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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, 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 classTrading Symbol(s)Name of each exchange on which registered
Common Shares,
$0.01 par value 		SKTNew 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 PartnershipYes☒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 PartnershipYes☒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 PartnershipYes☐No☒


As of November 2, 2020, there were 93,453,271 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, 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 September 30, 2020, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 93,453,271 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 September 30, 2020 and December 31, 2019
Consolidated Statements of Operations - for the three and nine months ended September 30, 2020 and 2019
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2020 and 2019
Consolidated Statements of Shareholders’ Equity - for the three and nine months ended September 30, 2020 and 2019
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2020 and 2019
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of September 30, 2020 and December 31, 2019
Consolidated Statements of Operations - for the three and nine months ended September 30, 2020 and 2019
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2020 and 2019
Consolidated Statements of Equity - for the three and nine months ended September 30, 2020 and 2019
Consolidated Statements of Cash Flows - for the nine months ended September 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)
September 30, 2020December 31, 2019
Assets  
Rental property:  
Land$266,014 $266,537 
Buildings, improvements and fixtures2,545,111 2,630,357 
 2,811,125 2,896,894 
Accumulated depreciation(1,034,670)(1,009,951)
Total rental property, net1,776,455 1,886,943 
Cash and cash equivalents19,793 16,672 
Investments in unconsolidated joint ventures92,537 94,691 
Deferred lease costs and other intangibles, net88,183 96,712 
Operating lease right-of-use assets83,210 86,575 
Prepaids and other assets125,297 103,618 
Total assets$2,185,475 $2,285,211 
Liabilities and Equity  
Liabilities  
Debt:  
Senior, unsecured notes, net$1,140,080 $1,138,603 
Unsecured term loan, net347,213 347,367 
Mortgages payable, net80,924 83,803 
Unsecured lines of credit, net— — 
Total debt1,568,217 1,569,773 
Accounts payable and accrued expenses85,712 79,562 
Operating lease liabilities90,566 91,237 
Other liabilities91,495 88,530 
Total liabilities1,835,990 1,829,102 
Commitments and contingencies
Equity  
Tanger Factory Outlet Centers, Inc.:  
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 capital783,815 775,035 
Accumulated distributions in excess of net income (420,367)(317,263)
Accumulated other comprehensive loss(32,347)(25,495)
Equity attributable to Tanger Factory Outlet Centers, Inc.332,036 433,206 
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership17,449 22,903 
Noncontrolling interests in other consolidated partnerships— — 
Total equity349,485 456,109 
Total liabilities and equity$2,185,475 $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 September 30,Nine months ended September 30,
 2020201920202019
Revenues:  
Rental revenues$100,251 $115,050 $271,082 $347,389 
Management, leasing and other services1,194 1,356 3,362 3,943 
Other revenues1,768 2,588 4,392 6,524 
Total revenues103,213 118,994 278,836 357,856 
Expenses: 
Property operating35,206 39,149 101,991 118,252 
General and administrative11,181 12,292 35,331 40,910 
Impairment charge— — 45,675 — 
Depreciation and amortization29,903 30,103 87,966 93,009 
Total expenses76,290 81,544 270,963 252,171 
Other income (expense):
Interest expense(15,647)(15,197)(47,786)(46,638)
Gain on sale of assets2,324 — 2,324 43,422 
Other income (expense)161 227 789 (2,966)
Total other income (expense)(13,162)(14,970)(44,673)(6,182)
Income (loss) before equity in earnings of unconsolidated joint ventures13,761 22,480 (36,800)99,503 
Equity in earnings (losses) of unconsolidated joint ventures(42)2,329 (1,490)5,604 
Net income (loss)13,719 24,809 (38,290)105,107 
Noncontrolling interests in Operating Partnership(690)(1,263)1,939 (5,308)
Noncontrolling interests in other consolidated partnerships— — (190)(195)
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc.$13,029 $23,546 $(36,541)$99,604 
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 
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,
 2020201920202019
Net income (loss)$13,719 $24,809 $(38,290)$105,107 
Other comprehensive income (loss):
Foreign currency translation adjustments1,870 (1,051)(2,506)6,341 
Change in fair value of cash flow hedges1,463 (1,011)(4,711)(6,576)
Other comprehensive income (loss)3,333 (2,062)(7,217)(235)
Comprehensive income (loss)17,052 22,747 (45,507)104,872 
Comprehensive (income) loss attributable to noncontrolling interests(857)(1,158)2,114 (5,489)
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc.$16,195 $21,589 $(43,393)$99,383 
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 sharesPaid in capitalAccumulated distributions in excess of earningsAccumulated other comprehensive lossEquity attributable to Tanger Factory Outlet Centers, Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
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 sharesPaid in capitalAccumulated distributions in excess of earningsAccumulated other comprehensive lossEquity attributable to Tanger Factory Outlet Centers, Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
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.

8

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except share and per share data, unaudited)
Common sharesPaid in capitalAccumulated distributions in excess of earningsAccumulated other comprehensive lossEquity attributable to Tanger Factory Outlet Centers, Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
interests in
other consolidated partnerships		Total
equity
Balance,
June 30, 2020		$935 $781,485 $(433,396)$(35,513)$313,511 $16,472 $— $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 $— $349,485 
Common sharesPaid in capitalAccumulated distributions in excess of earningsAccumulated other comprehensive lossEquity attributable to Tanger Factory Outlet Centers, Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
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)— — (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 $— $349,485 

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,
 20202019
OPERATING ACTIVITIES  
Net income (loss)$(38,290)$105,107 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization87,966 93,009 
Impairment charge45,675 — 
Amortization of deferred financing costs2,586 2,246 
Gain on sale of assets (2,324)(43,422)
Equity in (earnings) losses of unconsolidated joint ventures1,490 (5,604)
Equity-based compensation expense9,566 14,371 
Amortization of debt (premiums) and discounts, net359 333 
Amortization (accretion) of market rent rate adjustments, net2,560 1,067 
Straight-line rent adjustments including write offs due to tenant bankruptcies and uncollectible accounts2,418 (6,938)
Distributions of cumulative earnings from unconsolidated joint ventures2,309 5,305 
Uncollectible rental revenue allowance
26,573 965 
Other non-cash— 3,638 
Changes in other assets and liabilities:
Other assets(49,822)(1,303)
Accounts payable and accrued expenses895 (9,805)
Net cash provided by operating activities91,961 158,969 
INVESTING ACTIVITIES
Additions to rental property(23,072)(35,208)
Additions to investments in unconsolidated joint ventures(5,601)(2,074)
Net proceeds from sale of assets 7,626 128,505 
Additions to non-real estate assets(1,541)(819)
Distributions in excess of cumulative earnings from unconsolidated joint ventures4,717 14,541 
Additions to deferred lease costs(2,755)(5,207)
Other investing activities8,339 8,205 
Net cash provided by (used in) investing activities(12,287)107,943 
FINANCING ACTIVITIES
Cash dividends paid(66,563)(99,631)
Distributions to noncontrolling interests in Operating Partnership(3,499)(5,257)
Proceeds from revolving credit facility641,630 275,400 
Repayments of revolving credit facility(641,630)(416,400)
Repayments of notes, mortgages and loans(2,656)(2,509)
Repurchase of common shares, including transaction costs— (20,000)
Employee income taxes paid related to shares withheld upon vesting of equity awards(736)(1,781)
Additions to deferred financing costs(1,841)(65)
Proceeds from other financing activities72 47 
Payment for other financing activities(1,122)(1,103)
Net cash used in financing activities(76,345)(271,299)
Effect of foreign currency rate changes on cash and cash equivalents(208)(32)
Net increase (decrease) in cash and cash equivalents3,121 (4,419)
Cash and cash equivalents, beginning of period16,672 9,083 
Cash and cash equivalents, end of period$19,793 $4,664 
The accompanying notes are an integral part of these consolidated financial statements.
10

Item 1 - Financial Statements of Tanger Properties Limited Partnership

11

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except unit data, unaudited)
September 30, 2020December 31, 2019
Assets  
Rental property:  
Land$266,014 $266,537 
Buildings, improvements and fixtures2,545,111 2,630,357 
2,811,125 2,896,894 
Accumulated depreciation(1,034,670)(1,009,951)
Total rental property, net1,776,455 1,886,943 
Cash and cash equivalents19,712 16,519 
Investments in unconsolidated joint ventures92,537 94,691 
Deferred lease costs and other intangibles, net88,183 96,712 
Operating lease right-of-use assets83,210 86,575 
Prepaids and other assets125,130 103,374 
Total assets$2,185,227 $2,284,814 
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net$1,140,080 $1,138,603 
Unsecured term loan, net347,213 347,367 
Mortgages payable, net80,924 83,803 
Unsecured lines of credit, net— — 
Total debt1,568,217 1,569,773 
Accounts payable and accrued expenses85,464 79,165 
Operating lease liabilities90,566 91,237 
Other liabilities91,495 88,530 
Total liabilities1,835,742 1,828,705 
Commitments and contingencies
Equity
Partners’ Equity:
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
380,259 478,562 
Accumulated other comprehensive loss(34,105)(26,888)
Total partners’ equity349,485 456,109 
Noncontrolling interests in consolidated partnerships— — 
Total equity349,485 456,109 
Total liabilities and equity$2,185,227 $2,284,814 
The accompanying notes are an integral part of these consolidated financial statements.
12

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data, unaudited)
Three months ended September 30,Nine months ended September 30,
 2020201920202019
Revenues:  
Rental revenues$100,251 $115,050 $271,082 $347,389 
Management, leasing and other services1,194 1,356 3,362 3,943