Company Quick10K Filing
Tanger Factory Outlet Centers
Price15.79 EPS1
Shares98 P/E12
MCap1,547 P/FCF10
Net Debt1,602 EBIT172
TEV3,149 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-29 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-08-05 Earnings, Regulation FD, Exhibits
8-K 2020-07-20 Officers
8-K 2020-06-11
8-K 2020-06-05
8-K 2020-05-15
8-K 2020-05-11
8-K 2020-04-28
8-K 2020-04-06
8-K 2020-03-31
8-K 2020-01-27
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-07-29
8-K 2019-06-04
8-K 2019-05-17
8-K 2019-05-06
8-K 2019-02-13
8-K 2018-11-01
8-K 2018-10-25
8-K 2018-07-30
8-K 2018-05-18
8-K 2018-05-01
8-K 2018-04-12
8-K 2018-02-13
8-K 2018-01-09

SKT 10Q Quarterly Report

Part I. - Financial Information
Item 1 - Financial Statements of Tanger Factory Outlet Centers, Inc.
Item 1 - Financial Statements of 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
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 skt10q06302020ex311.htm
EX-31.2 skt10q06302020ex312.htm
EX-31.3 skt10q06302020ex313.htm
EX-31.4 skt10q06302020ex314.htm
EX-32.1 skt10q06302020ex321.htm
EX-32.2 skt10q06302020ex322.htm
EX-32.3 skt10q06302020ex323.htm
EX-32.4 skt10q06302020ex324.htm

Tanger Factory Outlet Centers Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.62.11.61.00.50.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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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 June 30, 2020
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) (Zip Code)
(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 July 31, 2020, there were 93,472,267 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 June 30, 2020 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 June 30, 2020, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 93,472,267 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,911,173 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 June 30, 2020 and December 31, 2019
Consolidated Statements of Operations - for the three and six months ended June 30, 2020 and 2019
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2020 and 2019
Consolidated Statements of Shareholders’ Equity - for the three and six months ended June 30, 2020 and 2019
Consolidated Statements of Cash Flows - for the six months ended June 30, 2020 and 2019
 
 
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of June 30, 2020 and December 31, 2019
Consolidated Statements of Operations - for the three and six months ended June 30, 2020 and 2019
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2020 and 2019
Consolidated Statements of Equity - for the three and six months ended June 30, 2020 and 2019
Consolidated Statements of Cash Flows - for the six months ended June 30, 2020 and 2019
 
 
Condensed Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership
 
 
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Item 3. Quantitative and Qualitative Disclosures about Market Risk
 
 
Item 4. Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership)
 
Part II. Other Information
 
 
Item 1. Legal Proceedings
 
 
Item 1A. Risk Factors
 
 
Item 6. Exhibits
 
 
Signatures

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)
 
 
June 30, 2020
 
December 31, 2019
Assets
 
 

 
 

Rental property:
 
 

 
 

Land
 
$
266,537

 
$
266,537

Buildings, improvements and fixtures
 
2,571,971

 
2,630,357

 
 
2,838,508

 
2,896,894

Accumulated depreciation
 
(1,032,784
)
 
(1,009,951
)
Total rental property, net
 
1,805,724

 
1,886,943

Cash and cash equivalents
 
338,606

 
16,672

Investments in unconsolidated joint ventures
 
92,150

 
94,691

Deferred lease costs and other intangibles, net
 
94,757

 
96,712

Operating lease right-of-use assets
 
83,489

 
86,575

Prepaids and other assets
 
149,066

 
103,618

Total assets
 
$
2,563,792

 
$
2,285,211

Liabilities and Equity
 
 
 
 
Liabilities
 
 

 
 

Debt:
 
 

 
 

Senior, unsecured notes, net
 
$
1,139,585

 
$
1,138,603

Unsecured term loan, net
 
347,003

 
347,367

Mortgages payable, net
 
81,897

 
83,803

Unsecured lines of credit, net
 
397,407

 

Total debt
 
1,965,892

 
1,569,773

Accounts payable and accrued expenses
 
70,895

 
79,562

Operating lease liabilities
 
90,793

 
91,237

Other liabilities
 
106,229

 
88,530

Total liabilities
 
2,233,809

 
1,829,102

Commitments and contingencies
 


 


Equity
 
 

 
 

Tanger Factory Outlet Centers, Inc.:
 
 

 
 

Common shares, $.01 par value, 300,000,000 shares authorized, 93,472,267 and 92,892,260 shares issued and outstanding at June 30, 2020 and December 31 2019, respectively
 
935

 
929

Paid in capital
 
781,485

 
775,035

Accumulated distributions in excess of net income 
 
(433,396
)
 
(317,263
)
Accumulated other comprehensive loss
 
(35,513
)
 
(25,495
)
Equity attributable to Tanger Factory Outlet Centers, Inc.
 
313,511

 
433,206

Equity attributable to noncontrolling interests:
 
 
 
 
Noncontrolling interests in Operating Partnership
 
16,472

 
22,903

Noncontrolling interests in other consolidated partnerships
 

 

Total equity
 
329,983

 
456,109

Total liabilities and equity
 
$
2,563,792

 
$
2,285,211


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 June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 

 
 
Rental revenues
 
$
62,273

 
$
112,385

 
$
170,831

 
$
232,339

Management, leasing and other services
 
725

 
1,245

 
2,168

 
2,587

Other revenues
 
992

 
2,077

 
2,624

 
3,936

Total revenues
 
63,990

 
115,707

 
175,623

 
238,862

Expenses:
 
 
 


 
 
 
 

Property operating
 
28,158

 
36,726

 
66,785

 
79,103

General and administrative
 
11,566

 
16,473

 
24,150

 
28,618

Impairment charge
 

 

 
45,675

 

Depreciation and amortization
 
28,646

 
31,146

 
58,063

 
62,906

Total expenses
 
68,370

 
84,345

 
194,673

 
170,627

Other income (expense):
 
 
 
 
 
 
 
 
Interest expense
 
(16,943
)
 
(15,134
)
 
(32,139
)
 
(31,441
)
Gain on sale of assets
 

 

 

 
43,422

Other income (expense)
 
408

 
(3,417
)
 
628

 
(3,193
)
Total other income (expense)
 
(16,535
)
 
(18,551
)
 
(31,511
)
 
8,788

Income (loss) before equity in earnings of unconsolidated joint ventures
 
(20,915
)
 
12,811

 
(50,561
)
 
77,023

Equity in earnings (losses) of unconsolidated joint ventures
 
(2,975
)
 
1,646

 
(1,448
)
 
3,275

Net income (loss)
 
(23,890
)
 
14,457


(52,009
)

80,298

Noncontrolling interests in Operating Partnership
 
1,202

 
(730
)
 
2,629

 
(4,045
)
Noncontrolling interests in other consolidated partnerships
 

 

 
(190
)
 
(195
)
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc.
 
$
(22,688
)
 
$
13,727


$
(49,570
)

$
76,058

 
 
 
 
 
 
 
 
 
Basic earnings per common share:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(0.25
)
 
$
0.15

 
$
(0.54
)
 
$
0.81

Diluted earnings per common share:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(0.25
)
 
$
0.15

 
$
(0.54
)
 
$
0.81

 
 
 
 
 
 
 
 
 
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 June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Net income (loss)
 
$
(23,890
)
 
$
14,457

 
$
(52,009
)
 
$
80,298

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
3,357

 
5,443

 
(4,376
)
 
7,392

Change in fair value of cash flow hedges
 
(498
)
 
(3,613
)
 
(6,174
)
 
(5,565
)
Other comprehensive income (loss)
 
2,859

 
1,830

 
(10,550
)
 
1,827

Comprehensive income (loss)
 
(21,031
)
 
16,287

 
(62,559
)
 
82,125

Comprehensive (income) loss attributable to noncontrolling interests
 
1,058

 
(822
)
 
2,971

 
(4,331
)
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc.
 
$
(19,973
)
 
$
15,465

 
$
(59,588
)
 
$
77,794

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, March 31, 2019
 
$
941

$
780,936

$
(276,491
)
$
(27,153
)
$
478,233

$
25,210

$

$
503,443

Net income
 


13,727


13,727

730


14,457

Other comprehensive income
 



1,738

1,738

92


1,830

Compensation under Incentive Award Plan
 

7,078



7,078



7,078

Repurchase of 558,399 common shares, including transaction costs
 
(6
)
(9,994
)


(10,000
)


(10,000
)
Contributions from noncontrolling interests
 






18

18

Adjustment for noncontrolling interests in Operating Partnership
 

6



6

(6
)


Distributions to noncontrolling interests
 






(18
)
(18
)
Balance, June 30, 2019
 
$
935

$
778,026

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

$
26,026

$

$
516,808

 
 
 
 
 
 
 
 
 
 
 
 
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
 


76,058


76,058

4,045

195

80,298

Other comprehensive income
 



1,736

1,736

91


1,827

Compensation under Incentive Award Plan
 

10,988



10,988



10,988

Grant of 242,167 restricted common share awards, net of forfeitures
 
3

(3
)






Repurchase of 558,399 common shares, including transaction costs
 
(6
)
(9,994
)


(10,000
)


(10,000
)
Withholding of 81,284 common shares for employee income taxes
 
(1
)
(1,780
)


(1,781
)


(1,781
)
Contributions from noncontrolling interests
 






36

36

Adjustment for noncontrolling interests in Operating Partnership
 

(30
)


(30
)
30



Common dividends
($0.705 per share)
 


(66,368
)

(66,368
)


(66,368
)
Distributions to noncontrolling interests
 





(3,496
)
(231
)
(3,727
)
Balance, June 30, 2019
 
$
935

$
778,026

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

$
26,026

$

$
516,808

 
 
 
 
 
 
 
 
 
 





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, March 31, 2020
 
$
931

$
778,062

$
(410,532
)
$
(38,228
)
$
330,233

$
17,425

$

$
347,658

Net loss
 


(22,688
)

(22,688
)
(1,202
)

(23,890
)
Other comprehensive income
 



2,715

2,715

144


2,859

Compensation under Incentive Award Plan
 

3,532



3,532



3,532

Issuance of 6,258 deferred shares
 








Grant of 389,308 restricted common share awards, net of forfeitures
 
4

(4
)






Adjustment for noncontrolling interests in Operating Partnership
 

(105
)


(105
)
105



Common dividends
 


(176
)

(176
)


(176
)
Balance, June 30, 2020
 
$
935

$
781,485

$
(433,396
)
$
(35,513
)
$
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