Document

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



	☐	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.

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.

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	5
Consolidated Statements of Operations - for the three and six months ended June 30, 2020 and 2019	6
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2020 and 2019	7
Consolidated Statements of Shareholders’ Equity - for the three and six months ended June 30, 2020 and 2019	8
Consolidated Statements of Cash Flows - for the six months ended June 30, 2020 and 2019	10

FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
Consolidated Balance Sheets - as of June 30, 2020 and December 31, 2019	11
Consolidated Statements of Operations - for the three and six months ended June 30, 2020 and 2019	12
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2020 and 2019	13
Consolidated Statements of Equity - for the three and six months ended June 30, 2020 and 2019	14
Consolidated Statements of Cash Flows - for the six months ended June 30, 2020 and 2019	16

Condensed Notes to Consolidated Financial Statements of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership	17

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

Item 3. Quantitative and Qualitative Disclosures about Market Risk	69

Item 4. Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership)	70

Part II. Other Information

Item 1. Legal Proceedings	71

Item 1A. Risk Factors	71

Item 6. Exhibits	74

Signatures	76

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.

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.

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.

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.



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	)	$	313,511		$	16,472		$	—		$	329,983

	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		$	—		$	456,109
Net income (loss)	—		—			(49,570		)	—			(49,570		)	(2,629		)	190			(52,009		)
Other comprehensive loss	—		—			—			(10,018		)	(10,018		)	(532		)	—			(10,550		)
Compensation under Incentive Award Plan	—		7,421			—			—			7,421			—			—			7,421
Grant of 630,346 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	—		(229		)	—			—			(229		)	229			—			—
Common dividends ($0.7125 per share)	—		—			(66,563		)	—			(66,563		)	—			—			(66,563		)
Distributions to noncontrolling interests	—		—			—			—			—			(3,499		)	(262		)	(3,761		)
Balance, June 30, 2020	$	935	$	781,485		$	(433,396	)	$	(35,513	)	$	313,511		$	16,472		$	—		$	329,983

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

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)



	Six months ended June 30,
	2020			2019
OPERATING ACTIVITIES
Net income (loss)	$	(52,009	)	$	80,298
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,063			62,906
Impairment charge	45,675			—
Amortization of deferred financing costs	1,590			1,497
Gain on sale of assets	—			(43,422		)
Equity in (earnings) losses of unconsolidated joint ventures	1,448			(3,275		)
Equity-based compensation expense	7,219			10,799
Amortization of debt (premiums) and discounts, net	237			220
Amortization (accretion) of market rent rate adjustments, net	411			753
Straight-line rent adjustments	677			(4,886		)
Distributions of cumulative earnings from unconsolidated joint ventures	2,092			3,154
Other non-cash	—			3,638
Changes in other assets and liabilities:
Other assets	(35,587		)	(577		)
Accounts payable and accrued expenses	(15,572		)	(18,384		)
Net cash provided by operating activities	14,244			92,721
INVESTING ACTIVITIES
Additions to rental property	(16,476		)	(22,402		)
Additions to investments in unconsolidated joint ventures	(5,601		)	(1,695		)
Net proceeds from sale of assets	—			128,248
Additions to non-real estate assets	(1,191		)	(480		)
Distributions in excess of cumulative earnings from unconsolidated joint ventures	3,093			12,303
Additions to deferred lease costs	(1,655		)	(4,119		)
Other investing activities	5,009			4,476
Net cash provided by (used) in investing activities	(16,821		)	116,331
FINANCING ACTIVITIES
Cash dividends paid	(66,563		)	(66,368		)
Distributions to noncontrolling interests in Operating Partnership	(3,499		)	(3,496		)
Proceeds from revolving credit facility	634,030			207,500
Repayments of revolving credit facility	(234,200		)	(334,100		)
Repayments of notes, mortgages and loans	(1,758		)	(1,661		)
Repurchase of common shares, including transaction costs	—			(10,000		)
Employee income taxes paid related to shares withheld upon vesting of equity awards	(736		)	(1,781		)
Additions to deferred financing costs	(1,797		)	(65		)
Proceeds from other financing activities	72			36
Payment for other financing activities	(835		)	(805		)
Net cash provided by (used) in financing activities	324,714			(210,740		)
Effect of foreign currency rate changes on cash and cash equivalents	(203		)	(16		)
Net increase (decrease) in cash and cash equivalents	321,934			(1,704		)
Cash and cash equivalents, beginning of period	16,672			9,083