value-enhancing: | ||||||||||||||
New center developments and expansions | $ | 2,626 | $ | 1,967 | ||||||||||
Other | 2,047 | 673 | ||||||||||||
4,673 | 2,640 | |||||||||||||
Recurring capital expenditures: | ||||||||||||||
Second generation tenant allowances(1) | (5) | 8,549 | ||||||||||||
Operational capital expenditures | 9,090 | 6,764 | ||||||||||||
Renovations | 227 | 5,217 | ||||||||||||
9,312 | 20,530 | |||||||||||||
Total additions to rental property-accrual basis | 13,985 | 23,170 | ||||||||||||
Conversion from accrual to cash basis | 9,700 | (98) | ||||||||||||
Total additions to rental property-cash basis | $ | 23,685 | $ | 23,072 |
Re-tenant (1) | ||||||||||||||||||||
Trailing twelve months ended: | # of Leases | Square Feet (in 000s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf)(2) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||||||
9/30/2021 | 84 | 327 | $ | 28.72 | $ | 27.04 | 5.85 | $ | 24.10 | |||||||||||
9/30/2020 | 83 | 387 | $ | 32.85 | $ | 63.66 | 7.17 | $ | 23.97 | |||||||||||
Renewal (1) | ||||||||||||||||||||
Trailing twelve months ended: | # of Leases | Square Feet (in 000s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf)(2) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||||||
9/30/2021 | 245 | 1,248 | $ | 26.45 | $ | 1.60 | 3.22 | $ | 25.95 | |||||||||||
9/30/2020 | 177 | 889 | $ | 27.32 | $ | 0.90 | 3.85 | $ | 27.09 | |||||||||||
Total (1) | ||||||||||||||||||||
Trailing twelve months ended: | # of Leases | Square Feet (in 000s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf)(2) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||||||
9/30/2021 | 329 | 1,575 | $ | 26.92 | $ | 6.89 | 3.77 | $ | 25.09 | |||||||||||
9/30/2020 | 260 | 1,276 | $ | 29.00 | $ | 19.93 | 4.86 | $ | 24.90 |
TTM ended | TTM ended | |||||||
All Lease Terms | 9/30/2021 | 9/30/2020 | ||||||
Re-tenanted Space: | ||||||||
Number of leases | 84 | 83 | ||||||
Gross leasable area | 327,316 | 386,721 | ||||||
New initial rent per square foot | $ | 26.39 | $ | 29.80 | ||||
Prior expiring rent per square foot | $ | 32.64 | $ | 34.39 | ||||
Percent decrease | (19.1) | % | (13.4) | % | ||||
New straight-line rent per square foot | $ | 28.72 | $ | 32.85 | ||||
Prior straight-line rent per square foot | $ | 32.79 | $ | 33.40 | ||||
Percent decrease | (12.4) | % | (1.6) | % | ||||
Renewed Space: | ||||||||
Number of leases | 245 | 177 | ||||||
Gross leasable area | 1,248,049 | 888,507 | ||||||
New initial rent per square foot | $ | 25.94 | $ | 26.62 | ||||
Prior expiring rent per square foot | $ | 26.28 | $ | 29.61 | ||||
Percent decrease | (1.3) | % | (10.1) | % | ||||
New straight-line rent per square foot | $ | 26.45 | $ | 27.32 | ||||
Prior straight-line rent per square foot | $ | 25.60 | $ | 29.90 | ||||
Percent increase (decrease) | 3.3 | % | (8.6) | % | ||||
Total Re-tenanted and Renewed Space: | ||||||||
Number of leases | 329 | 260 | ||||||
Gross leasable area | 1,575,365 | 1,275,228 | ||||||
New initial rent per square foot | $ | 26.03 | $ | 27.59 | ||||
Prior expiring rent per square foot | $ | 27.60 | $ | 31.06 | ||||
Percent decrease | (5.7) | % | (11.2) | % | ||||
New straight-line rent per square foot | $ | 26.92 | $ | 29.00 | ||||
Prior straight-line rent per square foot | $ | 27.09 | $ | 30.96 | ||||
Percent decrease | (0.6) | % | (6.3) | % |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Rental property: | |||||||||||
Land | $ | 268,243 | $ | 265,968 | |||||||
Buildings, improvements and fixtures | 2,520,492 | 2,527,404 | |||||||||
2,788,735 | 2,793,372 | ||||||||||
Accumulated depreciation | (1,125,883) | (1,054,993) | |||||||||
Total rental property, net | 1,662,852 | 1,738,379 | |||||||||
Cash and cash equivalents | 143,116 | 84,832 | |||||||||
Investments in unconsolidated joint ventures | 85,421 | 94,579 | |||||||||
Deferred lease costs and other intangibles, net | 76,980 | 84,960 | |||||||||
Operating lease right-of-use assets | 80,658 | 81,499 | |||||||||
Prepaids and other assets | 100,134 | 105,282 | |||||||||
Total assets | $ | 2,149,161 | $ | 2,189,531 | |||||||
Liabilities and Equity | |||||||||||
Liabilities | |||||||||||
Debt: | |||||||||||
Senior, unsecured notes, net | $ | 1,035,670 | $ | 1,140,576 | |||||||
Unsecured term loan, net | 298,288 | 347,370 | |||||||||
Mortgages payable, net | 76,807 | 79,940 | |||||||||
Unsecured lines of credit | — | — | |||||||||
Total debt | 1,410,765 | 1,567,886 | |||||||||
Accounts payable and accrued expenses | 90,053 | 88,253 | |||||||||
Operating lease liabilities | 89,364 | 90,105 | |||||||||
Other liabilities | 78,819 | 84,404 | |||||||||
Total liabilities | 1,669,001 | 1,830,648 | |||||||||
Commitments and contingencies | |||||||||||
Equity | |||||||||||
Tanger Factory Outlet Centers, Inc.: | |||||||||||
Common shares, $0.01 par value, 300,000,000 shares authorized, 103,984,234 and 93,569,801 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 1,040 | 936 | |||||||||
Paid in capital | 975,137 | 787,143 | |||||||||
Accumulated distributions in excess of net income | (496,495) | (420,104) | |||||||||
Accumulated other comprehensive loss | (20,686) | (26,585) | |||||||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 458,996 | 341,390 | |||||||||
Equity attributable to noncontrolling interests: | |||||||||||
Noncontrolling interests in Operating Partnership | 21,164 | 17,493 | |||||||||
Noncontrolling interests in other consolidated partnerships | — | — | |||||||||
Total equity | 480,160 | 358,883 | |||||||||
Total liabilities and equity | $ | 2,149,161 | $ | 2,189,531 |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental revenues | $ | 107,265 | $ | 100,251 | $ | 301,556 | $ | 271,082 | |||||||||||||||
Management, leasing and other services | 1,641 | 1,194 | 4,372 | 3,362 | |||||||||||||||||||
Other revenues | 3,559 | 1,768 | 8,504 | 4,392 | |||||||||||||||||||
Total revenues | 112,465 | 103,213 | 314,432 | 278,836 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Property operating | 37,186 | 35,206 | 103,747 | 101,991 | |||||||||||||||||||
General and administrative | 14,817 | 11,181 | 47,310 | 35,331 | |||||||||||||||||||
Impairment charges | — | — | — | 45,675 | |||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | |||||||||||||||||||
Total expenses | 78,947 | 76,290 | 233,883 | 270,963 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | (13,282) | (15,647) | (40,982) | (47,786) | |||||||||||||||||||
Loss on early extinguishment of debt | (33,821) | — | (47,860) | — | |||||||||||||||||||
Gain on sale of assets | — | 2,324 | — | 2,324 | |||||||||||||||||||
Other income (expense) (1) | 253 | 161 | (2,598) | 789 | |||||||||||||||||||
Total other income (expense) | (46,850) | (13,162) | (91,440) | (44,673) | |||||||||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (13,332) | 13,761 | (10,891) | (36,800) | |||||||||||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | 2,261 | (42) | 6,758 | (1,490) | |||||||||||||||||||
Net income (loss) | (11,071) | 13,719 | (4,133) | (38,290) | |||||||||||||||||||
Noncontrolling interests in Operating Partnership | 492 | (690) | 165 | 1,939 | |||||||||||||||||||
Noncontrolling interests in other consolidated partnerships | — | — | — | (190) | |||||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | (10,579) | 13,029 | (3,968) | (36,541) | |||||||||||||||||||
Allocation of earnings to participating securities | (401) | (146) | (804) | (692) | |||||||||||||||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | (10,980) | $ | 12,883 | $ | (4,772) | $ | (37,233) | |||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||
Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||
Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Rental revenues: | |||||||||||||||||||||||
Base rentals | $ | 69,909 | $ | 70,908 | $ | 204,579 | $ | 195,885 | |||||||||||||||
Percentage rentals | 8,635 | 1,095 | 14,652 | 3,245 | |||||||||||||||||||
Tenant expense reimbursements | 26,888 | 29,312 | 81,933 | 83,416 | |||||||||||||||||||
Lease termination fees | 1,424 | 6,323 | 2,224 | 8,000 | |||||||||||||||||||
Market rent adjustments | (33) | (2,057) | 128 | (2,282) | |||||||||||||||||||
Straight-line rent adjustments | 384 | (1,740) | (1,137) | (2,417) | |||||||||||||||||||
Uncollectible tenant revenues | 58 | (3,590) | (823) | (14,765) | |||||||||||||||||||
Rental revenues | $ | 107,265 | $ | 100,251 | $ | 301,556 | $ | 271,082 |
Joint Venture | Center Location | Tanger’s Ownership % | Square Feet | Tanger’s Share of Total Assets | Tanger’s Share of NOI | Tanger’s Share of Net Debt (1) | ||||||||||||||||||||||||||||||||
Charlotte | Charlotte, NC | 50.0 | % | 398,649 | $ | 34.3 | $ | 4.8 | $ | 49.8 | ||||||||||||||||||||||||||||
Columbus | Columbus, OH | 50.0 | % | 355,245 | 37.0 | 3.7 | 35.4 | |||||||||||||||||||||||||||||||
Galveston/Houston | Texas City, TX | 50.0 | % | 352,705 | 19.4 | 3.2 | 32.2 | |||||||||||||||||||||||||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341,156 | 37.8 | 4.1 | 47.3 | |||||||||||||||||||||||||||||||
RioCan Canada (2) | Various | 50.0 | % | 665,092 | 84.3 | 4.1 | — | |||||||||||||||||||||||||||||||
Total | 2,112,847 | $ | 212.8 | $ | 19.9 | $ | 164.7 |
Total Debt Outstanding | Our Share of Debt | Stated Interest Rate | End of Period Effective Interest Rate(1) | Maturity Date (2) | Weighted Average Years to Maturity (2) | ||||||||||||||||||||||||||||||
Consolidated Debt: | |||||||||||||||||||||||||||||||||||
Unsecured debt: | |||||||||||||||||||||||||||||||||||
Unsecured lines of credit(3) | $ | — | $ | — | LIBOR + 1.20% | 1.3 | % | 7/14/2026 | 4.8 | ||||||||||||||||||||||||||
2026 Senior unsecured notes | 350,000 | 350,000 | 3.125 | % | 3.2 | % | 9/1/2026 | 4.9 | |||||||||||||||||||||||||||
2027 Senior unsecured notes | 300,000 | 300,000 | 3.875 | % | 3.9 | % | 7/15/2027 | 5.8 | |||||||||||||||||||||||||||
2031 Senior unsecured notes | 400,000 | 400,000 | 2.750 | % | 2.9 | % | 9/1/2031 | 9.9 | |||||||||||||||||||||||||||
Unsecured term loan | 300,000 | 300,000 | LIBOR(4) + 1.25% | 1.8 | % | 4/22/2024 | 2.6 | ||||||||||||||||||||||||||||
Net debt discounts and debt origination costs | (16,042) | (16,042) | |||||||||||||||||||||||||||||||||
Total net unsecured debt | 1,333,958 | 1,333,958 | 3.1 | % | 6.1 | ||||||||||||||||||||||||||||||
Secured mortgage debt: | |||||||||||||||||||||||||||||||||||
Atlantic City, NJ(5) | 24,531 | 24,531 | 5.14% - 7.65% | 5.1 | % | 11/15/2021 - 12/8/2026 | 3.8 | ||||||||||||||||||||||||||||
Southaven, MS (6) | 51,400 | 51,400 | LIBOR + 1.80% | 1.9 | % | 4/28/2023 | 1.6 | ||||||||||||||||||||||||||||
Debt premium and debt origination costs | 876 | 876 | |||||||||||||||||||||||||||||||||
Total net secured mortgage debt | 76,807 | 76,807 | 2.9 | % | 2.3 | ||||||||||||||||||||||||||||||
Total consolidated debt | 1,410,765 | 1,410,765 | 3.1 | % | 5.9 | ||||||||||||||||||||||||||||||
Unconsolidated JV debt: | |||||||||||||||||||||||||||||||||||
Charlotte | 100,000 | 50,000 | 4.27 | % | 4.3 | % | 7/1/2028 | 6.8 | |||||||||||||||||||||||||||
Columbus | 71,000 | 35,500 | LIBOR + 1.85% | 1.9 | % | 11/28/2022 | 1.2 | ||||||||||||||||||||||||||||
Galveston/Houston | 64,500 | 32,250 | LIBOR + 1.85% | 1.9 | % | 7/1/2023 | 1.8 | ||||||||||||||||||||||||||||
National Harbor | 95,000 | 47,500 | 4.63 | % | 4.6 | % | 1/5/2030 | 8.3 | |||||||||||||||||||||||||||
Debt origination costs | (1,218) | (559) | |||||||||||||||||||||||||||||||||
Total unconsolidated JV net debt | 329,282 | 164,691 | 3.4 | % | 5.0 | ||||||||||||||||||||||||||||||
Total | $ | 1,740,047 | $ | 1,575,456 | 3.1 | % | 5.7 |
Total Debt % | Our Share of Debt | End of Period Effective Interest Rate | Average Years to Maturity (1) | ||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||
Fixed (2) | 96 | % | $ | 1,359,421 | 3.1 | % | 6.0 | ||||||||||||||||
Variable | 4 | % | 51,344 | 1.9 | % | 1.6 | |||||||||||||||||
100 | % | 1,410,765 | 3.1 | % | 5.9 | ||||||||||||||||||
Unconsolidated Joint ventures: | |||||||||||||||||||||||
Fixed | 59 | % | $ | 97,082 | 4.4 | % | 7.5 | ||||||||||||||||
Variable | 41 | % | 67,609 | 1.9 | % | 1.4 | |||||||||||||||||
100 | % | 164,691 | 3.4 | % | 5.0 | ||||||||||||||||||
Total: | |||||||||||||||||||||||
Fixed | 92 | % | $ | 1,456,503 | 3.3 | % | 6.2 | ||||||||||||||||
Variable | 8 | % | 118,953 | 1.9 | % | 1.5 | |||||||||||||||||
Total share of debt | 100 | % | $ | 1,575,456 | 3.1 | % | 5.7 |
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | |||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||
July 1, 2019 | February 1, 2024 | 25,000 | 1 | month LIBOR | 1.75 | % | |||||||||||||||||||||||
January 1, 2021 | February 1, 2024 | 150,000 | 1 | month LIBOR | 0.60 | % | |||||||||||||||||||||||
January 1, 2021 | February 1, 2024 | 100,000 | 1 | month LIBOR | 0.22 | % | |||||||||||||||||||||||
March 1, 2021 | February 1, 2024 | 25,000 | 1 | month LIBOR | 0.24 | % | |||||||||||||||||||||||
Total | $ | 300,000 |
Year | Tanger Consolidated Payments | Tanger’s Share of Unconsolidated JV Payments | Total Scheduled Payments | ||||||||||||||
2021 | $ | 2,981 | $ | — | $ | 2,981 | |||||||||||
2022 | 4,436 | 35,500 | 39,936 | ||||||||||||||
2023 | 56,168 | 33,281 | 89,449 | ||||||||||||||
2024 | 305,140 | 1,636 | 306,776 | ||||||||||||||
2025 | 1,501 | 1,710 | 3,211 | ||||||||||||||
2026 | 355,705 | 1,788 | 357,493 | ||||||||||||||
2027 | 300,000 | 1,869 | 301,869 | ||||||||||||||
2028 | — | 46,944 | 46,944 | ||||||||||||||
2029 | — | 984 | 984 | ||||||||||||||
2030 | — | 41,538 | 41,538 | ||||||||||||||
2031 & thereafter | 400,000 | — | 400,000 | ||||||||||||||
$ | 1,425,931 | $ | 165,250 | $ | 1,591,181 | ||||||||||||
Net debt discounts and debt origination costs | (15,166) | (559) | (15,725) | ||||||||||||||
$ | 1,410,765 | $ | 164,691 | $ | 1,575,456 |
Required | Actual | ||||||||||
Total Consolidated Debt to Adjusted Total Assets | <60% | 42 | % | ||||||||
Total Secured Debt to Adjusted Total Assets | <40% | 3 | % | ||||||||
Total Unencumbered Assets to Unsecured Debt | >150% | 229 | % | ||||||||
Consolidated Income Available for Debt Service to Annual Debt Service Charge | >1.5 | 4.9 |
Required | Actual | ||||||||||
Total Liabilities to Total Adjusted Asset Value | <60% | 41 | % | ||||||||
Secured Indebtedness to Adjusted Unencumbered Asset Value | <35% | 6 | % | ||||||||
EBITDA to Fixed Charges | >1.5 | 4.1 | |||||||||
Total Unsecured Indebtedness to Adjusted Unencumbered Asset Value | <60% | 35 | % | ||||||||
Unencumbered Interest Coverage Ratio | >1.5 | 4.7 |
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Enterprise Value: | ||||||||||||||
Market value: | ||||||||||||||
Common shares outstanding | 103,984 | 93,570 | ||||||||||||
Exchangeable operating partnership units | 4,795 | 4,795 | ||||||||||||
Total shares | 108,779 | 98,364 | ||||||||||||
Common share price | $ | 16.30 | $ | 9.96 | ||||||||||
Total market value (1) | $ | 1,773,096 | $ | 979,710 | ||||||||||
Debt: | ||||||||||||||
Senior, unsecured notes | $ | 1,050,000 | $ | 1,150,000 | ||||||||||
Unsecured term loans | 300,000 | 350,000 | ||||||||||||
Mortgages payable | 75,931 | 78,743 | ||||||||||||
Unsecured lines of credit | — | — | ||||||||||||
Total principal debt | 1,425,931 | 1,578,743 | ||||||||||||
Less: Net debt discounts | (6,613) | (2,851) | ||||||||||||
Less: Debt origination costs | (8,553) | (8,006) | ||||||||||||
Total debt | 1,410,765 | 1,567,886 | ||||||||||||
Total enterprise value | $ | 3,183,861 | $ | 2,547,596 | ||||||||||
Net Debt: | ||||||||||||||
Total debt | $ | 1,410,765 | $ | 1,567,886 | ||||||||||
Less: Cash and cash equivalents | (143,116) | (84,832) | ||||||||||||
Net debt | $ | 1,267,649 | $ | 1,483,054 | ||||||||||
Liquidity: | ||||||||||||||
Cash and cash equivalents | $ | 143,116 | $ | 84,832 | ||||||||||
Unused capacity under unsecured lines of credit (2) | 520,000 | 600,000 | ||||||||||||
Total liquidity | $ | 663,116 | $ | 684,832 | ||||||||||
Ratios (3): | ||||||||||||||
Net debt to Adjusted EBITDA (4) | 5.3 | x | 7.1 | x | ||||||||||
Interest coverage (Adjusted EBITDA / interest expense) (4) | 4.3 | x | 3.3 | x | ||||||||||
Credit Ratings: | |||||||||||
Agency | Rating | Outlook | Latest Action | ||||||||
Moody’s Investors Services | Baa3 | Stable | April 14, 2021 | ||||||||
Standard & Poor’s Ratings Services | BBB- | Stable | February 19, 2021 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 26,367 | 28,676 | 81,106 | 85,534 | ||||||||||||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 2,908 | 3,003 | 8,817 | 9,038 | ||||||||||||||||||||||
Impairment charges - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
FFO | 18,204 | 43,074 | 89,494 | 102,724 | ||||||||||||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | — | — | (190) | ||||||||||||||||||||||
Allocation of earnings to participating securities | (401) | (461) | (1,095) | (1,153) | ||||||||||||||||||||||
FFO available to common shareholders (2) | $ | 17,803 | $ | 42,613 | $ | 88,399 | $ | 101,381 | ||||||||||||||||||
As further adjusted for: | ||||||||||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (3) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (4) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | (97) | — | (225) | — | ||||||||||||||||||||||
Core FFO available to common shareholders (2) | $ | 51,821 | $ | 42,613 | $ | 138,746 | $ | 101,381 | ||||||||||||||||||
FFO available to common shareholders per share - diluted (2) | $ | 0.16 | $ | 0.44 | $ | 0.84 | $ | 1.04 | ||||||||||||||||||
Core FFO available to common shareholders per share - diluted (2) | $ | 0.47 | $ | 0.44 | $ | 1.32 | $ | 1.04 | ||||||||||||||||||
Weighted Average Shares: | ||||||||||||||||||||||||||
Basic weighted average common shares | 103,269 | 92,649 | 99,446 | 92,596 | ||||||||||||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 103,269 | 92,649 | 99,446 | 92,596 | ||||||||||||||||||||||
Effect of notional units | 583 | — | 518 | — | ||||||||||||||||||||||
Effect of outstanding options and restricted common shares | 753 | — | 736 | — | ||||||||||||||||||||||
Exchangeable operating partnership units | 4,795 | 4,911 | 4,795 | 4,911 | ||||||||||||||||||||||
Diluted weighted average common shares (for FFO per share computations) (2) | 109,400 | 97,560 | 105,495 | 97,507 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
FFO available to common shareholders | $ | 17,803 | $ | 42,613 | $ | 88,399 | $ | 101,381 | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
Corporate depreciation excluded above | 577 | 1,227 | 1,720 | 2,432 | ||||||||||||||||||||||
Amortization of finance costs | 1,793 | 996 | 4,460 | 2,586 | ||||||||||||||||||||||
Amortization of net debt discount | 1,083 | 122 | 2,031 | 359 | ||||||||||||||||||||||
Amortization of equity-based compensation | 2,994 | 2,347 | 9,602 | 9,566 | ||||||||||||||||||||||
Straight-line rent adjustments | (384) | 1,741 | 1,137 | 2,418 | ||||||||||||||||||||||
Market rent adjustments | 126 | 2,149 | 151 | 2,560 | ||||||||||||||||||||||
Second generation tenant allowances and lease incentives (1) | 2,199 | (2,181) | (95) | (13,719) | ||||||||||||||||||||||
Capital improvements | (2,611) | (2,788) | (6,253) | (11,980) | ||||||||||||||||||||||
Adjustments from unconsolidated joint ventures | (666) | (358) | (1,204) | (479) | ||||||||||||||||||||||
FAD available to common shareholders (2) | $ | 22,914 | $ | 45,868 | $ | 99,948 | $ | 95,124 | ||||||||||||||||||
Dividends per share | $ | 0.1775 | $ | — | $ | 0.5325 | $ | 0.7125 | ||||||||||||||||||
FFO payout ratio | 111 | % | — | % | 63 | % | 69 | % | ||||||||||||||||||
FAD payout ratio | 85 | % | — | % | 56 | % | 73 | % | ||||||||||||||||||
Diluted weighted average common shares (2) | 109,400 | 97,560 | 105,495 | 97,507 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | (2,261) | 42 | (6,758) | 1,490 | ||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Loss on early extinguishment of debt (1) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Other (income) expense | (253) | (161) | 2,598 | (789) | ||||||||||||||||||||||
Impairment charges | — | — | — | 45,675 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Other non-property expenses | 113 | 704 | 22 | 1,162 | ||||||||||||||||||||||
Corporate general and administrative expenses | 14,951 | 11,463 | 47,468 | 35,759 | ||||||||||||||||||||||
Non-cash adjustments (2) | (244) | 3,913 | 1,326 | 5,032 | ||||||||||||||||||||||
Lease termination fees | (1,424) | (6,323) | (2,224) | (8,000) | ||||||||||||||||||||||
Portfolio NOI | 73,858 | 66,583 | 209,967 | 175,467 | ||||||||||||||||||||||
Non-same center NOI (3) | (106) | (435) | (1,751) | (1,582) | ||||||||||||||||||||||
Same Center NOI | $ | 73,752 | $ | 66,148 | $ | 208,216 | $ | 173,885 | ||||||||||||||||||
Outlet centers sold: | |||||
Terrell | August 2020 | ||||
Jeffersonville | January 2021 |
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
September 30, | % | September 30, | % | |||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||
Same Center Revenues: | ||||||||||||||||||||||||||||||||
Rental revenues | $ | 105,396 | $ | 96,201 | 9.6 | % | $ | 299,772 | $ | 262,237 | 14.3 | % | ||||||||||||||||||||
Other revenues | 3,301 | 1,908 | 73.0 | % | 8,702 | 4,831 | 80.1 | % | ||||||||||||||||||||||||
Total same center revenues | 108,697 | 98,109 | 10.8 | % | 308,474 | 267,068 | 15.5 | % | ||||||||||||||||||||||||
Same Center Expenses: | ||||||||||||||||||||||||||||||||
Property operating | 34,938 | 31,956 | 9.3 | % | 100,209 | 93,160 | 7.6 | % | ||||||||||||||||||||||||
General and administrative | 7 | 5 | 40.0 | % | 49 | 23 | 113.0 | % | ||||||||||||||||||||||||
Total same center expenses | 34,945 | 31,961 | 9.3 | % | 100,258 | 93,183 | 7.6 | % | ||||||||||||||||||||||||
Same Center NOI | $ | 73,752 | $ | 66,148 | 11.5 | % | $ | 208,216 | $ | 173,885 | 19.7 | % |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Impairment charges - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (3) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 63,270 | $ | 56,945 | $ | 173,951 | $ | 143,904 |
Twelve months ended | ||||||||||||||
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Net loss | $ | (3,856) | $ | (38,013) | ||||||||||
Adjusted to exclude: | ||||||||||||||
Interest expense | 56,338 | 63,142 | ||||||||||||
Depreciation and amortization | 112,003 | 117,143 | ||||||||||||
Impairment charges - consolidated | 21,551 | 67,226 | ||||||||||||
Impairment charge - unconsolidated joint ventures | — | 3,091 | ||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | 3,704 | — | ||||||||||||
Gain on sale of assets | — | (2,324) | ||||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 3,285 | 573 | ||||||||||||
Gain on sale of outparcel - unconsolidated joint ventures | (992) | (992) | ||||||||||||
Loss on early extinguishment of debt (3) | 47,860 | — | ||||||||||||
Adjusted EBITDA | $ | 239,893 | $ | 209,846 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Impairment charges - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Pro-rata share of interest expense - unconsolidated joint ventures | 1,457 | 1,512 | 4,384 | 4,995 | ||||||||||||||||||||||
Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 2,907 | 3,003 | 8,817 | 9,038 | ||||||||||||||||||||||
EBITDAre | $ | 33,519 | $ | 61,460 | $ | 136,580 | $ | 157,937 | ||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (3) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Adjusted EBITDAre | $ | 67,634 | $ | 61,460 | $ | 187,152 | $ | 157,937 |
Twelve months ended | ||||||||||||||
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Net loss | $ | (3,856) | $ | (38,013) | ||||||||||
Adjusted to exclude: | ||||||||||||||
Interest expense | 56,338 | 63,142 | ||||||||||||
Depreciation and amortization | 112,003 | 117,143 | ||||||||||||
Impairment charges - consolidated | 21,551 | 67,226 | ||||||||||||
Impairment charge - unconsolidated joint ventures | — | 3,091 | ||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | 3,704 | — | ||||||||||||
Gain on sale of assets | — | (2,324) | ||||||||||||
Pro-rata share of interest expense - unconsolidated joint ventures | 5,934 | 6,545 | ||||||||||||
Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 11,803 | 12,024 | ||||||||||||
EBITDAre | $ | 207,477 | $ | 228,834 | ||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 3,285 | 573 | ||||||||||||
Gain on sale of outparcel - unconsolidated joint ventures | (992) | (992) | ||||||||||||
Loss on early extinguishment of debt (3) | 47,860 | — | ||||||||||||
Adjusted EBITDAre | $ | 257,630 | $ | 228,415 |
September 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Total debt | $ | 1,410,765 | $ | 1,567,886 | ||||||||||
Less: Cash and cash equivalents | (143,116) | (84,832) | ||||||||||||
Net debt | $ | 1,267,649 | $ | 1,483,054 | ||||||||||
Non-GAAP | |||||
Pro Rata Portion Unconsolidated Joint Ventures (1) | |||||
Assets | |||||
Rental property: | |||||
Land | $ | 41,557 | |||
Buildings, improvements and fixtures | 233,335 | ||||
Construction in progress | 424 | ||||
275,316 | |||||
Accumulated depreciation | (80,450) | ||||
Total rental property, net | 194,866 | ||||
Cash and cash equivalents | 7,880 | ||||
Deferred lease costs and other intangibles, net | 1,893 | ||||
Prepaids and other assets | 8,126 | ||||
Total assets | $ | 212,765 | |||
Liabilities and Owners’ Equity | |||||
Liabilities | |||||
Mortgages payable, net | $ | 164,691 | |||
Accounts payable and accruals | 6,730 | ||||
Total liabilities | 171,421 | ||||
Owners’ equity | 41,344 | ||||
Total liabilities and owners’ equity | $ | 212,765 |
Non-GAAP Pro Rata Portion | |||||||||||
Noncontrolling Interests | Unconsolidated Joint Ventures | ||||||||||
Revenues: | |||||||||||
Rental revenues | $ | — | $ | 32,111 | |||||||
Other revenues | — | 721 | |||||||||
Total revenues | — | 32,832 | |||||||||
Expense: | |||||||||||
Property operating | — | 12,798 | |||||||||
General and administrative | — | 87 | |||||||||
Depreciation and amortization | — | 8,817 | |||||||||
Total expenses | — | 21,702 | |||||||||
Other income (expense): | |||||||||||
Interest expense | — | 4,384 | |||||||||
Loss on sale of assets | (66) | ||||||||||
Other income (expenses) | — | 78 | |||||||||
Total other income (expense) | — | 4,396 | |||||||||
Net income | $ | — | $ | 6,758 |
Non-GAAP Pro Rata Portion | |||||||||||
Noncontrolling Interests | Unconsolidated Joint Ventures | ||||||||||
Rental revenues: | |||||||||||
Base rentals | $ | — | $ | 18,465 | |||||||
Percentage rentals | — | 2,260 | |||||||||
Tenant expense reimbursements | — | 10,974 | |||||||||
Lease termination fees | — | 996 | |||||||||
Market rent adjustments | — | (74) | |||||||||
Straight-line rent adjustments | — | (501) | |||||||||
Uncollectible tenant revenues | — | (9) | |||||||||
Rental revenues | $ | — | $ | 32,111 |
Tanger Factory Outlet Centers, Inc. | |||||
Investor Relations | |||||
Phone: | (336) 834-6892 | ||||
Fax: | (336) 297-0931 | ||||
e-mail: | tangerir@tangeroutlet.com | ||||
Mail: | Tanger Factory Outlet Centers, Inc. | ||||
3200 Northline Avenue | |||||
Suite 360 | |||||
Greensboro, NC 27408 |
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