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 |
North Carolina | (Tanger Factory Outlet Centers, Inc.) | 56-1815473 | ||||||
North Carolina | (Tanger Properties Limited Partnership) | 56-1822494 | ||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Trading Symbol(s) | Name of each exchange on which registered | |||||||
Common Shares, $0.01 par value | SKT | |||||||
Tanger Factory Outlet Centers, Inc. | Yes | ☒ | No | ☐ | ||||||||||
Tanger Properties Limited Partnership | Yes | ☒ | No | ☐ |
Tanger Factory Outlet Centers, Inc. | Yes | ☒ | No | ☐ | ||||||||||
Tanger Properties Limited Partnership | Yes | ☒ | No | ☐ |
Tanger Factory Outlet Centers, Inc. | ||||||||||||||
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
Tanger Properties Limited Partnership | ||||||||||||||
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||||||||||
Non-accelerated Filer | ☒ | Smaller Reporting Company | ☐ | |||||||||||
Tanger Factory Outlet Centers, Inc. | |||||
Tanger Properties Limited Partnership |
Tanger Factory Outlet Centers, Inc. | Yes | ☐ | No | ☒ | ||||||||||
Tanger Properties Limited Partnership | Yes | ☐ | No | ☒ |
Page Number | |||||
Part I. Financial Information | |||||
Item 1. | |||||
FINANCIAL STATEMENTS OF TANGER FACTORY OUTLET CENTERS, INC. (Unaudited) | |||||
Consolidated Balance Sheets - as of September 30, | |||||
Consolidated Statements of Operations - for the three and nine months ended September 30, | |||||
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, | |||||
Consolidated Statements of | |||||
Consolidated Statements of Cash Flows - for the nine months ended September 30, | |||||
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) | |||||
Consolidated Balance Sheets - as of September 30, | |||||
Consolidated Statements of Operations - for the three and nine months ended September 30, | |||||
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, | |||||
Consolidated Statements of Equity - for the three and nine months ended September 30, | |||||
Consolidated Statements of Cash Flows - for the nine months ended September 30, | |||||
Condensed Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership | |||||
Item 2. | |||||
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 | |||||
September 30, 2017 | December 31, 2016 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Rental property: | Rental property: | |||||||||||||||||||||
Land | $ | 268,821 | $ | 272,153 | Land | $ | 266,014 | $ | 266,537 | |||||||||||||
Buildings, improvements and fixtures | 2,694,549 | 2,647,477 | Buildings, improvements and fixtures | 2,545,111 | 2,630,357 | |||||||||||||||||
Construction in progress | 87,762 | 46,277 | ||||||||||||||||||||
3,051,132 | 2,965,907 | 2,811,125 | 2,896,894 | |||||||||||||||||||
Accumulated depreciation | (875,121 | ) | (814,583 | ) | Accumulated depreciation | (1,034,670) | (1,009,951) | |||||||||||||||
Total rental property, net | 2,176,011 | 2,151,324 | Total rental property, net | 1,776,455 | 1,886,943 | |||||||||||||||||
Cash and cash equivalents | 8,773 | 12,222 | Cash and cash equivalents | 19,793 | 16,672 | |||||||||||||||||
Investments in unconsolidated joint ventures | 125,819 | 128,104 | Investments in unconsolidated joint ventures | 92,537 | 94,691 | |||||||||||||||||
Deferred lease costs and other intangibles, net | 135,768 | 151,579 | Deferred lease costs and other intangibles, net | 88,183 | 96,712 | |||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 83,210 | 86,575 | |||||||||||||||||||
Prepaids and other assets | 95,075 | 82,985 | Prepaids and other assets | 125,297 | 103,618 | |||||||||||||||||
Total assets | $ | 2,541,446 | $ | 2,526,214 | Total assets | $ | 2,185,475 | $ | 2,285,211 | |||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||
Debt: | Debt: | |||||||||||||||||||||
Senior, unsecured notes, net | $ | 1,134,181 | $ | 1,135,309 | Senior, unsecured notes, net | $ | 1,140,080 | $ | 1,138,603 | |||||||||||||
Unsecured term loan, net | 323,011 | 322,410 | Unsecured term loan, net | 347,213 | 347,367 | |||||||||||||||||
Mortgages payable, net | 170,776 | 172,145 | Mortgages payable, net | 80,924 | 83,803 | |||||||||||||||||
Unsecured lines of credit, net | 146,013 | 58,002 | Unsecured lines of credit, net | 0 | 0 | |||||||||||||||||
Total debt | 1,773,981 | 1,687,866 | Total debt | 1,568,217 | 1,569,773 | |||||||||||||||||
Accounts payable and accrued expenses | 84,091 | 78,143 | Accounts payable and accrued expenses | 85,712 | 79,562 | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 90,566 | 91,237 | |||||||||||||||||||
Other liabilities | 74,339 | 54,764 | Other liabilities | 91,495 | 88,530 | |||||||||||||||||
Total liabilities | 1,932,411 | 1,820,773 | Total liabilities | 1,835,990 | 1,829,102 | |||||||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||
Tanger Factory Outlet Centers, Inc.: | Tanger Factory Outlet Centers, Inc.: | |||||||||||||||||||||
Common shares, $.01 par value, 300,000,000 shares authorized, 94,528,188 and 96,095,891 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 945 | 961 | ||||||||||||||||||||
Common shares, $0.01 par value, 300,000,000 shares authorized, 93,453,271 and 92,892,260 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | Common shares, $0.01 par value, 300,000,000 shares authorized, 93,453,271 and 92,892,260 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 935 | 929 | |||||||||||||||||||
Paid in capital | 781,020 | 820,251 | Paid in capital | 783,815 | 775,035 | |||||||||||||||||
Accumulated distributions in excess of net income | (183,975 | ) | (122,701 | ) | Accumulated distributions in excess of net income | (420,367) | (317,263) | |||||||||||||||
Accumulated other comprehensive loss | (19,713 | ) | (28,295 | ) | Accumulated other comprehensive loss | (32,347) | (25,495) | |||||||||||||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 578,277 | 670,216 | Equity attributable to Tanger Factory Outlet Centers, Inc. | 332,036 | 433,206 | |||||||||||||||||
Equity attributable to noncontrolling interests: | Equity attributable to noncontrolling interests: | |||||||||||||||||||||
Noncontrolling interests in Operating Partnership | 30,758 | 35,066 | Noncontrolling interests in Operating Partnership | 17,449 | 22,903 | |||||||||||||||||
Noncontrolling interests in other consolidated partnerships | — | 159 | Noncontrolling interests in other consolidated partnerships | 0 | 0 | |||||||||||||||||
Total equity | 609,035 | 705,441 | Total equity | 349,485 | 456,109 | |||||||||||||||||
Total liabilities and equity | $ | 2,541,446 | $ | 2,526,214 | Total liabilities and equity | $ | 2,185,475 | $ | 2,285,211 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||
Base rentals | $ | 80,349 | $ | 79,569 | $ | 241,467 | $ | 227,195 | ||||||||||||||||||||||||||||||||||
Percentage rentals | 3,138 | 2,995 | 6,798 | 7,471 | ||||||||||||||||||||||||||||||||||||||
Expense reimbursements | 34,180 | 33,125 | 104,801 | 97,121 | ||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 100,251 | $ | 115,050 | $ | 271,082 | $ | 347,389 | |||||||||||||||||||||||||||||||||
Management, leasing and other services | 588 | 806 | 1,776 | 3,259 | Management, leasing and other services | 1,194 | 1,356 | 3,362 | 3,943 | |||||||||||||||||||||||||||||||||
Other income | 2,510 | 2,642 | 6,905 | 6,229 | ||||||||||||||||||||||||||||||||||||||
Other revenues | Other revenues | 1,768 | 2,588 | 4,392 | 6,524 | |||||||||||||||||||||||||||||||||||||
Total revenues | 120,765 | 119,137 | 361,747 | 341,275 | Total revenues | 103,213 | 118,994 | 278,836 | 357,856 | |||||||||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||||||
Property operating | 37,571 | 37,442 | 115,074 | 110,328 | Property operating | 35,206 | 39,149 | 101,991 | 118,252 | |||||||||||||||||||||||||||||||||
General and administrative | 10,934 | 12,128 | 33,846 | 35,368 | General and administrative | 11,181 | 12,292 | 35,331 | 40,910 | |||||||||||||||||||||||||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||||||||||||||||||||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||||||||||||||||||||||||||||
Impairment charge | Impairment charge | 0 | 0 | 45,675 | 0 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 30,976 | 29,205 | 95,175 | 82,078 | Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | |||||||||||||||||||||||||||||||||
Total expenses | 79,382 | 79,262 | 244,623 | 228,261 | Total expenses | 76,290 | 81,544 | 270,963 | 252,171 | |||||||||||||||||||||||||||||||||
Operating income | 41,383 | 39,875 | 117,124 | 113,014 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest expense | (16,489 | ) | (15,516 | ) | (49,496 | ) | (44,200 | ) | Interest expense | (15,647) | (15,197) | (47,786) | (46,638) | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (35,626 | ) | — | (35,626 | ) | — | ||||||||||||||||||||||||||||||||||||
Gain on sale of assets | — | 1,418 | 6,943 | 6,305 | Gain on sale of assets | 2,324 | 0 | 2,324 | 43,422 | |||||||||||||||||||||||||||||||||
Gain on previously held interest in acquired joint venture | — | 46,258 | — | 95,516 | ||||||||||||||||||||||||||||||||||||||
Other non-operating income (expense) | 591 | 24 | 683 | 378 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (10,141 | ) | 72,059 | 39,628 | 171,013 | |||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | 161 | 227 | 789 | (2,966) | |||||||||||||||||||||||||||||||||||||
Total other income (expense) | Total other income (expense) | (13,162) | (14,970) | (44,673) | (6,182) | |||||||||||||||||||||||||||||||||||||
Income (loss) before equity in earnings of unconsolidated joint ventures | Income (loss) before equity in earnings of unconsolidated joint ventures | 13,761 | 22,480 | (36,800) | 99,503 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | (5,893 | ) | 715 | (1,201 | ) | 7,680 | Equity in earnings (losses) of unconsolidated joint ventures | (42) | 2,329 | (1,490) | 5,604 | |||||||||||||||||||||||||||||||
Net income (loss) | (16,034 | ) | 72,774 | 38,427 | 178,693 | Net income (loss) | 13,719 | 24,809 | (38,290) | 105,107 | ||||||||||||||||||||||||||||||||
Noncontrolling interests in Operating Partnership | 815 | (3,668 | ) | (1,920 | ) | (9,009 | ) | Noncontrolling interests in Operating Partnership | (690) | (1,263) | 1,939 | (5,308) | ||||||||||||||||||||||||||||||
Noncontrolling interests in other consolidated partnerships | — | (2 | ) | — | (13 | ) | Noncontrolling interests in other consolidated partnerships | 0 | 0 | (190) | (195) | |||||||||||||||||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (15,219 | ) | $ | 69,104 | $ | 36,507 | $ | 169,671 | Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | 13,029 | $ | 23,546 | $ | (36,541) | $ | 99,604 | ||||||||||||||||||||||||
Basic earnings per common share: | Basic earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.77 | Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 | ||||||||||||||||||||||||
Diluted earnings per common share: | Diluted earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.76 | Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 | ||||||||||||||||||||||||
Dividends declared per common share | $ | 0.3425 | $ | 0.3250 | $ | 1.01 | $ | 0.9350 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 4,737 | (1,731 | ) | 8,821 | 6,970 | Foreign currency translation adjustments | 1,870 | (1,051) | (2,506) | 6,341 | ||||||||||||||||||||||||||||||||
Change in fair value of cash flow hedges | 39 | 2,228 | 217 | (1,601 | ) | Change in fair value of cash flow hedges | 1,463 | (1,011) | (4,711) | (6,576) | ||||||||||||||||||||||||||||||||
Other comprehensive income | 4,776 | 497 | 9,038 | 5,369 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 3,333 | (2,062) | (7,217) | (235) | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | (11,258 | ) | 73,271 | 47,465 | 184,062 | Comprehensive income (loss) | 17,052 | 22,747 | (45,507) | 104,872 | ||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | 573 | (3,695 | ) | (2,376 | ) | (9,294 | ) | Comprehensive (income) loss attributable to noncontrolling interests | (857) | (1,158) | 2,114 | (5,489) | ||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (10,685 | ) | $ | 69,576 | $ | 45,089 | $ | 174,768 | Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | 16,195 | $ | 21,589 | $ | (43,393) | $ | 99,383 |
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, June 30, 2019 | $ | 935 | $ | 778,026 | $ | (262,764) | $ | (25,415) | $ | 490,782 | $ | 26,026 | $ | 0 | $ | 516,808 | |||||||||||||
Net income | — | — | 23,546 | — | 23,546 | 1,263 | — | 24,809 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | (1,957) | (1,957) | (105) | — | (2,062) | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 3,669 | — | — | 3,669 | — | — | 3,669 | |||||||||||||||||||||
Repurchase of 650,929 common shares, including transaction costs | (6) | (9,994) | — | — | (10,000) | — | — | (10,000) | |||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 11 | 11 | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | 167 | — | — | 167 | (167) | — | — | |||||||||||||||||||||
Common dividends ($0.355 per share) | — | — | (33,263) | — | (33,263) | — | — | (33,263) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (1,761) | (11) | (1,772) | |||||||||||||||||||||
Balance, September 30, 2019 | $ | 929 | $ | 771,868 | $ | (272,481) | $ | (27,372) | $ | 472,944 | $ | 25,256 | $ | 0 | $ | 498,200 | |||||||||||||
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 | $ | 939 | $ | 778,845 | $ | (272,454) | $ | (27,151) | $ | 480,179 | $ | 25,356 | $ | 0 | $ | 505,535 | |||||||||||||
Net income | — | — | 99,604 | — | 99,604 | 5,308 | 195 | 105,107 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | (221) | (221) | (14) | — | (235) | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 14,657 | — | — | 14,657 | — | — | 14,657 | |||||||||||||||||||||
Grant of 242,167 restricted common share awards, net of forfeitures | 3 | (3) | — | — | — | — | — | — | |||||||||||||||||||||
Repurchase of 1,209,328 common shares, including transaction costs | (12) | (19,988) | — | — | (20,000) | — | — | (20,000) | |||||||||||||||||||||
Withholding of 81,284 common shares for employee income taxes | (1) | (1,780) | — | — | (1,781) | — | — | (1,781) | |||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 47 | 47 | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | 137 | — | — | 137 | (137) | — | — | |||||||||||||||||||||
Common dividends ($1.060 per share) | — | — | (99,631) | — | (99,631) | — | — | (99,631) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (5,257) | (242) | (5,499) | |||||||||||||||||||||
Balance, September 30, 2019 | $ | 929 | $ | 771,868 | $ | (272,481) | $ | (27,372) | $ | 472,944 | $ | 25,256 | $ | 0 | $ | 498,200 | |||||||||||||
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, 2015 | $ | 959 | $ | 806,379 | $ | (195,486 | ) | $ | (36,715 | ) | $ | 575,137 | $ | 30,309 | $ | 586 | $ | 606,032 | |||||||
Net income | — | — | 169,671 | — | 169,671 | 9,009 | 13 | 178,693 | |||||||||||||||||
Other comprehensive income | — | — | — | 5,097 | 5,097 | 272 | — | 5,369 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 12,556 | — | — | 12,556 | — | — | 12,556 | |||||||||||||||||
Issuance of 57,700 common shares upon exercise of options | — | 1,693 | — | — | 1,693 | — | — | 1,693 | |||||||||||||||||
Grant of 173,124 restricted common share awards, net of forfeitures | 2 | (2 | ) | — | — | — | — | — | — | ||||||||||||||||
Issuance of 24,040 deferred shares | — | — | — | — | — | — | — | — | |||||||||||||||||
Withholding of 66,427 common shares for employee income taxes | — | (2,164 | ) | — | — | (2,164 | ) | — | — | (2,164 | ) | ||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 35 | 35 | |||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (385 | ) | — | — | (385 | ) | 385 | — | — | |||||||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | — | 4 | — | — | 4 | — | (4 | ) | — | ||||||||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | (1,617 | ) | — | — | (1,617 | ) | — | (325 | ) | (1,942 | ) | |||||||||||||
Common dividends ($.935 per share) | — | — | (89,750 | ) | — | (89,750 | ) | — | — | (89,750 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (4,725 | ) | (145 | ) | (4,870 | ) | ||||||||||||||
Balance, September 30, 2016 | $ | 961 | $ | 816,464 | $ | (115,565 | ) | $ | (31,618 | ) | $ | 670,242 | $ | 35,250 | $ | 160 | $ | 705,652 | |||||||
The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||||||||||
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands, except share and per share data, unaudited) | |||||||||||||||||||||||||
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2016 | $ | 961 | $ | 820,251 | $ | (122,701 | ) | $ | (28,295 | ) | $ | 670,216 | $ | 35,066 | $ | 159 | $ | 705,441 | |||||||
Net income | — | — | 36,507 | — | 36,507 | 1,920 | — | 38,427 | |||||||||||||||||
Other comprehensive income | — | — | — | 8,582 | 8,582 | 456 | — | 9,038 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 10,891 | — | — | 10,891 | — | — | 10,891 | |||||||||||||||||
Issuance of 1,800 common shares upon exercise of options | — | 54 | — | — | 54 | — | — | 54 | |||||||||||||||||
Grant of 411,968 restricted common share awards, net of forfeitures | 4 | (4 | ) | — | — | — | — | — | — | ||||||||||||||||
Repurchase of 1,911,585 common shares, including transaction costs | (19 | ) | (49,343 | ) | — | — | (49,362 | ) | — | — | (49,362 | ) | |||||||||||||
Withholding of 69,886 common shares for employee income taxes | (1 | ) | (2,435 | ) | — | — | (2,436 | ) | — | — | (2,436 | ) | |||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | 1,606 | — | — | 1,606 | (1,606 | ) | — | — | ||||||||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | — | — | — | — | — | (159 | ) | (159 | ) | |||||||||||||||
Common dividends ($1.01 per share) | — | — | (97,781 | ) | — | (97,781 | ) | — | — | (97,781 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (5,078 | ) | — | (5,078 | ) | |||||||||||||||
Balance, September 30, 2017 | $ | 945 | $ | 781,020 | $ | (183,975 | ) | $ | (19,713 | ) | $ | 578,277 | $ | 30,758 | $ | — | $ | 609,035 |
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, June 30, 2020 | $ | 935 | $ | 781,485 | $ | (433,396) | $ | (35,513) | $ | 313,511 | $ | 16,472 | $ | 0 | $ | 329,983 | |||||||||||||
Net income | — | — | 13,029 | — | 13,029 | 690 | — | 13,719 | |||||||||||||||||||||
Other comprehensive income | — | — | — | 3,166 | 3,166 | 167 | — | 3,333 | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 2,450 | — | — | 2,450 | — | — | 2,450 | |||||||||||||||||||||
Forfeitures of 18,996 restricted common share awards | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (120) | — | — | (120) | 120 | — | — | |||||||||||||||||||||
Balance, September 30, 2020 | $ | 935 | $ | 783,815 | $ | (420,367) | $ | (32,347) | $ | 332,036 | $ | 17,449 | $ | 0 | $ | 349,485 | |||||||||||||
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 | $ | 929 | $ | 775,035 | $ | (317,263) | $ | (25,495) | $ | 433,206 | $ | 22,903 | $ | 0 | $ | 456,109 | |||||||||||||
Net income (loss) | — | — | (36,541) | — | (36,541) | (1,939) | 190 | (38,290) | |||||||||||||||||||||
Other comprehensive loss | — | — | — | (6,852) | (6,852) | (365) | — | (7,217) | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 9,871 | — | — | 9,871 | — | — | 9,871 | |||||||||||||||||||||
Grant of 611,350 restricted common share awards, net of forfeitures | 6 | (6) | — | — | — | — | — | — | |||||||||||||||||||||
Issuance of 6,258 deferred shares | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Withholding of 56,597 common shares for employee income taxes | — | (736) | — | — | (736) | — | — | (736) | |||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 72 | 72 | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (349) | — | — | (349) | 349 | — | — | |||||||||||||||||||||
Common dividends ($0.7125 per share) | — | — | (66,563) | — | (66,563) | — | — | (66,563) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (3,499) | (262) | (3,761) | |||||||||||||||||||||
Balance, September 30, 2020 | $ | 935 | $ | 783,815 | $ | (420,367) | $ | (32,347) | $ | 332,036 | $ | 17,449 | $ | 0 | $ | 349,485 |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | |||||||||||||||||||||
Net income | $ | 38,427 | $ | 178,693 | ||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (38,290) | $ | 105,107 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization | 95,175 | 82,078 | Depreciation and amortization | 87,966 | 93,009 | |||||||||||||||||
Impairment charge | Impairment charge | 45,675 | 0 | |||||||||||||||||||
Amortization of deferred financing costs | 2,640 | 2,350 | Amortization of deferred financing costs | 2,586 | 2,246 | |||||||||||||||||
Gain on sale of assets | (6,943 | ) | (6,305 | ) | Gain on sale of assets | (2,324) | (43,422) | |||||||||||||||
Gain on previously held interest in acquired joint venture | — | (95,516 | ) | |||||||||||||||||||
Loss on early extinguishment of debt | 35,626 | — | ||||||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | 1,201 | (7,680 | ) | Equity in (earnings) losses of unconsolidated joint ventures | 1,490 | (5,604) | ||||||||||||||||
Equity-based compensation expense | 10,114 | 11,815 | Equity-based compensation expense | 9,566 | 14,371 | |||||||||||||||||
Amortization of debt (premiums) and discounts, net | 363 | 1,160 | Amortization of debt (premiums) and discounts, net | 359 | 333 | |||||||||||||||||
Amortization (accretion) of market rent rate adjustments, net | 2,107 | 2,087 | Amortization (accretion) of market rent rate adjustments, net | 2,560 | 1,067 | |||||||||||||||||
Straight-line rent adjustments | (4,749 | ) | (5,092 | ) | ||||||||||||||||||
Straight-line rent adjustments including write offs due to tenant bankruptcies and uncollectible accounts | Straight-line rent adjustments including write offs due to tenant bankruptcies and uncollectible accounts | 2,418 | (6,938) | |||||||||||||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 8,128 | 10,571 | Distributions of cumulative earnings from unconsolidated joint ventures | 2,309 | 5,305 | |||||||||||||||||
Uncollectible rental revenue allowance | Uncollectible rental revenue allowance | 26,573 | 965 | |||||||||||||||||||
Other non-cash | Other non-cash | 0 | 3,638 | |||||||||||||||||||
Changes in other assets and liabilities: | Changes in other assets and liabilities: | |||||||||||||||||||||
Other assets | (1,131 | ) | 1,093 | Other assets | (49,822) | (1,303) | ||||||||||||||||
Accounts payable and accrued expenses | 653 | 2,512 | Accounts payable and accrued expenses | 895 | (9,805) | |||||||||||||||||
Net cash provided by operating activities | 181,611 | 177,766 | Net cash provided by operating activities | 91,961 | 158,969 | |||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | |||||||||||||||||||||
Additions to rental property | (132,612 | ) | (112,213 | ) | Additions to rental property | (23,072) | (35,208) | |||||||||||||||
Acquisitions of interests in unconsolidated joint ventures, net of cash acquired | — | (45,219 | ) | |||||||||||||||||||
Additions to investments in unconsolidated joint ventures | (4,033 | ) | (27,851 | ) | Additions to investments in unconsolidated joint ventures | (5,601) | (2,074) | |||||||||||||||
Net proceeds from sale of assets | 39,213 | 28,706 | Net proceeds from sale of assets | 7,626 | 128,505 | |||||||||||||||||
Change in restricted cash | — | 118,370 | ||||||||||||||||||||
Additions to non-real estate assets | (8,384 | ) | (8,982 | ) | Additions to non-real estate assets | (1,541) | (819) | |||||||||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,019 | 14,193 | Distributions in excess of cumulative earnings from unconsolidated joint ventures | 4,717 | 14,541 | |||||||||||||||||
Additions to deferred lease costs | (4,218 | ) | (5,273 | ) | Additions to deferred lease costs | (2,755) | (5,207) | |||||||||||||||
Other investing activities | 4,963 | (1,221 | ) | Other investing activities | 8,339 | 8,205 | ||||||||||||||||
Net cash used in investing activities | (89,052 | ) | (39,490 | ) | ||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (12,287) | 107,943 | |||||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||||||||||||
Cash dividends paid | (97,781 | ) | (109,879 | ) | Cash dividends paid | (66,563) | (99,631) | |||||||||||||||
Distributions to noncontrolling interests in Operating Partnership | (5,078 | ) | (5,786 | ) | Distributions to noncontrolling interests in Operating Partnership | (3,499) | (5,257) | |||||||||||||||
Proceeds from revolving credit facility | 543,866 | 733,450 | Proceeds from revolving credit facility | 641,630 | 275,400 | |||||||||||||||||
Repayments of revolving credit facility | (456,666 | ) | (727,750 | ) | Repayments of revolving credit facility | (641,630) | (416,400) | |||||||||||||||
Proceeds from notes, mortgages and loans | 299,460 | 338,270 | ||||||||||||||||||||
Repayments of notes, mortgages and loans | (302,240 | ) | (329,603 | ) | Repayments of notes, mortgages and loans | (2,656) | (2,509) | |||||||||||||||
Payment of make-whole premium related to early extinguishment of debt | (34,143 | ) | — | |||||||||||||||||||
Repayment of deferred financing obligation | — | (28,388 | ) | |||||||||||||||||||
Repurchase of common shares, including transaction costs | (49,362 | ) | — | Repurchase of common shares, including transaction costs | 0 | (20,000) | ||||||||||||||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,436 | ) | (2,164 | ) | Employee income taxes paid related to shares withheld upon vesting of equity awards | (736) | (1,781) | |||||||||||||||
Additions to deferred financing costs | (2,900 | ) | (4,243 | ) | Additions to deferred financing costs | (1,841) | (65) | |||||||||||||||
Proceeds from exercise of options | 54 | 1,693 | ||||||||||||||||||||
Proceeds from other financing activities | 12,054 | 35 | Proceeds from other financing activities | 72 | 47 | |||||||||||||||||
Payment for other financing activities | (782 | ) | (99 | ) | Payment for other financing activities | (1,122) | (1,103) | |||||||||||||||
Net cash used in financing activities | (95,954 | ) | (134,464 | ) | Net cash used in financing activities | (76,345) | (271,299) | |||||||||||||||
Effect of foreign currency rate changes on cash and cash equivalents | (54 | ) | 532 | Effect of foreign currency rate changes on cash and cash equivalents | (208) | (32) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,449 | ) | 4,344 | Net increase (decrease) in cash and cash equivalents | 3,121 | (4,419) | ||||||||||||||||
Cash and cash equivalents, beginning of period | 12,222 | 21,558 | Cash and cash equivalents, beginning of period | 16,672 | 9,083 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,773 | $ | 25,902 | Cash and cash equivalents, end of period | $ | 19,793 | $ | 4,664 |
September 30, 2017 | December 31, 2016 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Rental property: | Rental property: | |||||||||||||||||||||
Land | $ | 268,821 | $ | 272,153 | Land | $ | 266,014 | $ | 266,537 | |||||||||||||
Buildings, improvements and fixtures | 2,694,549 | 2,647,477 | Buildings, improvements and fixtures | 2,545,111 | 2,630,357 | |||||||||||||||||
Construction in progress | 87,762 | 46,277 | ||||||||||||||||||||
3,051,132 | 2,965,907 | 2,811,125 | 2,896,894 | |||||||||||||||||||
Accumulated depreciation | (875,121 | ) | (814,583 | ) | Accumulated depreciation | (1,034,670) | (1,009,951) | |||||||||||||||
Total rental property, net | 2,176,011 | 2,151,324 | Total rental property, net | 1,776,455 | 1,886,943 | |||||||||||||||||
Cash and cash equivalents | 8,669 | 12,199 | Cash and cash equivalents | 19,712 | 16,519 | |||||||||||||||||
Investments in unconsolidated joint ventures | 125,819 | 128,104 | Investments in unconsolidated joint ventures | 92,537 | 94,691 | |||||||||||||||||
Deferred lease costs and other intangibles, net | 135,768 | 151,579 | Deferred lease costs and other intangibles, net | 88,183 | 96,712 | |||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 83,210 | 86,575 | |||||||||||||||||||
Prepaids and other assets | 94,550 | 82,481 | Prepaids and other assets | 125,130 | 103,374 | |||||||||||||||||
Total assets | $ | 2,540,817 | $ | 2,525,687 | Total assets | $ | 2,185,227 | $ | 2,284,814 | |||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||
Debt: | Debt: | |||||||||||||||||||||
Senior, unsecured notes, net | $ | 1,134,181 | $ | 1,135,309 | Senior, unsecured notes, net | $ | 1,140,080 | $ | 1,138,603 | |||||||||||||
Unsecured term loan, net | 323,011 | 322,410 | Unsecured term loan, net | 347,213 | 347,367 | |||||||||||||||||
Mortgages payable, net | 170,776 | 172,145 | Mortgages payable, net | 80,924 | 83,803 | |||||||||||||||||
Unsecured lines of credit, net | 146,013 | 58,002 | Unsecured lines of credit, net | 0 | 0 | |||||||||||||||||
Total debt | 1,773,981 | 1,687,866 | Total debt | 1,568,217 | 1,569,773 | |||||||||||||||||
Accounts payable and accrued expenses | 83,462 | 77,616 | Accounts payable and accrued expenses | 85,464 | 79,165 | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 90,566 | 91,237 | |||||||||||||||||||
Other liabilities | 74,339 | 54,764 | Other liabilities | 91,495 | 88,530 | |||||||||||||||||
Total liabilities | 1,931,782 | 1,820,246 | Total liabilities | 1,835,742 | 1,828,705 | |||||||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||||||
Equity | Equity | |||||||||||||||||||||
Partners' Equity: | ||||||||||||||||||||||
General partner, 1,000,000 units outstanding at September 30, 2017 and December 31, 2016 | 5,854 | 6,485 | ||||||||||||||||||||
Limited partners, 5,027,781 and 5,027,781 Class A common units, and 93,528,188 and 95,095,891 Class B common units outstanding at September 30, 2017 and December 31, 2016, respectively | 623,977 | 728,631 | ||||||||||||||||||||
Partners’ Equity: | Partners’ Equity: | |||||||||||||||||||||
General partner, 1,000,000 units outstanding at September 30, 2020 and December 31, 2019 | General partner, 1,000,000 units outstanding at September 30, 2020 and December 31, 2019 | 3,331 | 4,435 | |||||||||||||||||||
Limited partners, 4,911,173 and 4,911,173 Class A common units, and 92,453,271 and 91,892,260 Class B common units outstanding at September 30, 2020 and December 31, 2019, respectively | Limited partners, 4,911,173 and 4,911,173 Class A common units, and 92,453,271 and 91,892,260 Class B common units outstanding at September 30, 2020 and December 31, 2019, respectively | 380,259 | 478,562 | |||||||||||||||||||
Accumulated other comprehensive loss | (20,796 | ) | (29,834 | ) | Accumulated other comprehensive loss | (34,105) | (26,888) | |||||||||||||||
Total partners' equity | 609,035 | 705,282 | ||||||||||||||||||||
Total partners’ equity | Total partners’ equity | 349,485 | 456,109 | |||||||||||||||||||
Noncontrolling interests in consolidated partnerships | — | 159 | Noncontrolling interests in consolidated partnerships | 0 | 0 | |||||||||||||||||
Total equity | 609,035 | 705,441 | Total equity | 349,485 | 456,109 | |||||||||||||||||
Total liabilities and equity | $ | 2,540,817 | $ | 2,525,687 | Total liabilities and equity | $ | 2,185,227 | $ | 2,284,814 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||
Base rentals | $ | 80,349 | $ | 79,569 | $ | 241,467 | $ | 227,195 | ||||||||||||||||||||||||||||||||||
Percentage rentals | 3,138 | 2,995 | 6,798 | 7,471 | ||||||||||||||||||||||||||||||||||||||
Expense reimbursements | 34,180 | 33,125 | 104,801 | 97,121 | ||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 100,251 | $ | 115,050 | $ | 271,082 | $ | 347,389 | |||||||||||||||||||||||||||||||||
Management, leasing and other services | 588 | 806 | 1,776 | 3,259 | Management, leasing and other services | 1,194 | 1,356 | 3,362 | 3,943 | |||||||||||||||||||||||||||||||||
Other income | 2,510 | 2,642 | 6,905 | 6,229 | ||||||||||||||||||||||||||||||||||||||
Other revenues | Other revenues | 1,768 | 2,588 | 4,392 | 6,524 | |||||||||||||||||||||||||||||||||||||
Total revenues | 120,765 | 119,137 | 361,747 | 341,275 | Total revenues | 103,213 | 118,994 | 278,836 | 357,856 | |||||||||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||||||
Property operating | 37,571 | 37,442 | 115,074 | 110,328 | Property operating | 35,206 | 39,149 | 101,991 | 118,252 | |||||||||||||||||||||||||||||||||
General and administrative | 10,934 | 12,128 | 33,846 | 35,368 | General and administrative | 11,181 | 12,292 | 35,331 | 40,910 | |||||||||||||||||||||||||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||||||||||||||||||||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||||||||||||||||||||||||||||
Impairment charge | Impairment charge | 0 | 0 | 45,675 | 0 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 30,976 | 29,205 | 95,175 | 82,078 | Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | |||||||||||||||||||||||||||||||||
Total expenses | 79,382 | 79,262 | 244,623 | 228,261 | Total expenses | 76,290 | 81,544 | 270,963 | 252,171 | |||||||||||||||||||||||||||||||||
Operating income | 41,383 | 39,875 | 117,124 | 113,014 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest expense | (16,489 | ) | (15,516 | ) | (49,496 | ) | (44,200 | ) | Interest expense | (15,647) | (15,197) | (47,786) | (46,638) | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (35,626 | ) | — | (35,626 | ) | — | ||||||||||||||||||||||||||||||||||||
Gain on sale of assets | — | 1,418 | 6,943 | 6,305 | Gain on sale of assets | 2,324 | 0 | 2,324 | 43,422 | |||||||||||||||||||||||||||||||||
Gain on previously held interest in acquired joint venture | — | 46,258 | — | 95,516 | ||||||||||||||||||||||||||||||||||||||
Other non-operating income (expense) | 591 | 24 | 683 | 378 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (10,141 | ) | 72,059 | 39,628 | 171,013 | |||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | 161 | 227 | 789 | (2,966) | |||||||||||||||||||||||||||||||||||||
Total other income (expense) | Total other income (expense) | (13,162) | (14,970) | (44,673) | (6,182) | |||||||||||||||||||||||||||||||||||||
Income (loss) before equity in earnings of unconsolidated joint ventures | Income (loss) before equity in earnings of unconsolidated joint ventures | 13,761 | 22,480 | (36,800) | 99,503 | |||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | (5,893 | ) | 715 | (1,201 | ) | 7,680 | Equity in earnings (losses) of unconsolidated joint ventures | (42) | 2,329 | (1,490) | 5,604 | |||||||||||||||||||||||||||||||
Net income (loss) | (16,034 | ) | 72,774 | 38,427 | 178,693 | Net income (loss) | 13,719 | 24,809 | (38,290) | 105,107 | ||||||||||||||||||||||||||||||||
Noncontrolling interests in consolidated partnerships | — | (2 | ) | — | (13 | ) | Noncontrolling interests in consolidated partnerships | 0 | 0 | (190) | (195) | |||||||||||||||||||||||||||||||
Net income (loss) available to partners | (16,034 | ) | 72,772 | 38,427 | 178,680 | Net income (loss) available to partners | 13,719 | 24,809 | (38,480) | 104,912 | ||||||||||||||||||||||||||||||||
Net income (loss) available to limited partners | (15,874 | ) | 72,052 | 38,048 | 176,912 | Net income (loss) available to limited partners | 13,580 | 24,556 | (38,089) | 103,850 | ||||||||||||||||||||||||||||||||
Net income (loss) available to general partner | $ | (160 | ) | $ | 720 | $ | 379 | $ | 1,768 | Net income (loss) available to general partner | $ | 139 | $ | 253 | $ | (391) | $ | 1,062 | ||||||||||||||||||||||||
Basic earnings per common unit: | Basic earnings per common unit: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.77 | Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 | ||||||||||||||||||||||||
Diluted earnings per common unit: | Diluted earnings per common unit: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.76 | Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 | ||||||||||||||||||||||||
Distribution declared per common unit | $ | 0.3425 | $ | 0.3250 | $ | 1.01 | $ | 0.9350 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 4,737 | (1,731 | ) | 8,821 | 6,970 | Foreign currency translation adjustments | 1,870 | (1,051) | (2,506) | 6,341 | ||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges | 39 | 2,228 | 217 | (1,601 | ) | Changes in fair value of cash flow hedges | 1,463 | (1,011) | (4,711) | (6,576) | ||||||||||||||||||||||||||||||||
Other comprehensive income | 4,776 | 497 | 9,038 | 5,369 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 3,333 | (2,062) | (7,217) | (235) | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | (11,258 | ) | 73,271 | 47,465 | 184,062 | Comprehensive income (loss) | 17,052 | 22,747 | (45,507) | 104,872 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests in consolidated partnerships | — | (2 | ) | — | (13 | ) | ||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests in consolidated partnerships | Comprehensive (income) loss attributable to noncontrolling interests in consolidated partnerships | 0 | 0 | (190) | (195) | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Operating Partnership | $ | (11,258 | ) | $ | 73,269 | $ | 47,465 | $ | 184,049 | Comprehensive income (loss) attributable to the Operating Partnership | $ | 17,052 | $ | 22,747 | $ | (45,697) | $ | 104,677 |
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, June 30, 2019 | $ | 5,018 | $ | 538,594 | $ | (26,804) | $ | 516,808 | $ | 0 | $ | 516,808 | |||||||||||
Net income | 253 | 24,556 | — | 24,809 | — | 24,809 | |||||||||||||||||
Other comprehensive loss | — | — | (2,062) | (2,062) | — | (2,062) | |||||||||||||||||
Compensation under Incentive Award Plan | — | 3,669 | — | 3,669 | — | 3,669 | |||||||||||||||||
Repurchase of 650,929 units, including transaction costs | — | (10,000) | — | (10,000) | — | (10,000) | |||||||||||||||||
Reclassification of general and limited partner interest | 0 | 0 | — | — | — | — | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 11 | 11 | |||||||||||||||||
Common distributions ($0.355 per common unit) | (355) | (34,669) | — | (35,024) | — | (35,024) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (11) | (11) | |||||||||||||||||
Balance, September 30, 2019 | $ | 4,916 | $ | 522,150 | $ | (28,866) | $ | 498,200 | $ | 0 | $ | 498,200 | |||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2018 | $ | 4,914 | $ | 529,252 | $ | (28,631) | $ | 505,535 | $ | 0 | $ | 505,535 | |||||||||||
Net income | 1,062 | 103,850 | — | 104,912 | 195 | 105,107 | |||||||||||||||||
Other comprehensive loss | — | — | (235) | (235) | — | (235) | |||||||||||||||||
Compensation under Incentive Award Plan | — | 14,657 | — | 14,657 | — | 14,657 | |||||||||||||||||
Grant of 242,167 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||||||
Repurchase of 1,209,328 units, including transaction costs | — | (20,000) | — | (20,000) | — | (20,000) | |||||||||||||||||
Withholding of 81,284 common units for employee income taxes | — | (1,781) | — | (1,781) | — | (1,781) | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 47 | 47 | |||||||||||||||||
Common distributions ($1.060 per common unit) | (1,060) | (103,828) | — | (104,888) | — | (104,888) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (242) | (242) | |||||||||||||||||
Balance, September 30, 2019 | $ | 4,916 | $ | 522,150 | $ | (28,866) | $ | 498,200 | $ | 0 | $ | 498,200 | |||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners' equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2015 | $ | 5,726 | $ | 638,422 | $ | (38,702 | ) | $ | 605,446 | $ | 586 | $ | 606,032 | ||||||
Net income | 1,768 | 176,912 | — | 178,680 | 13 | 178,693 | |||||||||||||
Other comprehensive income | — | — | 5,369 | 5,369 | — | 5,369 | |||||||||||||
Compensation under Incentive Award Plan | — | 12,556 | — | 12,556 | — | 12,556 | |||||||||||||
Issuance of 57,700 common units upon exercise of options | — | 1,693 | — | 1,693 | — | 1,693 | |||||||||||||
Grant of 173,124 restricted common share awards by the Company, net of forfeitures | — | — | — | — | — | — | |||||||||||||
Issuance of 24,040 deferred units | — | — | — | — | — | — | |||||||||||||
Withholding of 66,427 common units for employee income taxes | — | (2,164 | ) | — | (2,164 | ) | — | (2,164 | ) | ||||||||||
Contributions from noncontrolling interests | — | — | — | — | 35 | 35 | |||||||||||||
Adjustments for noncontrolling interests in consolidated partnerships | — | 4 | — | 4 | (4 | ) | — | ||||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | (1,617 | ) | — | (1,617 | ) | (325 | ) | (1,942 | ) | |||||||||
Common distributions ($.935 per common unit) | (935 | ) | (93,540 | ) | — | (94,475 | ) | — | (94,475 | ) | |||||||||
Distributions to noncontrolling interests | — | — | — | — | (145 | ) | (145 | ) | |||||||||||
Balance, September 30, 2016 | $ | 6,559 | $ | 732,266 | $ | (33,333 | ) | $ | 705,492 | $ | 160 | $ | 705,652 | ||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners' equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2016 | $ | 6,485 | $ | 728,631 | $ | (29,834 | ) | $ | 705,282 | $ | 159 | $ | 705,441 | ||||||
Net income | 379 | 38,048 | — | 38,427 | — | 38,427 | |||||||||||||
Other comprehensive income | — | — | 9,038 | 9,038 | — | 9,038 | |||||||||||||
Compensation under Incentive Award Plan | — | 10,891 | — | 10,891 | — | 10,891 | |||||||||||||
Issuance of 1,800 common units upon exercise of options | — | 54 | — | 54 | — | 54 | |||||||||||||
Grant of 411,968 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||
Repurchase of 1,911,585 units, including transaction costs | — | (49,362 | ) | — | (49,362 | ) | — | (49,362 | ) | ||||||||||
Withholding of 69,886 common units for employee income taxes | — | (2,436 | ) | — | (2,436 | ) | — | (2,436 | ) | ||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | — | — | — | (159 | ) | (159 | ) | |||||||||||
Common distributions ($1.01 per common unit) | (1,010 | ) | (101,849 | ) | — | (102,859 | ) | — | (102,859 | ) | |||||||||
Balance, September 30, 2017 | $ | 5,854 | $ | 623,977 | $ | (20,796 | ) | $ | 609,035 | $ | — | $ | 609,035 | ||||||
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, June 30, 2020 | $ | 3,192 | $ | 364,229 | $ | (37,438) | $ | 329,983 | $ | 0 | $ | 329,983 | |||||||||||
Net income | 139 | 13,580 | — | 13,719 | — | 13,719 | |||||||||||||||||
Other comprehensive income | — | — | 3,333 | 3,333 | — | 3,333 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 2,450 | — | 2,450 | — | 2,450 | |||||||||||||||||
Forfeitures of 18,996 restricted common share awards | — | — | — | — | — | — | |||||||||||||||||
Common distributions | — | 0 | — | 0 | — | 0 | |||||||||||||||||
Balance, September 30, 2020 | $ | 3,331 | $ | 380,259 | $ | (34,105) | $ | 349,485 | $ | 0 | $ | 349,485 | |||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2019 | $ | 4,435 | $ | 478,562 | $ | (26,888) | $ | 456,109 | $ | 0 | $ | 456,109 | |||||||||||
Net income (loss) | $ | (391) | $ | (38,089) | $ | — | $ | (38,480) | $ | 190 | $ | (38,290) | |||||||||||
Other comprehensive loss | $ | — | $ | — | $ | (7,217) | $ | (7,217) | $ | — | $ | (7,217) | |||||||||||
Compensation under Incentive Award Plan | $ | — | $ | 9,871 | $ | — | $ | 9,871 | $ | — | $ | 9,871 | |||||||||||
Grant of 611,350 restricted common share awards by the Company | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Issuance of 6,258 deferred units | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Withholding of 56,597 common units for employee income taxes | $ | — | $ | (736) | $ | — | $ | (736) | $ | — | $ | (736) | |||||||||||
Contributions from noncontrolling interests | $ | — | $ | — | $ | — | $ | — | $ | 72 | $ | 72 | |||||||||||
Common distributions ($0.7125 per common unit) | $ | (713) | $ | (69,349) | $ | — | $ | (70,062) | $ | — | $ | (70,062) | |||||||||||
Distributions to noncontrolling interests | $ | — | $ | — | $ | — | $ | — | $ | (262) | $ | (262) | |||||||||||
Balance, September 30, 2020 | $ | 3,331 | $ | 380,259 | $ | (34,105) | $ | 349,485 | $ | 0 | $ | 349,485 |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
2017 | 2016 | 2020 | 2019 | |||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | |||||||||||||||||||||
Net income | $ | 38,427 | $ | 178,693 | ||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (38,290) | $ | 105,107 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization | 95,175 | 82,078 | Depreciation and amortization | 87,966 | 93,009 | |||||||||||||||||
Impairment charge | Impairment charge | 45,675 | 0 | |||||||||||||||||||
Amortization of deferred financing costs | 2,640 | 2,350 | Amortization of deferred financing costs | 2,586 | 2,246 | |||||||||||||||||
Gain on sale of assets | (6,943 | ) | (6,305 | ) | Gain on sale of assets | (2,324) | (43,422) | |||||||||||||||
Gain on previously held interest in acquired joint venture | — | (95,516 | ) | |||||||||||||||||||
Loss on early extinguishment of debt | 35,626 | — | ||||||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | 1,201 | (7,680 | ) | Equity in (earnings) losses of unconsolidated joint ventures | 1,490 | (5,604) | ||||||||||||||||
Equity-based compensation expense | 10,114 | 11,815 | Equity-based compensation expense | 9,566 | 14,371 | |||||||||||||||||
Amortization of debt (premiums) and discounts, net | 363 | 1,160 | Amortization of debt (premiums) and discounts, net | 359 | 333 | |||||||||||||||||
Amortization (accretion) of market rent rate adjustments, net | 2,107 | 2,087 | Amortization (accretion) of market rent rate adjustments, net | 2,560 | 1,067 | |||||||||||||||||
Straight-line rent adjustments | (4,749 | ) | (5,092 | ) | ||||||||||||||||||
Straight-line rent adjustments including write offs due to tenant bankruptcies and uncollectible accounts | Straight-line rent adjustments including write offs due to tenant bankruptcies and uncollectible accounts | 2,418 | (6,938) | |||||||||||||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 8,128 | 10,571 | Distributions of cumulative earnings from unconsolidated joint ventures | 2,309 | 5,305 | |||||||||||||||||
Uncollectible rental revenue allowance | Uncollectible rental revenue allowance | 26,573 | 965 | |||||||||||||||||||
Other non-cash | Other non-cash | 0 | 3,638 | |||||||||||||||||||
Changes in other assets and liabilities: | Changes in other assets and liabilities: | |||||||||||||||||||||
Other assets | (1,110 | ) | 780 | Other assets | (49,899) | (1,318) | ||||||||||||||||
Accounts payable and accrued expenses | 551 | 2,782 | Accounts payable and accrued expenses | 1,044 | (9,788) | |||||||||||||||||
Net cash provided by operating activities | 181,530 | 177,723 | Net cash provided by operating activities | 92,033 | 158,971 | |||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | |||||||||||||||||||||
Additions to rental property | (132,612 | ) | (112,213 | ) | Additions to rental property | (23,072) | (35,208) | |||||||||||||||
Acquisitions of interests in unconsolidated joint ventures, net of cash acquired | — | (45,219 | ) | |||||||||||||||||||
Additions to investments in unconsolidated joint ventures | (4,033 | ) | (27,851 | ) | Additions to investments in unconsolidated joint ventures | (5,601) | (2,074) | |||||||||||||||
Net proceeds from sale of assets | 39,213 | 28,706 | Net proceeds from sale of assets | 7,626 | 128,505 | |||||||||||||||||
Change in restricted cash | — | 118,370 | ||||||||||||||||||||
Additions to non-real estate assets | (8,384 | ) | (8,982 | ) | Additions to non-real estate assets | (1,541) | (819) | |||||||||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,019 | 14,193 | Distributions in excess of cumulative earnings from unconsolidated joint ventures | 4,717 | 14,541 | |||||||||||||||||
Additions to deferred lease costs | (4,218 | ) | (5,273 | ) | Additions to deferred lease costs | (2,755) | (5,207) | |||||||||||||||
Other investing activities | 4,963 | (1,221 | ) | Other investing activities | 8,339 | 8,205 | ||||||||||||||||
Net cash used in investing activities | (89,052 | ) | (39,490 | ) | ||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (12,287) | 107,943 | |||||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||||||||||||
Cash distributions paid | (102,859 | ) | (115,665 | ) | Cash distributions paid | (70,062) | (104,888) | |||||||||||||||
Proceeds from revolving credit facility | 543,866 | 733,450 | Proceeds from revolving credit facility | 641,630 | 275,400 | |||||||||||||||||
Repayments of revolving credit facility | (456,666 | ) | (727,750 | ) | Repayments of revolving credit facility | (641,630) | (416,400) | |||||||||||||||
Proceeds from notes, mortgages and loans | 299,460 | 338,270 | ||||||||||||||||||||
Repayments of notes, mortgages and loans | (302,240 | ) | (329,603 | ) | Repayments of notes, mortgages and loans | (2,656) | (2,509) | |||||||||||||||
Payment of make-whole premium related to early extinguishment of debt | (34,143 | ) | — | |||||||||||||||||||
Repayment of deferred financing obligation | — | (28,388 | ) | |||||||||||||||||||
Repurchase of units, including transaction costs | (49,362 | ) | — | Repurchase of units, including transaction costs | 0 | (20,000) | ||||||||||||||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,436 | ) | (2,164 | ) | Employee income taxes paid related to shares withheld upon vesting of equity awards | (736) | (1,781) | |||||||||||||||
Additions to deferred financing costs | (2,900 | ) | (4,243 | ) | Additions to deferred financing costs | (1,841) | (65) | |||||||||||||||
Proceeds from exercise of options | 54 | 1,693 | ||||||||||||||||||||
Proceeds from other financing activities | 12,054 | 35 | Proceeds from other financing activities | 72 | 47 | |||||||||||||||||
Payment for other financing activities | (782 | ) | (99 | ) | Payment for other financing activities | (1,122) | (1,103) | |||||||||||||||
Net cash used in financing activities | (95,954 | ) | (134,464 | ) | Net cash used in financing activities | (76,345) | (271,299) | |||||||||||||||
Effect of foreign currency on cash and cash equivalents | (54 | ) | 532 | Effect of foreign currency on cash and cash equivalents | (208) | (32) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,530 | ) | 4,301 | Net increase (decrease) in cash and cash equivalents | 3,193 | (4,417) | ||||||||||||||||
Cash and cash equivalents, beginning of period | 12,199 | 21,552 | Cash and cash equivalents, beginning of period | 16,519 | 8,991 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,669 | $ | 25,853 | Cash and cash equivalents, end of period | $ | 19,712 | $ | 4,574 |
As of September 30, 2020 | |||||||||||||||||
Third Quarter | Second Quarter | ||||||||||||||||
Collection Status: (1) | Rents Billed | % of Rents | Rents Billed | % of Rents | |||||||||||||
Rents collected | $ | 82,006 | 86 | % | $ | 40,995 | 42 | % | |||||||||
Rents expected to be collected(2) | 5,379 | 6 | 5,012 | 5 | |||||||||||||
Rents deferred (3) | 618 | 1 | 25,327 | 26 | |||||||||||||
Under negotiation | 1,589 | 2 | 2,739 | 3 | |||||||||||||
One-time rent concessions in exchange for amendments to lease structure | 1,544 | 2 | 13,176 | 13 | |||||||||||||
Bankruptcy related, primarily pre-petition rents | 2,258 | 2 | 8,719 | 9 | |||||||||||||
At risk due to tenant financial weakness | 1,407 | 1 | 1,540 | 2 | |||||||||||||
Total rents billed | $ | 94,801 | 100 | % | $ | 97,508 | 100 | % | |||||||||
Property | Location | Date Sold | Square Feet (in 000’s) | Net Sales Proceeds (in 000’s) | Gain on Sale (in 000’s) | |||||||||||||||||||||||||||
2020 Dispositions: | ||||||||||||||||||||||||||||||||
Terrell | Terrell, Texas | August 2020 | 178 | $ | 7,626 | $ | 2,324 | |||||||||||||||||||||||||
2019 Dispositions: | ||||||||||||||||||||||||||||||||
Nags Head, Ocean City, Park City, and Williamsburg | Nags Head, NC, Ocean City, MD, Park City, UT, and Williamsburg, IA | March 2019 | 878 | $ | 128,248 | $ | 43,422 | |||||||||||||||||||||||||
Property | Location | Date Sold | Square Feet (in 000's) | Net Sales Proceeds (in 000's) | Gain on Sale(in 000's) | ||||||||||
Westbrook | Westbrook, CT | May 2017 | 290 | $ | 39,212 | $ | 6,943 |
Project | Approximate square feet (in 000's) | Costs Incurred to Date (in millions) | Projected Opening | ||||||
New development: | |||||||||
Fort Worth | 352 | $ | 74.7 | October 2017 |
As of September 30, 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 | 50.0 | % | 765 | $ | 92.5 | $ | 0 | ||||||||||||||||||||||||
$ | 92.5 | |||||||||||||||||||||||||||||||
Investments included in other liabilities: | ||||||||||||||||||||||||||||||||
Columbus(2) | Columbus, OH | 50.0 | % | 355 | $ | (3.6) | $ | 85.0 | ||||||||||||||||||||||||
Charlotte(2) | Charlotte, NC | 50.0 | % | 399 | (13.1) | 99.6 | ||||||||||||||||||||||||||
National Harbor(2) | National Harbor, MD | 50.0 | % | 341 | (8.7) | 94.5 | ||||||||||||||||||||||||||
Galveston/Houston (2) | Texas City, TX | 50.0 | % | 353 | (19.8) | 79.9 | ||||||||||||||||||||||||||
$ | (45.2) |
As of September 30, 2017 | ||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | Total Joint Venture Debt, Net (in millions)(1) | |||||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 6.8 | $ | 84.4 | ||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | 2.4 | 86.4 | ||||||||||
RioCan Canada | Various | 50.0 | % | 924 | 116.6 | 11.4 | ||||||||||
Investments included in total assets | $ | 125.8 | ||||||||||||||
Charlotte(3) | Charlotte, NC | 50.0 | % | 398 | $ | (3.6 | ) | $ | 89.8 | |||||||
Galveston/Houston (2)(3) | Texas City, TX | 50.0 | % | 353 | (12.5 | ) | 79.4 | |||||||||
Investments included in other liabilities | $ | (16.1 | ) |
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 | 50.0 | % | 764 | $ | 94.7 | $ | 9.2 | ||||||||||||||||||||||||
$ | 94.7 | |||||||||||||||||||||||||||||||
Investments included in other liabilities: | ||||||||||||||||||||||||||||||||
Columbus(2) | Columbus, OH | 50.0 | % | 355 | $ | (3.5) | $ | 85.0 | ||||||||||||||||||||||||
Charlotte(2) | Charlotte, NC | 50.0 | % | 399 | (13.0) | 99.5 | ||||||||||||||||||||||||||
National Harbor(2) | National Harbor, MD | 50.0 | % | 341 | (5.9) | 94.4 | ||||||||||||||||||||||||||
Galveston/Houston (2) | Texas City, TX | 50.0 | % | 353 | (19.7) | 79.9 | ||||||||||||||||||||||||||
$ | (42.1) |
As of December 31, 2016 | ||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | Total Joint Venture Debt, Net (in millions)(1) | |||||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 6.7 | $ | 84.2 | ||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | 4.1 | 86.1 | ||||||||||
RioCan Canada | Various | 50.0 | % | 901 | 117.3 | 11.1 | ||||||||||
Investments included in total assets | $ | 128.1 | ||||||||||||||
Charlotte(3) | Charlotte, NC | 50.0 | % | 398 | $ | (2.5 | ) | $ | 89.7 | |||||||
Galveston/Houston (2)(3) | Texas City, TX | 50.0 | % | 353 | (3.8 | ) | 64.9 | |||||||||
Investments included in other liabilities | $ | (6.3 | ) |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Fee: | ||||||||||||||||||||||||||
Management and marketing | $ | 471 | $ | 567 | $ | 1,156 | $ | 1,696 | ||||||||||||||||||
Leasing and other fees | 15 | 32 | 50 | 71 | ||||||||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 708 | 757 | 2,156 | 2,176 | ||||||||||||||||||||||
Total Fees | $ | 1,194 | $ | 1,356 | $ | 3,362 | $ | 3,943 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Fee: | ||||||||||||||||
Management and marketing | $ | 564 | $ | 656 | 1,676 | 2,199 | ||||||||||
Development and leasing | 20 | 65 | $ | 87 | $ | 611 | ||||||||||
Loan guarantee | 4 | 85 | 13 | 449 | ||||||||||||
Total Fees | $ | 588 | $ | 806 | $ | 1,776 | $ | 3,259 |
Impairment Charge(1) | ||||||||||||||||||||
Outlet Center | Total | Our Share | ||||||||||||||||||
2020 | Saint-Sauveur | $ | 6,181 | $ | 3,091 | |||||||||||||||
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | September 30, 2020 | December 31, 2019 | ||||||||||||
Assets | ||||||||||||||
Land | $ | 88,312 | $ | 90,859 | ||||||||||
Buildings, improvements and fixtures | 461,593 | 477,061 | ||||||||||||
Construction in progress | 4,801 | 4,779 | ||||||||||||
554,706 | 572,699 | |||||||||||||
Accumulated depreciation | (138,622) | (132,860) | ||||||||||||
Total rental property, net | 416,084 | 439,839 | ||||||||||||
Cash and cash equivalents | 16,515 | 19,750 | ||||||||||||
Deferred lease costs and other intangibles, net | 5,134 | 6,772 | ||||||||||||
Prepaids and other assets | 24,355 | 17,789 | ||||||||||||
Total assets | $ | 462,088 | $ | 484,150 | ||||||||||
Liabilities and Owners’ Equity | ||||||||||||||
Mortgages payable, net | $ | 358,940 | $ | 368,032 | ||||||||||
Accounts payable and other liabilities | 15,911 | 17,173 | ||||||||||||
Total liabilities | 374,851 | 385,205 | ||||||||||||
Owners’ equity | 87,237 | 98,945 | ||||||||||||
Total liabilities and owners’ equity | $ | 462,088 | $ | 484,150 |
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | September 30, 2017 | December 31, 2016 | ||||||
Assets | ||||||||
Land | $ | 95,998 | $ | 88,015 | ||||
Buildings, improvements and fixtures | 514,865 | 503,548 | ||||||
Construction in progress, including land under development | 2,849 | 13,037 | ||||||
613,712 | 604,600 | |||||||
Accumulated depreciation | (88,163 | ) | (67,431 | ) | ||||
Total rental property, net | 525,549 | 537,169 | ||||||
Cash and cash equivalents | 23,769 | 27,271 | ||||||
Deferred lease costs and other intangibles, net | 11,436 | 13,612 | ||||||
Prepaids and other assets | 16,262 | 12,567 | ||||||
Total assets | $ | 577,016 | $ | 590,619 | ||||
Liabilities and Owners' Equity | ||||||||
Mortgages payable, net | $ | 351,322 | $ | 335,971 | ||||
Accounts payable and other liabilities | 13,463 | 20,011 | ||||||
Total liabilities | 364,785 | 355,982 | ||||||
Owners' equity | 212,231 | 234,637 | ||||||
Total liabilities and owners' equity | $ | 577,016 | $ | 590,619 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
Condensed Combined Statements of Operations | September 30, | September 30, | ||||||||||||||||||||||||
- Unconsolidated Joint Ventures | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Revenues | $ | 16,959 | $ | 23,050 | $ | 55,470 | $ | 70,088 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating | 8,035 | 8,380 | 24,023 | 27,780 | ||||||||||||||||||||||
General and administrative | 82 | 19 | 344 | 171 | ||||||||||||||||||||||
Asset impairment | 0 | 0 | 6,181 | 0 | ||||||||||||||||||||||
Depreciation and amortization | 5,877 | 6,051 | 17,686 | 18,478 | ||||||||||||||||||||||
Total expenses | 13,994 | 14,450 | 48,234 | 46,429 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (3,024) | (4,059) | (9,991) | (12,331) | ||||||||||||||||||||||
Other income | 104 | 179 | 165 | 305 | ||||||||||||||||||||||
Total other income (expense) | (2,920) | (3,880) | $ | (9,826) | $ | (12,026) | ||||||||||||||||||||
Net income (loss) | $ | 45 | $ | 4,720 | $ | (2,590) | $ | 11,633 | ||||||||||||||||||
The Company and Operating Partnership’s share of: | ||||||||||||||||||||||||||
Net income (loss) | $ | (42) | $ | 2,329 | $ | (1,490) | $ | 5,604 | ||||||||||||||||||
Depreciation and amortization (real estate related) | $ | 3,003 | $ | 3,058 | $ | 9,038 | $ | 9,453 |
Three months ended | Nine months ended | |||||||||||||||
Condensed Combined Statements of Operations | September 30, | September 30, | ||||||||||||||
- Unconsolidated Joint Ventures | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 25,241 | $ | 25,654 | $ | 72,588 | $ | 82,693 | ||||||||
Expenses: | ||||||||||||||||
Property operating | 8,987 | 9,103 | 27,242 | 30,499 | ||||||||||||
General and administrative | 72 | 95 | 289 | 390 | ||||||||||||
Asset impairment | 18,042 | 5,838 | 18,042 | 5,838 | ||||||||||||
Depreciation and amortization | 6,998 | 8,001 | 21,453 | 26,208 | ||||||||||||
Total expenses | 34,099 | 23,037 | 67,026 | 62,935 | ||||||||||||
Operating income (loss) | (8,858 | ) | 2,617 | 5,562 | 19,758 | |||||||||||
Interest expense | (2,776 | ) | (1,925 | ) | (7,497 | ) | (7,161 | ) | ||||||||
Other non-operating income | 20 | 2 | 23 | 5 | ||||||||||||
Net income (loss) | $ | (11,614 | ) | $ | 694 | $ | (1,912 | ) | $ | 12,602 | ||||||
The Company and Operating Partnership's share of: | ||||||||||||||||
Net income (loss) | $ | (5,893 | ) | $ | 715 | $ | (1,201 | ) | $ | 7,680 | ||||||
Depreciation and amortization expense (real estate related) | $ | 3,583 | $ | 4,325 | $ | 10,971 | $ | 15,472 |
As of | ||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||
Unsecured lines of credit | $ | 0 | $ | 0 | ||||||||||
Unsecured term loan | $ | 350,000 | $ | 350,000 |
September 30, 2017 | December 31, 2016 | |||||||
Unsecured lines of credit | $ | 148,200 | $ | 61,000 | ||||
Unsecured term loan | $ | 325,000 | $ | 325,000 |
As of | As of | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Stated Interest Rate(s) | Maturity Date | Principal | Book Value(1) | Principal | Book Value(1) | |||||||||||||||||||||||||||||||||||||||
Senior, unsecured notes: | ||||||||||||||||||||||||||||||||||||||||||||
Senior notes | 3.875 | % | December 2023 | $ | 250,000 | $ | 247,801 | $ | 250,000 | $ | 247,308 | |||||||||||||||||||||||||||||||||
Senior notes | 3.750 | % | December 2024 | 250,000 | 248,401 | 250,000 | 248,127 | |||||||||||||||||||||||||||||||||||||
Senior notes | 3.125 | % | September 2026 | 350,000 | 346,630 | 350,000 | 346,215 | |||||||||||||||||||||||||||||||||||||
Senior notes | 3.875 | % | July 2027 | 300,000 | 297,248 | 300,000 | 296,953 | |||||||||||||||||||||||||||||||||||||
Mortgages payable: | ||||||||||||||||||||||||||||||||||||||||||||
Atlantic City (2)(3) | 5.14 | % | - | 7.65% | November 2021- December 2026 | 28,253 | 29,578 | 30,909 | 32,531 | |||||||||||||||||||||||||||||||||||
Southaven | LIBOR | + | 1.80% | April 2021 | 51,400 | 51,346 | 51,400 | 51,272 | ||||||||||||||||||||||||||||||||||||
Unsecured term loan | LIBOR(4) | + | 1.00% | April 2024 | 350,000 | 347,213 | 350,000 | 347,367 | ||||||||||||||||||||||||||||||||||||
Unsecured lines of credit | LIBOR(4) | + | 1.00% | October 2021 (5) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
$ | 1,579,653 | $ | 1,568,217 | $ | 1,582,309 | $ | 1,569,773 |
As of | As of | ||||||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||
Stated Interest Rate(s) | Maturity Date | Principal | Book Value(1) | Principal | Book Value(1) | ||||||||||||||||
Senior, unsecured notes: | |||||||||||||||||||||
Senior notes | 6.125 | % | June 2020 | $ | — | $ | — | $ | 300,000 | $ | 298,226 | ||||||||||
Senior notes | 3.875 | % | December 2023 | 250,000 | 245,882 | 250,000 | 245,425 | ||||||||||||||
Senior notes | 3.750 | % | December 2024 | 250,000 | 247,321 | 250,000 | 247,058 | ||||||||||||||
Senior notes | 3.125 | % | September 2026 | 350,000 | 344,993 | 350,000 | 344,600 | ||||||||||||||
Senior notes | 3.875 | % | July 2027 | 300,000 | 295,985 | — | — | ||||||||||||||
Mortgages payable: | |||||||||||||||||||||
Atlantic City (2) | 5.14%-7.65% | November 2021- December 2026 | 38,230 | 40,747 | 40,471 | 43,286 | |||||||||||||||
Foxwoods | LIBOR + 1.55% | December 2017 | 70,250 | 70,174 | 70,250 | 69,902 | |||||||||||||||
Southaven | LIBOR + 1.75% | April 2018 | 60,000 | 59,855 | 59,277 | 58,957 | |||||||||||||||
Unsecured term loan | LIBOR + 0.95% | April 2021 | 325,000 | 323,011 | 325,000 | 322,410 | |||||||||||||||
Unsecured lines of credit | LIBOR + 0.90% | October 2019 | 148,200 | 146,013 | 61,000 | 58,002 | |||||||||||||||
$ | 1,791,680 | $ | 1,773,981 | $ | 1,705,998 | $ | 1,687,866 |
Calendar Year | Amount | |||||||
For the remainder of 2020 | $ | 910 | ||||||
2021 | 57,193 | |||||||
2022 | 4,436 | |||||||
2023 | 254,768 | |||||||
2024 | 605,140 | |||||||
Thereafter | 657,206 | |||||||
Subtotal | 1,579,653 | |||||||
Net discount and debt origination costs | (11,436) | |||||||
Total | $ | 1,568,217 |
Calendar Year | Amount | |||
2017 | $ | 71,017 | ||
2018 | 63,183 | |||
2019 | 151,569 | |||
2020 | 3,566 | |||
2021 | 330,793 | |||
Thereafter | 1,171,552 | |||
Subtotal | 1,791,680 | |||
Net discount and debt origination costs | (17,699 | ) | ||
Total | $ | 1,773,981 |
Fair Value | |||||||||||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Assets (Liabilities)(1): | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
April 13, 2016 | January 1, 2021 | 175,000 | 1 | month LIBOR | 1.03 | % | $ | (411) | $ | 1,018 | |||||||||||||||||||||||||||||||
March 1, 2018 | January 31, 2021 | 40,000 | 1 | month LIBOR | 2.47 | % | (311) | (376) | |||||||||||||||||||||||||||||||||
August 14, 2018 | January 1, 2021 | 150,000 | 1 | month LIBOR | 2.20 | % | (817) | (896) | |||||||||||||||||||||||||||||||||
July 1, 2019 | February 1, 2024 | 25,000 | 1 | month LIBOR | 1.75 | % | (1,314) | (170) | |||||||||||||||||||||||||||||||||
January 1, 2021 | February 1, 2024 | 150,000 | 1 | month LIBOR | 0.60 | % | (2,043) | 0 | |||||||||||||||||||||||||||||||||
January 1, 2021 | February 1, 2024 | $ | 100,000 | 1 | month LIBOR | 0.22 | % | $ | (238) | 0 | |||||||||||||||||||||||||||||||
Total | $ | 640,000 | $ | (5,134) | $ | (424) |
Fair Value | |||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | September 30, 2017 | December 31, 2016 | |||||||||||||
Assets (Liabilities): | |||||||||||||||||||
November 14, 2013 | August 14, 2018 | $ | 50,000 | 1 month LIBOR | 1.3075 | % | $ | 52 | $ | (119 | ) | ||||||||
November 14, 2013 | August 14, 2018 | 50,000 | 1 month LIBOR | 1.2970 | % | 56 | (110 | ) | |||||||||||
November 14, 2013 | August 14, 2018 | 50,000 | 1 month LIBOR | 1.3025 | % | 54 | (115 | ) | |||||||||||
April 13, 2016 | January 1, 2021 | 50,000 | 1 month LIBOR | 1.0390 | % | 1,147 | 1,227 | ||||||||||||
April 13, 2016 | January 1, 2021 | 50,000 | 1 month LIBOR | 1.0395 | % | 1,146 | 1,226 | ||||||||||||
April 13, 2016 | January 1, 2021 | 50,000 | 1 month LIBOR | 1.0400 | % | 1,145 | 1,222 | ||||||||||||
April 13, 2016 | January 1, 2021 | 25,000 | 1 month LIBOR | 0.9915 | % | 611 | 662 | ||||||||||||
Total | $ | 325,000 | $ | 4,211 | $ | 3,993 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||||||||||||
Amount of loss recognized in other comprehensive income (loss) on derivative | $ | 1,463 | $ | (1,011) | $ | (4,711) | $ | (6,576) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest Rate Swaps (Effective Portion): | ||||||||||||||||
Amount of gain (loss) recognized in OCI on derivative | $ | 39 | $ | 2,228 | $ | 217 | $ | (1,601 | ) |
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 September 30, 2020: | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Short-term government securities (cash and cash equivalents) | $ | 20,626 | $ | 20,626 | $ | 0 | $ | 0 | ||||||||||||||||||
Total assets | $ | 20,626 | $ | 20,626 | $ | 0 | $ | 0 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps (other liabilities) | $ | 5,134 | $ | 0 | $ | 5,134 | $ | 0 | ||||||||||||||||||
Total liabilities | $ | 5,134 | $ | 0 | $ | 5,134 | $ | 0 |
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) | $ | 1,018 | $ | 0 | $ | 1,018 | $ | 0 | ||||||||||||||||||
Total assets | $ | 1,018 | $ | 0 | $ | 1,018 | $ | 0 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps (other liabilities) | $ | 1,442 | $ | 0 | $ | 1,442 | $ | 0 | ||||||||||||||||||
Total liabilities | $ | 1,442 | $ | 0 | $ | 1,442 | $ | 0 |
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 September 30, 2017: | ||||||||||||||||
Asset: | ||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 4,211 | $ | — | $ | 4,211 | $ | — | ||||||||
Total assets | $ | 4,211 | $ | — | $ | 4,211 | $ | — |
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, 2016: | ||||||||||||||||
Asset: | ||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 3,993 | $ | — | $ | 3,993 | $ | — | ||||||||
Total assets | $ | 3,993 | $ | — | $ | 3,993 | $ | — |
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 | $ | 60,000 | $ | 0 | $ | 0 | $ | 60,000 |
September 30, 2020 | December 31, 2019 | |||||||||||||
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities | $ | 0 | $ | 0 | ||||||||||
Level 2 Significant Observable Inputs | 1,133,864 | 1,169,481 | ||||||||||||
Level 3 Significant Unobservable Inputs | 431,285 | 434,333 | ||||||||||||
Total fair value of debt | $ | 1,565,149 | $ | 1,603,814 | ||||||||||
Recorded value of debt | $ | 1,568,217 | $ | 1,569,773 |
September 30, 2017 | December 31, 2016 | |||||||
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities | $ | — | $ | — | ||||
Level 2 Significant Observable Inputs | 1,153,778 | 1,137,976 | ||||||
Level 3 Significant Unobservable Inputs | 647,877 | 566,668 | ||||||
Total fair value of debt | $ | 1,801,655 | $ | 1,704,644 | ||||
Recorded value of debt | $ | 1,773,981 | $ | 1,687,866 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Total number of shares purchased | 0 | 650,929 | 0 | 1,209,328 | ||||||||||||||||||||||
Average price paid per share | $ | 0 | $ | 15.34 | $ | 0 | $ | 16.52 | ||||||||||||||||||
Total price paid exclusive of commissions and related fees (in thousands) | $ | 0 | $ | 9,987 | $ | 0 | $ | 19,976 |
Limited Partnership Units | ||||||||||||||||||||||||||
General Partnership Units | Class A | Class B | Total | |||||||||||||||||||||||
Balance June 30, 2019 | 1,000,000 | 4,960,684 | 92,544,267 | 97,504,951 | ||||||||||||||||||||||
Repurchase of units | 0 | 0 | (650,929) | (650,929) | ||||||||||||||||||||||
Balance September 30, 2019 | 1,000,000 | 4,960,684 | 91,893,338 | 96,854,022 | ||||||||||||||||||||||
Balance December 31, 2018 | 1,000,000 | 4,960,684 | 92,941,783 | 97,902,467 | ||||||||||||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | 0 | 0 | 242,167 | 242,167 | ||||||||||||||||||||||
Repurchase of units | 0 | 0 | (1,209,328) | (1,209,328) | ||||||||||||||||||||||
Units withheld for employee income taxes | 0 | 0 | (81,284) | (81,284) | ||||||||||||||||||||||
Balance September 30, 2019 | 1,000,000 | 4,960,684 | 91,893,338 | 96,854,022 | ||||||||||||||||||||||
Balance June 30, 2020 | 1,000,000 | 4,911,173 | 92,472,267 | 97,383,440 | ||||||||||||||||||||||
Forfeitures of restricted common share awards | 0 | 0 | (18,996) | (18,996) | ||||||||||||||||||||||
Balance September 30, 2020 | 1,000,000 | 4,911,173 | 92,453,271 | 97,364,444 | ||||||||||||||||||||||
Balance December 31, 2019 | 1,000,000 | 4,911,173 | 91,892,260 | 96,803,433 | ||||||||||||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | 0 | 0 | 611,350 | 611,350 | ||||||||||||||||||||||
Issuance of deferred units | 0 | 0 | 6,258 | 6,258 | ||||||||||||||||||||||
Units withheld for employee income taxes | 0 | 0 | (56,597) | (56,597) | ||||||||||||||||||||||
Balance September 30, 2020 | 1,000,000 | 4,911,173 | 92,453,271 | 97,364,444 |
Limited Partnership Units | ||||||||||||
General Partnership Units | Class A | Class B | Total | |||||||||
Balance December 31, 2015 | 1,000,000 | 5,052,743 | 94,880,825 | 99,933,568 | ||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 173,124 | 173,124 | ||||||||
Issuance of deferred units | — | — | 24,040 | 24,040 | ||||||||
Units issued upon exercise of options | — | — | 57,700 | 57,700 | ||||||||
Units withheld for employee income taxes | — | — | (66,427 | ) | (66,427 | ) | ||||||
Balance September 30, 2016 | 1,000,000 | 5,052,743 | 95,069,262 | 100,122,005 | ||||||||
Balance December 31, 2016 | 1,000,000 | 5,027,781 | 95,095,891 | 100,123,672 | ||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 411,968 | 411,968 | ||||||||
Repurchase of units | — | — | (1,911,585 | ) | (1,911,585 | ) | ||||||
Units issued upon exercise of options | — | — | 1,800 | 1,800 | ||||||||
Units withheld for employee income taxes | — | — | (69,886 | ) | (69,886 | ) | ||||||
Balance September 30, 2017 | 1,000,000 | 5,027,781 | 93,528,188 | 98,555,969 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | 13,029 | $ | 23,546 | $ | (36,541) | $ | 99,604 | ||||||||||||||||||
Less allocation of earnings to participating securities | (146) | (305) | (692) | (1,030) | ||||||||||||||||||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | 12,883 | $ | 23,241 | $ | (37,233) | $ | 98,574 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Basic weighted average common shares | 92,649 | 92,514 | 92,596 | 92,999 | ||||||||||||||||||||||
Diluted weighted average common shares | 92,649 | 92,514 | 92,596 | 92,999 | ||||||||||||||||||||||
Basic earnings per common share: | ||||||||||||||||||||||||||
Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 | ||||||||||||||||||
Diluted earnings per common share: | ||||||||||||||||||||||||||
Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (15,219 | ) | $ | 69,104 | $ | 36,507 | $ | 169,671 | |||||||
Less allocation of earnings to participating securities | (306 | ) | (627 | ) | (907 | ) | (1,649 | ) | ||||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | (15,525 | ) | $ | 68,477 | $ | 35,600 | $ | 168,022 | |||||||
Denominator: | ||||||||||||||||
Basic weighted average common shares | 93,923 | 95,156 | 94,781 | 95,075 | ||||||||||||
Effect of notional units | — | 426 | — | 393 | ||||||||||||
Effect of outstanding options and certain restricted common shares | — | 90 | 23 | 69 | ||||||||||||
Diluted weighted average common shares | 93,923 | 95,672 | 94,804 | 95,537 | ||||||||||||
Basic earnings per common share: | ||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.77 | |||||||
Diluted earnings per common share: | ||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.76 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income (loss) attributable to partners of the Operating Partnership | $ | 13,719 | $ | 24,809 | $ | (38,480) | $ | 104,912 | ||||||||||||||||||
Less allocation of earnings to participating securities | (147) | (305) | (692) | (1,030) | ||||||||||||||||||||||
Net income (loss) available to common unitholders of the Operating Partnership | $ | 13,572 | $ | 24,504 | $ | (39,172) | $ | 103,882 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Basic weighted average common units | 97,560 | 97,474 | 97,507 | 97,959 | ||||||||||||||||||||||
Diluted weighted average common units | 97,560 | 97,474 | 97,507 | 97,959 | ||||||||||||||||||||||
Basic earnings per common unit: | ||||||||||||||||||||||||||
Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 | ||||||||||||||||||
Diluted earnings per common unit: | ||||||||||||||||||||||||||
Net income (loss) | $ | 0.14 | $ | 0.25 | $ | (0.40) | $ | 1.06 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to partners of the Operating Partnership | $ | (16,034 | ) | $ | 72,772 | $ | 38,427 | $ | 178,680 | |||||||
Less allocation of earnings to participating securities | (306 | ) | (629 | ) | (907 | ) | (1,651 | ) | ||||||||
Net income (loss) available to common unitholders of the Operating Partnership | $ | (16,340 | ) | $ | 72,143 | $ | 37,520 | $ | 177,029 | |||||||
Denominator: | ||||||||||||||||
Basic weighted average common units | 98,951 | 100,209 | 99,809 | 100,127 | ||||||||||||
Effect of notional units | — | 426 | — | 393 | ||||||||||||
Effect of outstanding options and certain restricted common units | — | 90 | 23 | 69 | ||||||||||||
Diluted weighted average common units | 98,951 | 100,725 | 99,832 | 100,589 | ||||||||||||
Basic earnings per common unit: | ||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.77 | |||||||
Diluted earnings per common unit: | ||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.76 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Restricted common shares (1) | $ | 1,610 | $ | 2,084 | $ | 5,731 | $ | 9,224 | ||||||||||||||||||
Notional unit performance awards (1) | 624 | 1,446 | 3,606 | 5,021 | ||||||||||||||||||||||
Options | 113 | 45 | 229 | 126 | ||||||||||||||||||||||
Total equity-based compensation | $ | 2,347 | $ | 3,575 | $ | 9,566 | $ | 14,371 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Restricted common shares | $ | 2,302 | $ | 3,020 | $ | 7,039 | $ | 8,527 | ||||||||
Notional unit performance awards | 939 | 1,057 | 2,870 | 2,967 | ||||||||||||
Options | 77 | 83 | 205 | 321 | ||||||||||||
Total equity-based compensation | $ | 3,318 | $ | 4,160 | $ | 10,114 | $ | 11,815 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Equity-based compensation expense capitalized | $ | 103 | $ | 94 | $ | 305 | $ | 286 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Equity-based compensation expense capitalized | $ | 267 | $ | 244 | $ | 777 | $ | 741 |
Performance targets (1) | ||||||||||||||
Absolute portion of award: | ||||||||||||||
Percent of total award | 33.3% | |||||||||||||
Absolute total shareholder return range | 36.8 | % | - | 52.1% | ||||||||||
Percentage of units to be earned | 20 | % | - | 100% | ||||||||||
Relative portion of award: | ||||||||||||||
Percent of total award | 66.7% | |||||||||||||
Percentile rank of peer group range(2) | 30 | th | - | 80th | ||||||||||
Percentage of units to be earned | 20 | % | - | 100% | ||||||||||
Maximum number of restricted common shares that may be earned (3) | 902,167 | |||||||||||||
February grant date fair value per share | $ | 7.30 | ||||||||||||
April grant date fair value per share (3) | $ | 3.11 |
Performance targets (1) | ||||
Absolute portion of award: | ||||
Percent of total award | 50% | |||
Absolute share price appreciation range | 18% - 35% | |||
Percentage of units to be earned | 20%-100% | |||
Relative portion of award: | ||||
Percent of total award | 50% | |||
Percentile rank of peer group range(2) | 40th - 70th | |||
Percentage of units to be earned | 20%-100% | |||
Maximum number of restricted common shares that may be earned | 296,400 | |||
Grant date fair value per share | $ | 16.60 |
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)Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over |
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 June 30, 2020 | $ | (29,249) | $ | (6,264) | $ | (35,513) | $ | (1,590) | $ | (335) | $ | (1,925) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1,776 | (42) | 1,734 | 94 | (3) | 91 | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income/loss into interest expense | 0 | 1,432 | 1,432 | 0 | 76 | 76 | ||||||||||||||||||||||||||||||||
Balance September 30, 2020 | $ | (27,473) | $ | (4,874) | $ | (32,347) | $ | (1,496) | $ | (262) | $ | (1,758) | ||||||||||||||||||||||||||
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 | $ | (25,094) | $ | (401) | $ | (25,495) | $ | (1,369) | $ | (24) | $ | (1,393) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (2,379) | (6,995) | (9,374) | (127) | (372) | (499) | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income/loss into interest expense | 0 | 2,522 | 2,522 | 0 | 134 | 134 | ||||||||||||||||||||||||||||||||
Balance September 30, 2020 | $ | (27,473) | $ | (4,874) | $ | (32,347) | $ | (1,496) | $ | (262) | $ | (1,758) |
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 June 30, 2019 | $ | (25,591) | $ | 176 | $ | (25,415) | $ | (1,397) | $ | 8 | $ | (1,389) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (998) | (447) | (1,445) | (53) | (25) | (78) | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income/loss into other income (expense) for interest expense for cash flow hedges | 0 | (512) | (512) | 0 | (27) | (27) | ||||||||||||||||||||||||||||||||
Balance September 30, 2019 | $ | (26,589) | $ | (783) | $ | (27,372) | $ | (1,450) | $ | (44) | $ | (1,494) | ||||||||||||||||||||||||||
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 | $ | (32,610) | $ | 5,459 | $ | (27,151) | $ | (1,770) | $ | 290 | $ | (1,480) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 2,567 | (4,296) | (1,729) | 136 | (230) | (94) | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income/loss for foreign currency and interest expense for cash flow hedges | 3,454 | (1,946) | 1,508 | 184 | (104) | 80 | ||||||||||||||||||||||||||||||||
Balance September 30, 2019 | $ | (26,589) | $ | (783) | $ | (27,372) | $ | (1,450) | $ | (44) | $ | (1,494) |
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 June 30, 2017 | $ | (28,209 | ) | $ | 3,962 | $ | (24,247 | ) | $ | (1,534 | ) | $ | 209 | $ | (1,325 | ) | ||||||||
Other comprehensive income before reclassifications | 4,497 | 89 | 4,586 | 240 | 5 | 245 | ||||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (52 | ) | (52 | ) | — | (3 | ) | (3 | ) | ||||||||||||||
Balance September 30, 2017 | $ | (23,712 | ) | $ | 3,999 | $ | (19,713 | ) | $ | (1,294 | ) | $ | 211 | $ | (1,083 | ) | ||||||||
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||
Balance December 31, 2016 | $ | (32,087 | ) | $ | 3,792 | $ | (28,295 | ) | $ | (1,740 | ) | $ | 201 | $ | (1,539 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 8,375 | (154 | ) | 8,221 | 446 | (9 | ) | 437 | ||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 361 | 361 | — | 19 | 19 | ||||||||||||||||||
Balance September 30, 2017 | $ | (23,712 | ) | $ | 3,999 | $ | (19,713 | ) | $ | (1,294 | ) | $ | 211 | $ | (1,083 | ) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance June 30, 2020 | $ | (30,839) | $ | (6,599) | $ | (37,438) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | 1,870 | (45) | 1,825 | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into interest expense for cash flow hedges | — | 1,508 | 1,508 | |||||||||||||||||
Balance September 30, 2020 | $ | (28,969) | $ | (5,136) | $ | (34,105) | ||||||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance December 31, 2019 | $ | (26,463) | $ | (425) | $ | (26,888) | ||||||||||||||
Other comprehensive loss before reclassifications | (2,506) | (7,367) | (9,873) | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into interest expense | — | 2,656 | 2,656 | |||||||||||||||||
Balance September 30, 2020 | $ | (28,969) | $ | (5,136) | $ | (34,105) |
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 June 30, 2016 | $ | (27,869 | ) | $ | (4,221 | ) | $ | (32,090 | ) | $ | (1,516 | ) | $ | (224 | ) | $ | (1,740 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (1,644 | ) | 1,596 | (48 | ) | (87 | ) | 84 | (3 | ) | ||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 520 | 520 | — | 28 | 28 | ||||||||||||||||||
Balance September 30, 2016 | $ | (29,513 | ) | $ | (2,105 | ) | $ | (31,618 | ) | $ | (1,603 | ) | $ | (112 | ) | $ | (1,715 | ) | ||||||
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, 2015 | $ | (36,130 | ) | $ | (585 | ) | $ | (36,715 | ) | $ | (1,956 | ) | $ | (31 | ) | $ | (1,987 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 6,617 | (2,885 | ) | 3,732 | 353 | (154 | ) | 199 | ||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 1,365 | 1,365 | — | 73 | 73 | ||||||||||||||||||
Balance September 30, 2016 | $ | (29,513 | ) | $ | (2,105 | ) | $ | (31,618 | ) | $ | (1,603 | ) | $ | (112 | ) | $ | (1,715 | ) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance June 30, 2019 | $ | (26,988) | $ | 184 | $ | (26,804) | ||||||||||||||
Other comprehensive loss before reclassifications | (1,051) | (472) | (1,523) | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | — | (539) | (539) | |||||||||||||||||
Balance September 30, 2019 | $ | (28,039) | $ | (827) | $ | (28,866) | ||||||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance December 31, 2018 | $ | (34,380) | $ | 5,749 | $ | (28,631) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | 2,703 | (4,526) | (1,823) | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,638 | (2,050) | 1,588 | |||||||||||||||||
Balance September 30, 2019 | $ | (28,039) | $ | (827) | $ | (28,866) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance June 30, 2017 | $ | (29,743 | ) | $ | 4,171 | $ | (25,572 | ) | ||||
Other comprehensive income before reclassifications | 4,737 | 94 | 4,831 | |||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (55 | ) | (55 | ) | |||||||
Balance September 30, 2017 | $ | (25,006 | ) | $ | 4,210 | $ | (20,796 | ) | ||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2016 | $ | (33,827 | ) | $ | 3,993 | $ | (29,834 | ) | ||||
Other comprehensive income (loss) before reclassifications | 8,821 | (163 | ) | 8,658 | ||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 380 | 380 | |||||||||
Balance September 30, 2017 | $ | (25,006 | ) | $ | 4,210 | $ | (20,796 | ) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance June 30, 2016 | $ | (29,385 | ) | $ | (4,445 | ) | $ | (33,830 | ) | |||
Other comprehensive income (loss) before reclassifications | (1,731 | ) | 1,680 | (51 | ) | |||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 548 | 548 | |||||||||
Balance September 30, 2016 | $ | (31,116 | ) | $ | (2,217 | ) | $ | (33,333 | ) | |||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2015 | $ | (38,086 | ) | $ | (616 | ) | $ | (38,702 | ) | |||
Other comprehensive income (loss) before reclassifications | 6,970 | (3,039 | ) | 3,931 | ||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 1,438 | 1,438 | |||||||||
Balance September 30, 2016 | $ | (31,116 | ) | $ | (2,217 | ) | $ | (33,333 | ) |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rental revenues - fixed | $ | 78,312 | $ | 89,055 | $ | 213,760 | $ | 272,482 | |||||||||||||||
Rental revenues - variable (1) | 21,939 | 25,995 | 57,322 | 74,907 | |||||||||||||||||||
Rental revenues | $ | 100,251 | $ | 115,050 | $ | 271,082 | $ | 347,389 |
As of | As of | |||||||||||||
September 30, 2020 | September 30, 2019 | |||||||||||||
Costs relating to construction included in accounts payable and accrued expenses | $ | 21,416 | $ | 18,417 |
Nine months ended September 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Interest paid | $ | 44,990 | $ | 44,231 |
September 30, 2017 | September 30, 2016 | |||||||
Costs relating to construction included in accounts payable and accrued expenses | $ | 27,090 | $ | 20,340 |
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 | ||||||||||||||||||||||||||||
Dispositions: | ||||||||||||||||||||||||||||||||
Terrell | Third Quarter | (178) | (1) | — | — | |||||||||||||||||||||||||||
Other | 3 | — | — | — | ||||||||||||||||||||||||||||
As of September 30, 2020 | 11,873 | 31 | 2,212 | 7 |
Consolidated Outlet Centers | Unconsolidated Joint Venture Outlet Centers | |||||||||||||
Outlet Center | Quarter Acquired/Opened/Disposed | Square Feet | Outlet Centers | Square Feet | Outlet Centers | |||||||||
As of January 1, 2016 | 11,746 | 34 | 2,747 | 9 | ||||||||||
New Developments: | ||||||||||||||
Columbus | Second Quarter | — | — | 355 | 1 | |||||||||
Daytona Beach | Fourth Quarter | 349 | 1 | — | — | |||||||||
Acquisitions: | ||||||||||||||
Westgate | Second Quarter | 408 | 1 | (408 | ) | (1 | ) | |||||||
Savannah | Third Quarter | 419 | 1 | (419 | ) | (1 | ) | |||||||
Expansions: | ||||||||||||||
Ottawa | First Quarter | — | — | 32 | — | |||||||||
Savannah | Second Quarter | — | — | 42 | — | |||||||||
Dispositions: | ||||||||||||||
Fort Myers | First Quarter | (199 | ) | (1 | ) | — | — | |||||||
Demolition: | ||||||||||||||
Lancaster | Various | (25 | ) | — | — | — | ||||||||
Other | 12 | — | (1 | ) | — | |||||||||
As of December 31, 2016 | 12,710 | 36 | 2,348 | 8 | ||||||||||
Expansion: | ||||||||||||||
Ottawa | Second Quarter | — | — | 39 | — | |||||||||
Lancaster | Third Quarter | 148 | — | — | — | |||||||||
Dispositions: | ||||||||||||||
Westbrook | Second Quarter | (290 | ) | (1 | ) | — | — | |||||||
Other | 7 | — | (16 | ) | — | |||||||||
As of September 30, 2017 | 12,575 | 35 | 2,371 | 8 |
Consolidated Outlet Centers | Legal | Square | % | ||||||||||||||||||||
Location | Ownership % | Feet | Occupied | ||||||||||||||||||||
Deer Park, New York | 100 | 739,110 | 93 | ||||||||||||||||||||
Riverhead, New York (1) | 100 | 729,278 | 92 | ||||||||||||||||||||
Rehoboth Beach, Delaware (1) | 100 | 557,353 | 93 | ||||||||||||||||||||
Foley, Alabama | 100 | 554,587 | 89 | ||||||||||||||||||||
Atlantic City, New Jersey (1) (3) | 100 | 489,718 | 79 | ||||||||||||||||||||
San Marcos, Texas | 100 | 471,816 | 93 | ||||||||||||||||||||
Sevierville, Tennessee (1) | 100 | 447,810 | 99 | ||||||||||||||||||||
Savannah, Georgia | 100 | 429,089 | 99 | ||||||||||||||||||||
Myrtle Beach Hwy 501, South Carolina | 100 | 426,523 | 98 | ||||||||||||||||||||
Jeffersonville, Ohio | 100 | 411,896 | 80 | ||||||||||||||||||||
Glendale, Arizona (Westgate) | 100 | 410,751 | 92 | ||||||||||||||||||||
Myrtle Beach Hwy 17, South Carolina (1) | 100 | 403,425 | 99 | ||||||||||||||||||||
Charleston, South Carolina | 100 | 386,328 | 93 | ||||||||||||||||||||
Lancaster, Pennsylvania | 100 | 375,857 | 97 | ||||||||||||||||||||
Pittsburgh, Pennsylvania | 100 | 373,863 | 92 | ||||||||||||||||||||
Commerce, Georgia | 100 | 371,408 | 94 | ||||||||||||||||||||
Grand Rapids, Michigan | 100 | 357,119 | 89 | ||||||||||||||||||||
Fort Worth, Texas | 100 | 351,741 | 99 | ||||||||||||||||||||
Daytona Beach, Florida | 100 | 351,721 | 97 | ||||||||||||||||||||
Branson, Missouri | 100 | 329,861 | 100 | ||||||||||||||||||||
Southaven, Mississippi (2) (3) | 50 | 324,717 | 97 | ||||||||||||||||||||
Locust Grove, Georgia | 100 | 321,082 | 98 | ||||||||||||||||||||
Gonzales, Louisiana | 100 | 321,066 | 97 | ||||||||||||||||||||
Mebane, North Carolina | 100 | 318,886 | 97 | ||||||||||||||||||||
Howell, Michigan | 100 | 314,438 | 80 | ||||||||||||||||||||
Mashantucket, Connecticut (Foxwoods) (1) | 100 | 311,487 | 88 | ||||||||||||||||||||
Tilton, New Hampshire | 100 | 250,107 | 87 | ||||||||||||||||||||
Hershey, Pennsylvania | 100 | 249,696 | 100 | ||||||||||||||||||||
Hilton Head II, South Carolina | 100 | 206,564 | 89 | ||||||||||||||||||||
Hilton Head I, South Carolina | 100 | 181,670 | 93 | ||||||||||||||||||||
Blowing Rock, North Carolina | 100 | 104,009 | 89 | ||||||||||||||||||||
Totals | 11,872,976 | 93 |
Consolidated Outlet Centers | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Deer Park, New York | 100 | 749,074 | 95 | |||||
Riverhead, New York (1) | 100 | 729,706 | 98 | |||||
Rehoboth Beach, Delaware (1) | 100 | 557,404 | 99 | |||||
Foley, Alabama | 100 | 556,677 | 99 | |||||
Atlantic City, New Jersey (1) (4) | 99 | 489,706 | 87 | |||||
San Marcos, Texas | 100 | 471,816 | 97 | |||||
Sevierville, Tennessee (1) | 100 | 448,355 | 100 | |||||
Savannah, Georgia | 100 | 429,089 | 97 | |||||
Myrtle Beach Hwy 501, South Carolina | 100 | 425,334 | 94 | |||||
Jeffersonville, Ohio | 100 | 411,849 | 95 | |||||
Glendale, Arizona (Westgate) | 100 | 407,673 | 97 | |||||
Myrtle Beach Hwy 17, South Carolina (1) | 100 | 403,339 | 100 | |||||
Charleston, South Carolina | 100 | 382,117 | 97 | |||||
Lancaster, Pennsylvania | 100 | 377,299 | 93 | |||||
Pittsburgh, Pennsylvania | 100 | 372,958 | 100 | |||||
Commerce, Georgia | 100 | 371,408 | 97 | |||||
Grand Rapids, Michigan | 100 | 357,080 | 97 | |||||
Daytona Beach, Florida | 100 | 351,704 | 97 | |||||
Branson, Missouri | 100 | 329,861 | 100 | |||||
Locust Grove, Georgia | 100 | 321,070 | 97 | |||||
Gonzales, Louisiana | 100 | 321,066 | 99 | |||||
Southaven, Mississippi (2) (4) | 50 | 320,341 | 97 | |||||
Park City, Utah | 100 | 319,661 | 97 | |||||
Mebane, North Carolina | 100 | 318,910 | 100 | |||||
Howell, Michigan | 100 | 314,459 | 98 | |||||
Mashantucket, Connecticut (Foxwoods) (1) (2) (4) | 67 | 311,614 | 94 | |||||
Williamsburg, Iowa | 100 | 276,331 | 97 | |||||
Tilton, New Hampshire | 100 | 250,107 | 93 | |||||
Hershey, Pennsylvania | 100 | 247,500 | 100 | |||||
Hilton Head II, South Carolina | 100 | 206,564 | 96 | |||||
Ocean City, Maryland (1) | 100 | 198,800 | 98 | |||||
Hilton Head I, South Carolina | 100 | 181,670 | 99 | |||||
Terrell, Texas | 100 | 177,800 | 96 | |||||
Blowing Rock, North Carolina | 100 | 104,009 | 98 | |||||
Nags Head, North Carolina | 100 | 82,161 | 100 | |||||
Totals | 12,574,512 | 97 | (3) |
Unconsolidated joint venture properties | Legal | Square | % | ||||||||||||||||||||
Location | Ownership % | Feet | Occupied | ||||||||||||||||||||
Charlotte, North Carolina (1) | 50 | 398,676 | 98 | ||||||||||||||||||||
Ottawa, Ontario | 50 | 357,218 | 96 | ||||||||||||||||||||
Columbus, Ohio (1) | 50 | 355,245 | 97 | ||||||||||||||||||||
Texas City, Texas (Galveston/Houston) (1) | 50 | 352,705 | 91 | ||||||||||||||||||||
National Harbor, Maryland (1) | 50 | 341,156 | 99 | ||||||||||||||||||||
Cookstown, Ontario | 50 | 307,895 | 92 | ||||||||||||||||||||
Saint-Sauveur, Quebec (1) | 50 | 99,405 | 87 | ||||||||||||||||||||
Total | 2,212,300 | 95 |
Unconsolidated joint venture properties | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Charlotte, North Carolina (1) | 50 | 397,844 | 99 | |||||
Ottawa, Ontario | 50 | 355,497 | 93 | |||||
Columbus, Ohio (1) | 50 | 355,220 | 96 | |||||
Texas City, Texas (Galveston/Houston) (1) | 50 | 352,705 | 99 | |||||
National Harbor, Maryland (1) | 50 | 341,156 | 98 | |||||
Cookstown, Ontario | 50 | 307,779 | 98 | |||||
Bromont, Quebec | 50 | 161,307 | 72 | |||||
Saint-Sauveur, Quebec (1) | 50 | 99,405 | 96 | |||||
Total | 2,370,913 | 95 | (2) |
Trailing twelve months ended September 30, 2020(1),(2), (3) | ||||||||||||||||||||
# 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) (4) | |||||||||||||||
Re-tenant | 83 | 387 | $ | 32.85 | $ | 63.66 | 7.17 | $ | 23.97 | |||||||||||
Renewal | 177 | 889 | $ | 27.32 | $ | 0.90 | 3.85 | $ | 27.09 | |||||||||||
Trailing twelve months ended September 30, 2019(1),(2) | ||||||||||||||||||||
# of Leases | Square Feet (in 000’s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (4) | |||||||||||||||
Re-tenant | 106 | 520 | $ | 34.02 | $ | 42.35 | 8.41 | $ | 28.98 | |||||||||||
Renewal | 239 | 1,147 | $ | 34.02 | $ | 0.55 | 3.81 | $ | 33.88 |
As of October 31, 2020 | |||||||||||||||||
Third Quarter | Second Quarter | ||||||||||||||||
Collection Status: (1) | Rents Billed | % of Rents | Rents Billed | % of Rents | |||||||||||||
Rents collected | $ | 84,329 | 89 | % | $ | 41,963 | 43 | % | |||||||||
Rents expected to be collected | 3,056 | 3 | 4,044 | 4 | % | ||||||||||||
Rents deferred (2) | 618 | 1 | 25,327 | 26 | % | ||||||||||||
Under negotiation | 1,589 | 2 | 2,739 | 3 | % | ||||||||||||
One-time rent concessions in exchange for amendments to lease structure | 1,544 | 2 | 13,176 | 13 | % | ||||||||||||
Bankruptcy related, primarily pre-petition rents | 2,258 | 2 | 8,719 | 9 | % | ||||||||||||
At risk due to tenant financial weakness | 1,407 | 1 | 1,540 | 2 | % | ||||||||||||
Total rents billed | $ | 94,801 | 100 | % | $ | 97,508 | 100 | % | |||||||||
Trailing twelve months ended September 30, 2017(1) | |||||||||||||||
# of Leases | Square Feet (in 000's) | Average Annual Straight-line Rent (psf)(2) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||
Re-tenant | 87 | 380 | $ | 34.76 | $ | 55.47 | 8.94 | $ | 28.56 | ||||||
Renewal | 253 | 1,126 | $ | 32.56 | $ | 0.24 | 4.50 | $ | 32.51 | ||||||
Trailing twelve months ended September 30, 2016(1) | |||||||||||||||
# of Leases | Square Feet (in 000's) | Average Annual Straight-line Rent (psf)(2) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||
Re-tenant | 103 | 401 | $ | 41.47 | $ | 57.04 | 8.54 | $ | 34.79 | ||||||
Renewal | 290 | 1,337 | $ | 32.22 | $ | 0.41 | 4.71 | $ | 32.13 |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Rental revenues from existing properties | $ | 97,613 | $ | 112,147 | $ | (14,534) | ||||||||||||||
Rental revenues from property disposed | 113 | 945 | (832) | |||||||||||||||||
Straight-line rent adjustments | (1,741) | 2,052 | (3,793) | |||||||||||||||||
Lease termination fees | 6,323 | 127 | 6,196 | |||||||||||||||||
Amortization of above and below market rent adjustments, net | (2,057) | (221) | (1,836) | |||||||||||||||||
$ | 100,251 | $ | 115,050 | $ | (14,799) |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Base rentals from existing properties | $ | 73,217 | $ | 73,523 | $ | (306 | ) | |||||
Base rentals from new development | 1,978 | — | 1,978 | |||||||||
Base rentals from acquisitions | 5,294 | �� | 4,131 | 1,163 | ||||||||
Base rentals from property disposed | — | 1,134 | (1,134 | ) | ||||||||
Termination fees | 162 | 1,450 | (1,288 | ) | ||||||||
Amortization of above and below market rent adjustments, net | (302 | ) | (669 | ) | 367 | |||||||
$ | 80,349 | $ | 79,569 | $ | 780 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Percentage rentals from existing properties | $ | 2,738 | $ | 2,698 | $ | 40 | ||||||
Percentage rentals from new development | 99 | — | 99 | |||||||||
Percentage rentals from acquisitions | 301 | 285 | 16 | |||||||||
Percentage rentals from property disposed | — | 12 | (12 | ) | ||||||||
$ | 3,138 | $ | 2,995 | $ | 143 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Expense reimbursements from existing properties | $ | 30,504 | $ | 30,538 | $ | (34 | ) | |||||
Expense reimbursements from new development | 825 | 49 | 776 | |||||||||
Expense reimbursements from acquisitions | 2,851 | 1,952 | 899 | |||||||||
Expense reimbursements from property disposed | — | 586 | (586 | ) | ||||||||
$ | 34,180 | $ | 33,125 | $ | 1,055 |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Management and marketing | $ | 471 | $ | 567 | $ | (96) | ||||||||||||||
Leasing and other fees | 15 | 32 | (17) | |||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 708 | 757 | (49) | |||||||||||||||||
$ | 1,194 | $ | 1,356 | $ | (162) |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Management and marketing | $ | 564 | $ | 656 | $ | (92 | ) | |||||
Development and leasing | 20 | 65 | (45 | ) | ||||||||
Loan guarantee | 4 | 85 | (81 | ) | ||||||||
$ | 588 | $ | 806 | $ | (218 | ) |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Other revenues from existing properties | $ | 1,760 | $ | 2,572 | $ | (812) | ||||||||||||||
Other revenues from properties disposed | 8 | 16 | (8) | |||||||||||||||||
$ | 1,768 | $ | 2,588 | $ | (820) |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Property operating expenses from existing properties | $ | 33,393 | $ | 37,609 | $ | (4,216) | ||||||||||||||
Properties operating expenses from property disposed | 183 | 467 | (284) | |||||||||||||||||
Expenses related to unconsolidated joint ventures | 708 | 757 | (49) | |||||||||||||||||
Other property operating expenses | 922 | 316 | 606 | |||||||||||||||||
$ | 35,206 | $ | 39,149 | $ | (3,943) |
2017 | 2016 | Change | ||||||||||
Other income from existing properties | $ | 2,283 | $ | 2,434 | $ | (151 | ) | |||||
Other income from new developments | 34 | 62 | (28 | ) | ||||||||
Other income from acquisitions | 193 | 146 | 47 | |||||||||
$ | 2,510 | $ | 2,642 | $ | (132 | ) |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Property operating expenses from existing properties | $ | 34,315 | $ | 34,932 | $ | (617 | ) | |||||
Property operating expenses from new development | 846 | 55 | 791 | |||||||||
Property operating expenses from acquisitions | 2,410 | 1,673 | 737 | |||||||||
Property operating expenses from property disposed | — | 782 | (782 | ) | ||||||||
$ | 37,571 | $ | 37,442 | $ | 129 |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Depreciation and amortization from existing properties | $ | 29,845 | $ | 29,951 | $ | (106) | ||||||||||||||
Depreciation and amortization from property disposed | 58 | 152 | (94) | |||||||||||||||||
$ | 29,903 | $ | 30,103 | $ | (200) |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Depreciation and amortization from existing properties | $ | 25,912 | $ | 26,514 | $ | (602 | ) | |||||
Depreciation and amortization from new development | 1,236 | — | 1,236 | |||||||||
Depreciation and amortization from acquisitions | 3,828 | 2,340 | 1,488 | |||||||||
Depreciation and amortization from properties disposed | — | 351 | (351 | ) | ||||||||
$ | 30,976 | $ | 29,205 | $ | 1,771 |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Rental revenues from existing properties | $ | 266,391 | $ | 330,437 | $ | (64,046) | ||||||||||||||
Rental revenues from properties disposed | 1,390 | 9,259 | (7,869) | |||||||||||||||||
Straight-line rent adjustments | (2,417) | 6,938 | (9,355) | |||||||||||||||||
Lease termination fees | 8,000 | 1,526 | 6,474 | |||||||||||||||||
Amortization of above and below market rent adjustments, net | (2,282) | (771) | (1,511) | |||||||||||||||||
$ | 271,082 | $ | 347,389 | $ | (76,307) |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Equity in earnings (losses) from existing properties | $ | (5,893 | ) | $ | (3 | ) | $ | (5,890 | ) | |||
Equity in earnings from properties previously held in unconsolidated joint ventures | — | 718 | (718 | ) | ||||||||
$ | (5,893 | ) | $ | 715 | $ | (6,608 | ) |
2017 | 2016 | Change | ||||||||||
Base rentals from existing properties | $ | 216,954 | $ | 217,861 | $ | (907 | ) | |||||
Base rentals from new development | 5,836 | — | 5,836 | |||||||||
Base rentals from acquisitions | 16,042 | 4,131 | 11,911 | |||||||||
Base rentals from properties disposed | 1,605 | 3,457 | (1,852 | ) | ||||||||
Termination fees | 2,796 | 3,492 | (696 | ) | ||||||||
Amortization of above and below market rent adjustments, net | (1,766 | ) | (1,746 | ) | (20 | ) | ||||||
$ | 241,467 | $ | 227,195 | $ | 14,272 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Percentage rentals from existing properties | $ | 5,998 | $ | 7,129 | $ | (1,131 | ) | |||||
Percentage rentals from new development | 106 | — | 106 | |||||||||
Percentage rentals from acquisitions | 629 | 285 | 344 | |||||||||
Percentage rentals from properties disposed | 65 | 57 | 8 | |||||||||
$ | 6,798 | $ | 7,471 | $ | (673 | ) |
2017 | 2016 | Change | ||||||||||
Expense reimbursements from existing properties | $ | 93,141 | $ | 93,296 | $ | (155 | ) | |||||
Expense reimbursements from new development | 2,856 | 156 | 2,700 | |||||||||
Expense reimbursements from acquisitions | 8,052 | 1,952 | 6,100 | |||||||||
Expense reimbursements from properties disposed | 752 | 1,717 | (965 | ) | ||||||||
$ | 104,801 | $ | 97,121 | $ | 7,680 |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Management and marketing | $ | 1,156 | $ | 1,696 | $ | (540) | ||||||||||||||
Leasing and other fees | 50 | 71 | (21) | |||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 2,156 | 2,176 | (20) | |||||||||||||||||
Total Fees | $ | 3,362 | $ | 3,943 | $ | (581) |
2017 | 2016 | Change | ||||||||||
Management and marketing | $ | 1,676 | $ | 2,199 | $ | (523 | ) | |||||
Development and leasing | 87 | 611 | (524 | ) | ||||||||
Loan guarantee | 13 | 449 | (436 | ) | ||||||||
$ | 1,776 | $ | 3,259 | $ | (1,483 | ) |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Other revenues from existing properties | $ | 4,370 | $ | 6,424 | $ | (2,054) | ||||||||||||||
Other revenues from property disposed | 22 | 100 | (78) | |||||||||||||||||
$ | 4,392 | $ | 6,524 | $ | (2,132) |
2017 | 2016 | Change | ||||||||||
Other income from existing properties | $ | 6,043 | $ | 6,004 | $ | 39 | ||||||
Other income from new development | 148 | — | 148 | |||||||||
Other income from acquisitions | 613 | 162 | 451 | |||||||||
Other income from properties disposed | 101 | 63 | 38 | |||||||||
$ | 6,905 | $ | 6,229 | $ | 676 |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Property operating expenses from existing properties | $ | 97,066 | $ | 110,558 | $ | (13,492) | ||||||||||||||
Property operating expenses from property disposed | 1,012 | 3,969 | (2,957) | |||||||||||||||||
Expenses related to unconsolidated joint ventures | 2,156 | 2,176 | (20) | |||||||||||||||||
Other property operating expense | 1,757 | 1,549 | 208 | |||||||||||||||||
$ | 101,991 | $ | 118,252 | $ | (16,261) |
2017 | 2016 | Change | ||||||||||
Property operating expenses from existing properties | $ | 104,135 | $ | 106,147 | $ | (2,012 | ) | |||||
Property operating expenses from new development | 3,139 | 163 | 2,976 | |||||||||
Property operating expenses from acquisitions | 6,801 | 1,689 | 5,112 | |||||||||
Property operating expenses from properties disposed | 999 | 2,329 | (1,330 | ) | ||||||||
$ | 115,074 | $ | 110,328 | $ | 4,746 |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Depreciation and amortization expenses from existing properties | $ | 87,605 | $ | 91,295 | $ | (3,690) | ||||||||||||||
Depreciation and amortization from property disposed | 361 | 1,714 | (1,353) | |||||||||||||||||
$ | 87,966 | $ | 93,009 | $ | (5,043) |
2017 | 2016 | Change | ||||||||||
Depreciation and amortization expenses from existing properties | $ | 79,537 | $ | 78,690 | $ | 847 | ||||||
Depreciation and amortization expenses from new development | 3,524 | — | 3,524 | |||||||||
Depreciation and amortization expenses from acquisitions | 11,437 | 2,340 | 9,097 | |||||||||
Depreciation and amortization from properties disposed | 677 | 1,048 | (371 | ) | ||||||||
$ | 95,175 | $ | 82,078 | $ | 13,097 |
2020 | 2019 | Increase/(Decrease) | ||||||||||||||||||
Equity in earnings (losses) from existing properties | $ | (1,490) | $ | 5,596 | $ | (7,086) | ||||||||||||||
Equity in earnings from property disposed | — | 8 | (8) | |||||||||||||||||
$ | (1,490) | $ | 5,604 | $ | (7,094) |
2017 | 2016 | Change | ||||||||||
Equity in earnings (losses) from existing properties | $ | (2,293 | ) | $ | 3,671 | $ | (5,964 | ) | ||||
Equity in earnings from new development | 1,092 | 366 | 726 | |||||||||
Equity in earnings from properties previously held in unconsolidated joint ventures | — | 3,643 | (3,643 | ) | ||||||||
$ | (1,201 | ) | $ | 7,680 | $ | (8,881 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Total number of shares purchased | — | 650,929 | — | 1,209,328 | ||||||||||||||||||||||
Average price paid per share | $ | — | $ | 15.34 | $ | — | $ | 16.52 | ||||||||||||||||||
Total price paid exclusive of commissions and related fees (in thousands) | $ | — | $ | 9,987 | $ | — | $ | 19,976 |
Nine months ended September 30, | ||||||||||||||||||||
2020 | 2019 | Change | ||||||||||||||||||
Net cash provided by operating activities | $ | 92,033 | $ | 158,971 | $ | (66,938) | ||||||||||||||
Net cash provided by (used in) investing activities | (12,287) | 107,943 | (120,230) | |||||||||||||||||
Net cash used in financing activities | (76,345) | (271,299) | 194,954 | |||||||||||||||||
Effect of foreign currency rate changes on cash and equivalents | (208) | (32) | (176) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 3,193 | $ | (4,417) | $ | 7,610 |
Nine months ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
Net cash provided by operating activities | $ | 181,530 | $ | 177,723 | $ | 3,807 | ||||||
Net cash used in investing activities | (89,052 | ) | (39,490 | ) | (49,562 | ) | ||||||
Net cash used in financing activities | (95,954 | ) | (134,464 | ) | 38,510 | |||||||
Effect of foreign currency rate changes on cash and equivalents | (54 | ) | 532 | (586 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | $ | (3,530 | ) | $ | 4,301 | $ | (7,831 | ) |
Nine months ended September 30, | ||||||||||||||||||||
2020 | 2019 | Change | ||||||||||||||||||
Capital expenditures analysis: | ||||||||||||||||||||
New outlet center developments and expansions | $ | 1,967 | $ | 6,913 | $ | (4,946) | ||||||||||||||
Major outlet center renovations | 5,217 | 919 | 4,298 | |||||||||||||||||
Second generation tenant allowances | 8,549 | 15,171 | (6,622) | |||||||||||||||||
Other capital expenditures | 7,437 | 15,135 | (7,698) | |||||||||||||||||
23,170 | 38,138 | (14,968) | ||||||||||||||||||
Conversion from accrual to cash basis | (98) | (2,930) | 2,832 | |||||||||||||||||
Additions to rental property-cash basis | $ | 23,072 | $ | 35,208 | $ | (12,136) |
Nine months ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
Capital expenditures analysis: | ||||||||||||
New center developments | $ | 87,376 | $ | 74,441 | $ | 12,935 | ||||||
Major center renovations | 13,813 | 13,908 | (95 | ) | ||||||||
Second generation tenant allowances | 15,815 | 6,963 | 8,852 | |||||||||
Other capital expenditures | 19,791 | 8,576 | 11,215 | |||||||||
136,795 | 103,888 | 32,907 | ||||||||||
Conversion from accrual to cash basis | (4,183 | ) | 8,325 | (12,508 | ) | |||||||
Additions to rental property-cash basis | $ | 132,612 | $ | 112,213 | $ | 20,399 |
Project | Approximate square feet (in 000's) | Projected Total Net Cost per Square Foot (in dollars) | Projected Total Net Cost (in millions) | Costs Incurred to Date (in millions) | Projected Opening | ||||||||||||
New development: | |||||||||||||||||
Fort Worth | 352 | $ | 256 | $ | 90.2 | $ | 74.7 | October 2017 |
Senior unsecured notes financial covenants | Required | Actual | |||||||
Total consolidated debt to adjusted total assets | <60% | % | |||||||
Total secured debt to adjusted total assets | <40% | % | |||||||
Total unencumbered assets to unsecured debt | >150% | % |
Required | Actual | |||||||
Total Liabilities to Total Adjusted Asset Value | <65% (1) | 45 | % | |||||
Secured Indebtedness to Adjusted Unencumbered Asset Value | <35% | 6 | % | |||||
EBITDA to Fixed Charges | >1.5 | 3.4 | ||||||
Total Unsecured Indebtedness to Adjusted Unencumbered Asset Value | <65% (1) | 41 | % | |||||
Unencumbered Interest Coverage Ratio | >1.5 | 3.9 |
Contractual Obligations | Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Debt (1) | $ | 910 | $ | 57,193 | $ | 4,436 | $ | 254,768 | $ | 605,140 | $ | 657,206 | $ | 1,579,653 | ||||||||||||||||||||||||||||||
Interest payments (2) | $ | 16,444 | $ | 50,297 | $ | 48,237 | $ | 47,098 | $ | 33,576 | $ | 48,517 | $ | 244,169 |
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | ||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 6.8 | ||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | 2.4 | |||||||
RioCan Canada | Various | 50.0 | % | 924 | 116.6 | |||||||
Investments included in total assets | $ | 125.8 | ||||||||||
Charlotte(1) | Charlotte, NC | 50.0 | % | 398 | $ | (3.6 | ) | |||||
Galveston/Houston(1) | Texas City, TX | 50.0 | % | 353 | (12.5 | ) | ||||||
Investments included in other liabilities | $ | (16.1 | ) |
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(1) | 85.0 | November 2020 | LIBOR + 1.65% | 7.5 | % | 6.4 | ||||||||||||||||||||||||||
Galveston/Houston (2) | 80.0 | January 2021 | LIBOR + 1.65% | 12.5 | % | 10.0 | ||||||||||||||||||||||||||
National Harbor | 95.0 | January 2030 | 4.63 | % | — | % | — | |||||||||||||||||||||||||
Debt origination costs | (1.1) | |||||||||||||||||||||||||||||||
$ | 358.9 | $ | 16.4 |
Joint Venture | Total Joint Venture Debt | Maturity Date | Interest Rate | Percent Guaranteed by the Operating Partnership | Maximum Guaranteed Amount by the Company | ||||||||||
Charlotte | $ | 90.0 | November 2018 | LIBOR + 1.45% | 5.0 | % | $ | 4.5 | |||||||
Columbus | 85.0 | November 2019 | LIBOR + 1.65% | 7.5 | % | 6.4 | |||||||||
Galveston/Houston(1) | 80.0 | July 2020 | LIBOR + 1.65% | 12.5 | % | 10.0 | |||||||||
National Harbor(2) | 87.0 | November 2019 | LIBOR + 1.65% | 10.0 | % | 8.7 | |||||||||
RioCan Canada(3) | 11.4 | May 2020 | 5.75% | 28.1 | % | 3.2 | |||||||||
Debt origination costs | (2.0 | ) | |||||||||||||
$ | 351.4 | $ | 32.8 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Fee: | ||||||||||||||||
Management and marketing | $ | 564 | $ | 656 | 1,676 | 2,199 | ||||||||||
Development and leasing | 20 | 65 | $ | 87 | $ | 611 | ||||||||||
Loan Guarantee | 4 | 85 | 13 | 449 | ||||||||||||
Total Fees | $ | 588 | $ | 806 | $ | 1,776 | $ | 3,259 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 28,676 | 29,451 | 85,534 | 91,149 | ||||||||||||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,003 | 3,058 | 9,038 | 9,453 | ||||||||||||||||||||||
Impairment charge - consolidated | — | — | 45,675 | — | ||||||||||||||||||||||
Foreign currency loss from sale of joint venture property | — | — | — | 3,641 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | 3,091 | — | ||||||||||||||||||||||
Gain on sale of assets | (2,324) | — | (2,324) | (43,422) | ||||||||||||||||||||||
FFO | 43,074 | 57,318 | 102,724 | 165,928 | ||||||||||||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | — | (190) | (195) | ||||||||||||||||||||||
Allocation of earnings to participating securities | (461) | (481) | (1,153) | (1,502) | ||||||||||||||||||||||
FFO available to common shareholders (1) | $ | 42,613 | $ | 56,837 | $ | 101,381 | $ | 164,231 | ||||||||||||||||||
As further adjusted for: | ||||||||||||||||||||||||||
Compensation related to executive officer retirement (2) | — | — | — | 4,371 | ||||||||||||||||||||||
Impact of above adjustment to the allocation of earnings to participating securities | — | — | — | (35) | ||||||||||||||||||||||
Core FFO available to common shareholders (1) | $ | 42,613 | $ | 56,837 | $ | 101,381 | $ | 168,567 | ||||||||||||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.44 | $ | 0.58 | $ | 1.04 | $ | 1.68 | ||||||||||||||||||
Core FFO available to common shareholders per share - diluted (1) | $ | 0.44 | $ | 0.58 | $ | 1.04 | $ | 1.72 | ||||||||||||||||||
Weighted Average Shares: | ||||||||||||||||||||||||||
Basic weighted average common shares | 92,649 | 92,514 | 92,596 | 92,999 | ||||||||||||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 92,649 | 92,514 | 92,596 | 92,999 | ||||||||||||||||||||||
Exchangeable operating partnership units | 4,911 | 4,960 | 4,911 | 4,960 | ||||||||||||||||||||||
Diluted weighted average common shares (for FFO per share computations) (1) | 97,560 | 97,474 | 97,507 | 97,959 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | |||||||
Adjusted for: | ||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 30,396 | 28,850 | 93,634 | 80,992 | ||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,583 | 4,325 | 10,971 | 15,472 | ||||||||||||
Impairment charges - unconsolidated joint ventures | 9,021 | 2,919 | 9,021 | 2,919 | ||||||||||||
Gain on sale of assets | — | — | (6,943 | ) | (4,887 | ) | ||||||||||
Gain on previously held interests in acquired joint ventures | — | (46,258 | ) | — | (95,516 | ) | ||||||||||
FFO | 26,966 | 62,610 | 145,110 | 177,673 | ||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | (3 | ) | — | (62 | ) | ||||||||||
Allocation of earnings to participating securities | (306 | ) | (539 | ) | (1,346 | ) | (1,675 | ) | ||||||||
FFO available to common shareholders (1) | $ | 26,660 | $ | 62,068 | $ | 143,764 | $ | 175,936 | ||||||||
As further adjusted for: | ||||||||||||||||
Compensation related to director and executive officer terminations(2) | — | 887 | — | 1,180 | ||||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||
Demolition costs | — | 259 | — | 441 | ||||||||||||
Gain on sale of outparcel | — | (1,418 | ) | — | (1,418 | ) | ||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||
Make-whole premium due to early extinguishment of debt (3) | 34,143 | — | 34,143 | — | ||||||||||||
Write-off of debt discount and debt origination costs due to early extinguishment of debt (3) | 1,483 | — | 1,483 | 882 | ||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | (249 | ) | (2 | ) | (254 | ) | (15 | ) | ||||||||
AFFO available to common shareholders (1) | $ | 61,938 | $ | 62,281 | $ | 179,664 | $ | 177,493 | ||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.27 | $ | 0.62 | $ | 1.44 | $ | 1.75 | ||||||||
AFFO available to common shareholders per share - diluted (1) | $ | 0.63 | $ | 0.62 | $ | 1.80 | $ | 1.76 | ||||||||
Weighted Average Shares: | ||||||||||||||||
Basic weighted average common shares | 93,923 | 95,156 | 94,781 | 95,075 | ||||||||||||
Effect of notional units | — | 426 | — | 393 | ||||||||||||
Effect of outstanding options and restricted common shares | — | 90 | 23 | 68 | ||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 93,923 | 95,672 | 94,804 | 95,536 | ||||||||||||
Exchangeable operating partnership units | 5,028 | 5,053 | 5,028 | 5,053 | ||||||||||||
Diluted weighted average common shares (for FFO and AFFO per share computations) (1) | 98,951 | 100,725 | 99,832 | 100,589 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | 42 | (2,329) | 1,490 | (5,604) | ||||||||||||||||||||||
Interest expense | 15,647 | 15,197 | 47,786 | 46,638 | ||||||||||||||||||||||
Gain on sale of assets | (2,324) | — | (2,324) | (43,422) | ||||||||||||||||||||||
Other (income) expense | (161) | (227) | (789) | 2,966 | ||||||||||||||||||||||
Impairment charge | — | — | 45,675 | — | ||||||||||||||||||||||
Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | ||||||||||||||||||||||
Other non-property expense | 704 | 160 | 1,162 | 491 | ||||||||||||||||||||||
Corporate general and administrative expenses | 11,463 | 12,265 | 35,759 | 41,032 | ||||||||||||||||||||||
Non-cash adjustments(1) | 3,913 | (1,729) | 5,032 | (5,829) | ||||||||||||||||||||||
Lease termination fees | (6,323) | (127) | (8,000) | (1,526) | ||||||||||||||||||||||
Portfolio NOI | 66,583 | 78,122 | 175,467 | 232,862 | ||||||||||||||||||||||
Non-same center NOI(2) | 65 | (576) | (398) | (5,610) | ||||||||||||||||||||||
Same Center NOI | $ | 66,648 | $ | 77,546 | $ | 175,069 | $ | 227,252 | ||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | |||||||
Adjusted to exclude: | ||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | 5,893 | (715 | ) | 1,201 | (7,680 | ) | ||||||||||
Interest expense | 16,489 | 15,516 | 49,496 | 44,200 | ||||||||||||
Gain on sale of assets | — | (1,418 | ) | (6,943 | ) | (6,305 | ) | |||||||||
Gain on previously held interests in acquired joint ventures | — | (46,258 | ) | — | (95,516 | ) | ||||||||||
Loss on early extinguishment of debt | 35,626 | — | 35,626 | — | ||||||||||||
Other non-operating (income) expense | (591 | ) | (24 | ) | (683 | ) | (378 | ) | ||||||||
Depreciation and amortization | 30,976 | 29,205 | 95,175 | 82,078 | ||||||||||||
Other non-property (income) expenses | 372 | (47 | ) | 993 | (437 | ) | ||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||
Demolition Costs | — | 259 | — | 441 | ||||||||||||
Corporate general and administrative expenses | 11,020 | 12,076 | 33,499 | 34,989 | ||||||||||||
Non-cash adjustments(1) | (1,020 | ) | (967 | ) | (2,580 | ) | (2,938 | ) | ||||||||
Termination rents | (162 | ) | (1,450 | ) | (2,796 | ) | (3,491 | ) | ||||||||
Portfolio NOI | 82,470 | 79,438 | 241,943 | 224,143 | ||||||||||||
Non-same center NOI(2) | (9,813 | ) | (7,320 | ) | (29,643 | ) | (13,514 | ) | ||||||||
Same Center NOI | $ | 72,657 | $ | 72,118 | $ | 212,300 | $ | 210,629 |
Outlet centers sold: | ||||||||||||||||
Terrell | August 2020 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 15,647 | 15,197 | 47,786 | 46,638 | ||||||||||||||||||||||
Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | ||||||||||||||||||||||
Impairment charge - consolidated | — | — | 45,675 | — | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | 3,091 | — | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect | — | — | — | 3,641 | ||||||||||||||||||||||
Gain on sale of assets | (2,324) | — | (2,324) | (43,422) | ||||||||||||||||||||||
Compensation related to executive officer retirement | — | — | — | 4,371 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 56,945 | $ | 70,109 | $ | 143,904 | $ | 209,344 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net income (loss) | $ | 13,719 | $ | 24,809 | $ | (38,290) | $ | 105,107 | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 15,647 | 15,197 | 47,786 | 46,638 | ||||||||||||||||||||||
Depreciation and amortization | 29,903 | 30,103 | 87,966 | 93,009 | ||||||||||||||||||||||
Impairment charge - consolidated | — | — | 45,675 | — | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | 3,091 | — | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect | — | — | — | 3,641 | ||||||||||||||||||||||
Gain on sale of assets | (2,324) | — | (2,324) | (43,422) | ||||||||||||||||||||||
Pro-rata share of interest expense - unconsolidated joint ventures | 1,512 | 2,029 | 4,995 | 6,165 | ||||||||||||||||||||||
Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 3,003 | 3,057 | 9,038 | 9,400 | ||||||||||||||||||||||
EBITDAre | $ | 61,460 | $ | 75,195 | $ | 157,937 | $ | 220,538 | ||||||||||||||||||
Compensation related to executive officer retirement | — | — | — | 4,371 | ||||||||||||||||||||||
Adjusted EBITDAre | $ | 61,460 | $ | 75,195 | $ | 157,937 | $ | 224,909 |
September 30, 2020 | December 31, 2019 | |||||||||||||
Fair value of debt | $ | 1,565,149 | $ | 1,603,814 | ||||||||||
Recorded value of debt | $ | 1,568,217 | $ | 1,569,773 |
September 30, 2017 | December 31, 2016 | |||||||
Fair value of debt | $ | 1,801,655 | $ | 1,704,644 | ||||
Recorded value of debt | $ | 1,773,981 | $ | 1,687,866 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) | ||||||||||
July 1, 2017 to July 31, 2017 | — | $ | — | — | $ | 85.7 | ||||||||
August 1, 2017 to August 31, 2017 | 413,604 | 24.18 | 413,604 | 75.7 | ||||||||||
September 1, 2017 to September 30, 2017 | — | — | — | 75.7 | ||||||||||
Total | 413,604 | $ | 24.18 | 413,604 | $ | 75.7 |
Exhibit Number | Exhibit Descriptions | ||||||||
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.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 | |||||
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 |