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Section 1: 10-Q (10-Q)

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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2019
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _________ to _________

Commission file number: 1-11986 (Tanger Factory Outlet Centers, Inc.)
Commission file number: 333-3526-01 (Tanger Properties Limited Partnership)

TANGER FACTORY OUTLET CENTERS, INC.
TANGER PROPERTIES LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
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.)
 
 
 
3200 Northline Avenue, Suite 360, Greensboro, NC 27408
(Address of principal executive offices)
(336) 292-3010
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Tanger Factory Outlet Centers, Inc.:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares,
$0.01 par value
SKT
New York Stock Exchange
Tanger Properties Limited Partnership:
None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Tanger Factory Outlet Centers, Inc.
Yes
No
Tanger Properties Limited Partnership
Yes
No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Tanger Factory Outlet Centers, Inc.
Yes
No
Tanger Properties Limited Partnership
Yes
No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Tanger Factory Outlet Centers, Inc.
Large Accelerated Filer
 
Accelerated Filer
Non-accelerated Filer
 
Smaller Reporting Company
 
 
 
Emerging Growth Company
Tanger Properties Limited Partnership
Large Accelerated Filer
 
Accelerated Filer
Non-accelerated Filer
 
Smaller Reporting Company
 
 
 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Tanger Factory Outlet Centers, Inc.
Tanger Properties Limited Partnership

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Tanger Factory Outlet Centers, Inc.
Yes
No
Tanger Properties Limited Partnership
Yes
No


As of October 31, 2019, there were 92,893,338 common shares of Tanger Factory Outlet Centers, Inc. outstanding, $.01 par value.




EXPLANATORY NOTE
This report combines the unaudited quarterly reports on Form 10-Q for the quarter ended September 30, 2019 of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires.

Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (“REIT”) which, through its controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. The outlet centers and other assets are held by, and all of the operations are conducted by, the Operating Partnership and its subsidiaries. Accordingly, the descriptions of the business, employees and properties of the Company are also descriptions of the business, employees and properties of the Operating Partnership. As the Operating Partnership is the issuer of our registered debt securities, we are required to present a separate set of financial statements for this entity.

The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of September 30, 2019, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 92,893,338 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,960,684 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s status as a REIT. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

Management operates the Company and the Operating Partnership as one enterprise. The management of the Company consists of the same members as the management of the Operating Partnership. These individuals are officers of the Company and employees of the Operating Partnership. The individuals that comprise the Company’s Board of Directors are also the same individuals that make up Tanger GP Trust’s Board of Trustees.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:

enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

There are only a few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this report. We believe it is important, however, to understand these differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated consolidated company.

As stated above, the Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership through its wholly-owned subsidiaries, the Tanger GP Trust and Tanger LP Trust. As a result, the Company does not conduct business itself, other than issuing public equity from time to time and incurring expenses required to operate as a public company. However, all operating expenses incurred by the Company are reimbursed by the Operating Partnership, thus the only material item on the Company’s income statement is its equity in the earnings of the Operating Partnership. Therefore, the assets and liabilities and the revenues and expenses of the Company and the Operating Partnership are the same on their respective financial statements, except for immaterial differences related to cash, other assets and accrued liabilities that arise from public company expenses paid by the Company. The Company itself does not hold any indebtedness but does guarantee certain debt of the Operating Partnership, as disclosed in this report.

2




The Operating Partnership holds all of the outlet centers and other assets, including the ownership interests in consolidated and unconsolidated joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by the Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required through its operations, its incurrence of indebtedness or through the issuance of partnership units.

Noncontrolling interests, shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partnership interests in the Operating Partnership held by the Non-Company LPs are accounted for as partners’ capital in the Operating Partnership’s financial statements and as noncontrolling interests in the Company’s financial statements.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections, as applicable, for each of the Company and the Operating Partnership:

Consolidated financial statements;

The following notes to the consolidated financial statements:

Debt of the Company and the Operating Partnership;

Shareholders’ Equity, if applicable, and Partners’ Equity;

Earnings Per Share and Earnings Per Unit;

Accumulated Other Comprehensive Income of the Company and the Operating Partnership;

Liquidity and Capital Resources in the Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

The separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company operates the business through the Operating Partnership.

The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

3



TANGER FACTORY OUTLET CENTERS, INC. AND TANGER PROPERTIES LIMITED PARTNERSHIP
Index
 
Page Number
Part I. Financial Information
Item 1.
 
FINANCIAL STATEMENTS OF TANGER FACTORY OUTLET CENTERS, INC. (Unaudited)
 
Consolidated Balance Sheets - as of September 30, 2019 and December 31, 2018
Consolidated Statements of Operations - for the three and nine months ended September 30, 2019 and 2018
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2019 and 2018
Consolidated Statements of Shareholders’ Equity - for the three and nine months ended September 30, 2019 and 2018
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2019 and 2018
 
 
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of September 30, 2019 and December 31, 2018
Consolidated Statements of Operations - for the three and nine months ended September 30, 2019 and 2018
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2019 and 2018
Consolidated Statements of Equity - for the three and nine months ended September 30, 2019 and 2018
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2019 and 2018
 
 
Condensed Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Item 3. Quantitative and Qualitative Disclosures about Market Risk
 
 
Item 4. Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership)
 
Part II. Other Information
 
 
Item 1. Legal Proceedings
 
 
Item 1A. Risk Factors
 
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
 
Item 5. Other Information
 
 
Item 6. Exhibits
 
 
Signatures

4



PART I. - FINANCIAL INFORMATION

Item 1 - Financial Statements of Tanger Factory Outlet Centers, Inc.

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data, unaudited)
 
 
September 30, 2019
 
December 31, 2018
Assets
 
 

 
 

Rental property:
 
 

 
 

Land
 
$
267,642

 
$
278,428

Buildings, improvements and fixtures
 
2,663,507

 
2,764,649

Construction in progress
 

 
3,102

 
 
2,931,149

 
3,046,179

Accumulated depreciation
 
(991,441
)
 
(981,305
)
Total rental property, net
 
1,939,708

 
2,064,874

Cash and cash equivalents
 
4,664

 
9,083

Investments in unconsolidated joint ventures
 
94,415

 
95,969

Deferred lease costs and other intangibles, net
 
101,373

 
116,874

Operating lease right-of-use assets
 
86,830

 

Prepaids and other assets
 
97,367

 
98,102

Total assets
 
$
2,324,357

 
$
2,384,902

Liabilities and Equity
 
 
 
 
Liabilities
 
 

 
 

Debt:
 
 

 
 

Senior, unsecured notes, net
 
$
1,138,115

 
$
1,136,663

Unsecured term loan, net
 
347,253

 
346,799

Mortgages payable, net
 
84,738

 
87,471

Unsecured lines of credit, net
 
1,817

 
141,985

Total debt
 
1,571,923

 
1,712,918

Accounts payable and accrued expenses
 
73,932

 
82,676

Operating lease liabilities
 
91,683

 

Other liabilities
 
88,619

 
83,773

Total liabilities
 
1,826,157

 
1,879,367

Commitments and contingencies
 


 


Equity
 
 

 
 

Tanger Factory Outlet Centers, Inc.:
 
 

 
 

Common shares, $.01 par value, 300,000,000 shares authorized, 92,893,338 and 93,941,783 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
 
929

 
939

Paid in capital
 
771,868

 
778,845

Accumulated distributions in excess of net income 
 
(272,481
)
 
(272,454
)
Accumulated other comprehensive loss
 
(27,372
)
 
(27,151
)
Equity attributable to Tanger Factory Outlet Centers, Inc.
 
472,944

 
480,179

Equity attributable to noncontrolling interests:
 
 
 
 
Noncontrolling interests in Operating Partnership
 
25,256

 
25,356

Noncontrolling interests in other consolidated partnerships
 

 

Total equity
 
498,200

 
505,535

Total liabilities and equity
 
$
2,324,357

 
$
2,384,902


The accompanying notes are an integral part of these consolidated financial statements.

5



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data, unaudited)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 

 
 
Rental revenues
 
$
115,050

 
$
120,277

 
$
347,389

 
$
357,450

Management, leasing and other services
 
1,356

 
1,239

 
3,943

 
3,580

Other revenues
 
2,588

 
2,720

 
6,524

 
6,452

Total revenues
 
118,994

 
124,236

 
357,856

 
367,482

Expenses:
 
 
 


 
 
 
 

Property operating
 
39,149

 
39,653

 
118,252

 
119,817

General and administrative
 
12,292

 
10,752

 
40,910

 
32,861

Impairment charge
 

 
49,739

 

 
49,739

Depreciation and amortization
 
30,103

 
32,850

 
93,009

 
98,667

Total expenses
 
81,544

 
132,994

 
252,171

 
301,084

Other income (expense):
 
 
 
 
 
 
 
 
Interest expense
 
(15,197
)
 
(16,367
)
 
(46,638
)
 
(48,348
)
Gain on sale of assets
 

 

 
43,422

 

Other income (expense)
 
227

 
261

 
(2,966
)
 
661

Total other income (expense)
 
(14,970
)
 
(16,106
)
 
(6,182
)
 
(47,687
)
Income (loss) before equity in earnings of unconsolidated joint ventures
 
22,480

 
(24,864
)
 
99,503

 
18,711

Equity in earnings of unconsolidated joint ventures
 
2,329

 
1,833

 
5,604

 
6,233

Net income (loss)
 
24,809

 
(23,031
)

105,107


24,944

Noncontrolling interests in Operating Partnership
 
(1,263
)
 
1,172

 
(5,308
)
 
(1,274
)
Noncontrolling interests in other consolidated partnerships
 

 

 
(195
)
 
278

Net income (loss) attributable to Tanger Factory Outlet Centers, Inc.
 
$
23,546

 
$
(21,859
)

$
99,604


$
23,948

 
 
 
 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
0.25

 
$
(0.24
)
 
$
1.06

 
$
0.25

Diluted earnings per common share:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
0.25

 
$
(0.24
)
 
$
1.06

 
$
0.25

 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated financial statements.

6



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss)
 
$
24,809

 
$
(23,031
)
 
$
105,107

 
$
24,944

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(1,051
)
 
1,921

 
6,341

 
(3,176
)
Change in fair value of cash flow hedges
 
(1,011
)
 
512

 
(6,576
)
 
4,095

Other comprehensive income (loss)
 
(2,062
)
 
2,433

 
(235
)
 
919

Comprehensive income (loss)
 
22,747

 
(20,598
)
 
104,872

 
25,863

Comprehensive (income) loss attributable to noncontrolling interests
 
(1,158
)
 
1,048

 
(5,489
)
 
(1,043
)
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc.
 
$
21,589

 
$
(19,550
)
 
$
99,383

 
$
24,820

The accompanying notes are an integral part of these consolidated financial statements.


7



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, 2018
 
$
939

$
770,877

$
(204,506
)
$
(20,722
)
$
546,588

$
29,076

$

$
575,664

Net loss
 


(21,859
)

(21,859
)
(1,172
)

(23,031
)
Other comprehensive income
 



2,309

2,309

124


2,433

Compensation under Incentive Award Plan
 

4,058



4,058



4,058

Adjustment for noncontrolling interests in Operating Partnership
 

(211
)


(211
)
211



Common dividends
($0.35 per share)
 


(32,893
)

(32,893
)


(32,893
)
Distributions to noncontrolling interests
 





(1,748
)

(1,748
)
Balance, September 30, 2018
 
$
939

$
774,724

$
(259,258
)
$
(18,413
)
$
497,992

$
26,491

$

$
524,483

 
 
 
 
 
 
 
 
 
 
 
 
Common shares
Paid in capital
Accumulated distributions in excess of earnings
Accumulated other comprehensive loss
Equity attributable to Tanger Factory Outlet Centers, Inc.
Noncontrolling interests in Operating Partnership
Noncontrolling
interests in
other consolidated partnerships
Total
 equity
Balance,
December 31, 2017
 
$
946

$
784,782

$
(184,865
)
$
(19,285
)
$
581,578

$
30,724

$

$
612,302

Net income
 


23,948


23,948

1,274

(278
)
24,944

Other comprehensive income
 



872

872

47


919

Compensation under Incentive Award Plan
 

11,654



11,654



11,654

Grant of 355,184 restricted common share awards, net of forfeitures
 
3

(3
)






Repurchase of 919,249 common shares, including transaction costs
 
(9
)
(19,989
)


(19,998
)


(19,998
)
Withholding of 89,437 common shares for employee income taxes
 
(1
)
(2,067
)


(2,068
)


(2,068
)
Contributions from noncontrolling interests
 






445

445

Adjustment for noncontrolling interests in Operating Partnership
 

347



347

(347
)


Common dividends
($1.0425 per share)
 


(98,341
)

(98,341
)


(98,341
)
Distributions to noncontrolling interests
 





(5,207
)
(167
)
(5,374
)
Balance, September 30, 2018
 
$
939

$
774,724

$
(259,258
)
$
(18,413
)
$
497,992

$
26,491

$

$
524,483

 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 













8



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, 2019
 
$
935

$
778,026

$
(262,764
)
$
(25,415
)
$
490,782

$
26,026

$

$
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

$

$
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

$

$
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

$

$
498,200




The accompanying notes are an integral part of these consolidated financial statements.

9



TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
 
 
Nine months ended September 30,
 
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
 

Net income
 
$
105,107

 
$
24,944

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
93,009

 
98,667

Impairment charge
 

 
49,739

Amortization of deferred financing costs
 
2,246

 
2,280

Gain on sale of assets
 
(43,422
)
 

Equity in earnings of unconsolidated joint ventures
 
(5,604
)
 
(6,233
)
Equity-based compensation expense
 
14,371

 
10,814

Amortization of debt (premiums) and discounts, net
 
333

 
309

Amortization (accretion) of market rent rate adjustments, net
 
1,067

 
1,980

Straight-line rent adjustments
 
(6,938
)
 
(4,744
)
Distributions of cumulative earnings from unconsolidated joint ventures
 
5,305

 
6,081

Other non-cash
 
3,638

 

Changes in other assets and liabilities:
 
 
 
 
Other assets
 
(338
)
 
(406
)
Accounts payable and accrued expenses
 
(9,805
)
 
(3,471
)
Net cash provided by operating activities
 
158,969

 
179,960

INVESTING ACTIVITIES
 
 
 
 
Additions to rental property
 
(35,208
)
 
(53,349
)
Additions to investments in unconsolidated joint ventures
 
(2,074
)
 
(1,764
)
Net proceeds from sale of assets
 
128,505

 

Additions to non-real estate assets
 
(819
)
 
(1,203
)
Distributions in excess of cumulative earnings from unconsolidated joint ventures
 
14,541

 
16,656

Additions to deferred lease costs
 
(5,207
)
 
(5,220
)
Other investing activities
 
8,205

 
8,065

Net cash provided by (used) in investing activities
 
107,943

 
(36,815
)
FINANCING ACTIVITIES
 
 
 
 
Cash dividends paid
 
(99,631
)
 
(98,341
)
Distributions to noncontrolling interests in Operating Partnership
 
(5,257
)
 
(5,207
)
Proceeds from revolving credit facility
 
275,400

 
391,900

Repayments of revolving credit facility
 
(416,400
)
 
(396,900
)
Repayments of notes, mortgages and loans
 
(2,509
)
 
(10,971
)
Repurchase of common shares, including transaction costs
 
(20,000
)
 
(19,998
)
Employee income taxes paid related to shares withheld upon vesting of equity awards
 
(1,781
)
 
(2,068
)
Additions to deferred financing costs
 
(65
)
 
(2,615
)
Proceeds from other financing activities
 
47

 
445

Payment for other financing activities
 
(1,103
)
 
(1,027
)
Net cash used in financing activities
 
(271,299
)
 
(144,782
)
Effect of foreign currency rate changes on cash and cash equivalents
 
(32
)
 
(60
)
Net decrease in cash and cash equivalents
 
(4,419
)
 
(1,697
)
Cash and cash equivalents, beginning of period
 
9,083

 
6,101

Cash and cash equivalents, end of period
 
$
4,664

 
$
4,404

The accompanying notes are an integral part of these consolidated financial statements.

10



Item 1 - Financial Statements of Tanger Properties Limited Partnership

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except unit data, unaudited)
 
 
September 30, 2019
 
December 31, 2018
Assets
 
 

 
 

Rental property:
 
 

 
 

Land
 
$
267,642

 
$
278,428

Buildings, improvements and fixtures
 
2,663,507

 
2,764,649

Construction in progress
 

 
3,102