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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, 2021
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.YesNo
Tanger Properties Limited PartnershipYesNo

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.YesNo
Tanger Properties Limited PartnershipYesNo

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 FilerAccelerated Filer
Non-accelerated Filer Smaller Reporting Company
Emerging Growth Company
Tanger Properties Limited Partnership
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller 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.YesNo
Tanger Properties Limited PartnershipYesNo


As of July 30, 2021, there were 103,957,262 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, 2021 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, 2021, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 103,620,580 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,794,643 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, 2021 and December 31, 2020
Consolidated Statements of Operations - for the three and six months ended June 30, 2021 and 2020
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2021 and 2020
Consolidated Statements of Shareholders’ Equity - for the three and six months ended June 30, 2021 and 2020
Consolidated Statements of Cash Flows - for the six months ended June 30, 2021 and 2020
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of June 30, 2021 and December 31, 2020
Consolidated Statements of Operations - for the three and six months ended June 30, 2021 and 2020
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2021 and 2020
Consolidated Statements of Shareholders’ Equity - for the three and six months ended June 30, 2021 and 2020
Consolidated Statements of Cash Flows - for the six months ended June 30, 2021 and 2020
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, 2021December 31, 2020
Assets  
Rental property:  
Land$265,714 $265,968 
Buildings, improvements and fixtures2,522,600 2,527,404 
 2,788,314 2,793,372 
Accumulated depreciation(1,102,800)(1,054,993)
Total rental property, net1,685,514 1,738,379 
Cash and cash equivalents107,612 84,832 
Investments in unconsolidated joint ventures88,868 94,579 
Deferred lease costs and other intangibles, net79,425 84,960 
Operating lease right-of-use assets80,942 81,499 
Prepaids and other assets88,721 105,282 
Total assets$2,131,082 $2,189,531 
Liabilities and Equity  
Liabilities  
Debt:  
Senior, unsecured notes, net$992,592 $1,140,576 
Unsecured term loan, net298,106 347,370 
Mortgages payable, net77,904 79,940 
Unsecured lines of credit  
Total debt1,368,602 1,567,886 
Accounts payable and accrued expenses70,328 88,253 
Operating lease liabilities89,619 90,105 
Other liabilities79,048 84,404 
Total liabilities1,607,597 1,830,648 
Commitments and contingencies
Equity  
Tanger Factory Outlet Centers, Inc.:  
Common shares, $0.01 par value, 300,000,000 shares authorized, 103,620,580 and 93,569,801 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
1,036 936 
Paid in capital966,409 787,143 
Accumulated distributions in excess of net income (448,368)(420,104)
Accumulated other comprehensive loss(18,743)(26,585)
Equity attributable to Tanger Factory Outlet Centers, Inc.500,334 341,390 
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership23,151 17,493 
Noncontrolling interests in other consolidated partnerships  
Total equity523,485 358,883 
Total liabilities and equity$2,131,082 $2,189,531 

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,
 2021202020212020
Revenues:  
Rental revenues$96,824 $62,273 $194,291 $170,831 
Management, leasing and other services1,359 725 2,731 2,168 
Other revenues3,090 992 4,945 2,624 
Total revenues101,273 63,990 201,967 175,623 
Expenses: 
Property operating31,250 28,158 66,561 66,785 
General and administrative15,700 11,566 32,493 24,150 
Impairment charge   45,675 
Depreciation and amortization27,732 28,646 55,882 58,063 
Total expenses74,682 68,370 154,936 194,673 
Other income (expense):
Interest expense(13,338)(16,943)(27,700)(32,139)
Loss on early extinguishment of debt(14,039) (14,039) 
Other income (expense)654 408 (2,851)628 
Total other income (expense)(26,723)(16,535)(44,590)(31,511)
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures(132)(20,915)2,441 (50,561)
Equity in earnings (losses) of unconsolidated joint ventures2,728 (2,975)4,497 (1,448)
Net income (loss)2,596 (23,890)6,938 (52,009)
Noncontrolling interests in Operating Partnership(118)1,202 (327)2,629 
Noncontrolling interests in other consolidated partnerships   (190)
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc.$2,478 $(22,688)$6,611 $(49,570)
Basic earnings per common share:
Net income (loss)$0.02 $(0.25)$0.06 $(0.54)
Diluted earnings per common share:
Net income (loss)$0.02 $(0.25)$0.06 $(0.54)
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,
 2021202020212020
Net income (loss)$2,596 $(23,890)$6,938 $(52,009)
Other comprehensive income (loss):
Foreign currency translation adjustments1,365 3,357 6,004 (4,376)
Change in fair value of cash flow hedges237 (498)2,235 (6,174)
Other comprehensive income (loss)1,602 2,859 8,239 (10,550)
Comprehensive income (loss)4,198 (21,031)15,177 (62,559)
Comprehensive (income) loss attributable to noncontrolling interests(195)1,058 (724)2,971 
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc.$4,003 $(19,973)$14,453 $(59,588)
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,
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 
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 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)— — (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)— — — — — — 
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.

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,
March 31, 2021
$1,008 $913,236 $(432,895)$(20,268)$461,081 $21,933 $ $483,014 
Net income— — 2,478 — 2,478 118 — 2,596 
Other comprehensive income— — — 1,525 1,525 77 — 1,602 
Compensation under Incentive Award Plan— 2,765 — — 2,765 — — 2,765 
Issuance of 15,500 common shares upon exercise of options
— 89 — — 89 — — 89 
Issuance of 2,810,503 common shares
28 52,193 — — 52,221 — — 52,221 
Adjustment for noncontrolling interests in Operating Partnership— (1,874)— — (1,874)1,874 — — 
Common dividends ($0.1775 per share)
— — (17,951)— (17,951)— — (17,951)
Distributions to noncontrolling interests— — — — — (851)— (851)
Balance,
June 30, 2021
$1,036 $966,409 $(448,368)$(18,743)$500,334 $23,151 $ $523,485 
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, 2020
$936 $787,143 $(420,104)$(26,585)$341,390 $17,493 $ $358,883 
Net income — — 6,611 — 6,611 327 — 6,938 
Other comprehensive income— — — 7,842 7,842 397 — 8,239 
Compensation under Incentive Award Plan— 6,674 — — 6,674 — — 6,674 
Issuance of 15,500 common shares upon exercise of options
— 89 — — 89 — — 89 
Grant of 469,675 restricted common share awards, net of forfeitures
5 (5)— — — — — — 
Issuance of 9,677,581 common shares
96 180,780 — — 180,876 — — 180,876 
Withholding of 111,977 common shares for employee income taxes
(1)(1,636)— — (1,637)— — (1,637)
Adjustment for noncontrolling interests in Operating Partnership— (6,636)— — (6,636)6,636 — — 
Common dividends
($0.3550 per share)
— — (34,875)— (34,875)— — (34,875)
Distributions to noncontrolling interests— — — — — (1,702)— (1,702)
Balance,
June 30, 2021
$1,036 $966,409 $(448,368)$(18,743)$500,334 $23,151 $ $523,485 

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)
Six months ended June 30,
 20212020
OPERATING ACTIVITIES  
Net income (loss)$6,938 $(52,009)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization55,882 58,063 
Impairment charge 45,675 
Amortization of deferred financing costs2,320 1,590 
Loss on early extinguishment of debt14,039  
Equity in (earnings) losses of unconsolidated joint ventures(4,497)1,448 
Equity-based compensation expense6,608 7,219 
Amortization of debt (premiums) and discounts, net210 237 
Amortization (accretion) of market rent rate adjustments, net25 411 
Straight-line rent adjustments1,521 677 
Distributions of cumulative earnings from unconsolidated joint ventures4,774 2,092 
Other non-cash3,638  
Changes in other assets and liabilities:
Other assets12,619 (35,587)
Accounts payable and accrued expenses(12,472)(15,572)
Net cash provided by operating activities91,605 14,244 
INVESTING ACTIVITIES
Additions to rental property(11,836)(16,476)
Additions to investments in unconsolidated joint ventures(7,000)(5,601)
Net proceeds from sale of assets 8,129  
Additions to non-real estate assets(781)(1,191)
Distributions in excess of cumulative earnings from unconsolidated joint ventures13,364 3,093 
Additions to deferred lease costs(4,562)(1,655)
Other investing activities6,695 5,009 
Net cash provided by (used in) investing activities4,009 (16,821)
FINANCING ACTIVITIES
Cash dividends paid(34,875)(66,563)
Distributions to noncontrolling interests in Operating Partnership(1,702)(3,499)
Proceeds from revolving credit facility 634,030 
Repayments of revolving credit facility (234,200)
Repayments of notes, mortgages and loans(201,861)(1,758)
Payment of make-whole premium related to early extinguishment of debt(12,954) 
Employee income taxes paid related to shares withheld upon vesting of equity awards(1,637)(736)
Additions to deferred financing costs(123)(1,797)
Proceeds from exercise of options89  
Proceeds from common share offering180,876  
Proceeds from other financing activities 72 
Payment for other financing activities(574)(835)
Net cash provided by (used in) financing activities(72,761)324,714 
Effect of foreign currency rate changes on cash and cash equivalents(73)(203)
Net increase in cash and cash equivalents22,780 321,934 
Cash and cash equivalents, beginning of period84,832 16,672 
Cash and cash equivalents, end of period$107,612 $338,606 
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)
June 30, 2021December 31, 2020
Assets  
Rental property:  
Land$265,714 $265,968 
Buildings, improvements and fixtures2,522,600 2,527,404 
2,788,314 2,793,372 
Accumulated depreciation(1,102,800)(1,054,993)
Total rental property, net1,685,514 1,738,379 
Cash and cash equivalents107,204 84,750 
Investments in unconsolidated joint ventures88,868 94,579 
Deferred lease costs and other intangibles, net79,425 84,960 
Operating lease right-of-use assets80,942 81,499 
Prepaids and other assets88,404 104,800 
Total assets$2,130,357 $2,188,967 
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net$992,592 $1,140,576 
Unsecured term loan, net298,106 347,370 
Mortgages payable, net77,904 79,940 
Unsecured lines of credit  
Total debt1,368,602 1,567,886 
Accounts payable and accrued expenses69,603 87,689 
Operating lease liabilities89,619 90,105 
Other liabilities79,048 84,404 
Total liabilities1,606,872 1,830,084 
Commitments and contingencies
Equity
Partners’ Equity:
General partner, 1,100,000 units outstanding at June 30, 2021 and 1,000,000 at December 31, 2020, respectively
4,909 3,334 
Limited partners, 4,794,643 and 4,794,643 Class A common units, and 102,520,580 and 92,569,801 Class B common units outstanding at June 30, 2021 and December 31, 2020, respectively
538,376 383,588 
Accumulated other comprehensive loss(19,800)(28,039)
Total partners’ equity523,485 358,883 
Noncontrolling interests in consolidated partnerships  
Total equity523,485 358,883 
Total liabilities and equity$2,130,357 $2,188,967 
The accompanying notes are an integral part of these consolidated financial statements.
11


TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data, unaudited)
Three months ended June 30,Six months ended June 30,
 2021202020212020
Revenues:  
Rental revenues$96,824 $62,273 $194,291 $170,831 
Management, leasing and other services1,359 725 2,731 2,168 
Other revenues3,090 992 4,945 2,624 
Total revenues101,273