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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, 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 November 1, 2021, there were 103,984,534 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, 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 September 30, 2021, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 103,984,234 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.
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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, 2021 and December 31, 2020
Consolidated Statements of Operations - for the three and nine months ended September 30, 2021 and 2020
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2021 and 2020
Consolidated Statements of Shareholders’ Equity - for the three and nine months ended September 30, 2021 and 2020
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2021 and 2020
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of September 30, 2021 and December 31, 2020
Consolidated Statements of Operations - for the three and nine months ended September 30, 2021 and 2020
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2021 and 2020
Consolidated Statements of Shareholders’ Equity - for the three and nine months ended September 30, 2021 and 2020
Consolidated Statements of Cash Flows - for the nine months ended September 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)
September 30, 2021December 31, 2020
Assets  
Rental property:  
Land$268,243 $265,968 
Buildings, improvements and fixtures2,520,492 2,527,404 
 2,788,735 2,793,372 
Accumulated depreciation(1,125,883)(1,054,993)
Total rental property, net1,662,852 1,738,379 
Cash and cash equivalents143,116 84,832 
Investments in unconsolidated joint ventures85,421 94,579 
Deferred lease costs and other intangibles, net76,980 84,960 
Operating lease right-of-use assets80,658 81,499 
Prepaids and other assets100,134 105,282 
Total assets$2,149,161 $2,189,531 
Liabilities and Equity  
Liabilities  
Debt:  
Senior, unsecured notes, net$1,035,670 $1,140,576 
Unsecured term loan, net298,288 347,370 
Mortgages payable, net76,807 79,940 
Unsecured lines of credit  
Total debt1,410,765 1,567,886 
Accounts payable and accrued expenses90,053 88,253 
Operating lease liabilities89,364 90,105 
Other liabilities78,819 84,404 
Total liabilities1,669,001 1,830,648 
Commitments and contingencies
Equity  
Tanger Factory Outlet Centers, Inc.:  
Common shares, $0.01 par value, 300,000,000 shares authorized, 103,984,234 and 93,569,801 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
1,040 936 
Paid in capital975,137 787,143 
Accumulated distributions in excess of net income (496,495)(420,104)
Accumulated other comprehensive loss(20,686)(26,585)
Equity attributable to Tanger Factory Outlet Centers, Inc.458,996 341,390 
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership21,164 17,493 
Noncontrolling interests in other consolidated partnerships  
Total equity480,160 358,883 
Total liabilities and equity$2,149,161 $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 September 30,Nine months ended September 30,
 2021202020212020
Revenues:  
Rental revenues$107,265 $100,251 $301,556 $271,082 
Management, leasing and other services1,641 1,194 4,372 3,362 
Other revenues3,559 1,768 8,504 4,392 
Total revenues112,465 103,213 314,432 278,836 
Expenses: 
Property operating37,186 35,206 103,747 101,991 
General and administrative14,817 11,181 47,310 35,331 
Impairment charge   45,675 
Depreciation and amortization26,944 29,903 82,826 87,966 
Total expenses78,947 76,290 233,883 270,963 
Other income (expense):
Interest expense(13,282)(15,647)(40,982)(47,786)
Loss on early extinguishment of debt(33,821) (47,860) 
Gain on sale of assets 2,324  2,324 
Other income (expense)253 161 (2,598)789 
Total other income (expense)(46,850)(13,162)(91,440)(44,673)
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures(13,332)13,761 (10,891)(36,800)
Equity in earnings (losses) of unconsolidated joint ventures2,261 (42)6,758 (1,490)
Net income (loss)(11,071)13,719 (4,133)(38,290)
Noncontrolling interests in Operating Partnership492 (690)165 1,939 
Noncontrolling interests in other consolidated partnerships   (190)
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc.$(10,579)$13,029 $(3,968)$(36,541)
Basic earnings per common share:
Net income (loss)$(0.11)$0.14 $(0.05)$(0.40)
Diluted earnings per common share:
Net income (loss)$(0.11)$0.14 $(0.05)$(0.40)
The accompanying notes are an integral part of these consolidated financial statements.
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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,
 2021202020212020
Net income (loss)$(11,071)$13,719 $(4,133)$(38,290)
Other comprehensive income (loss):
Foreign currency translation adjustments(2,142)1,870 3,862 (2,506)
Change in fair value of cash flow hedges108 1,463 2,343 (4,711)
Other comprehensive income (loss)(2,034)3,333 6,205 (7,217)
Comprehensive income (loss)(13,105)17,052 2,072 (45,507)
Comprehensive (income) loss attributable to noncontrolling interests583 (857)(141)2,114 
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc.$(12,522)$16,195 $1,931 $(43,393)
The accompanying notes are an integral part of these consolidated financial statements.

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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.

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, 2021
$1,036 $966,409 $(448,368)$(18,743)$500,334 $23,151 $ $523,485 
Net loss— — (10,579)— (10,579)(492)— (11,071)
Other comprehensive loss— — — (1,943)(1,943)(91)— (2,034)
Compensation under Incentive Award Plan— 3,012 — — 3,012 — — 3,012 
Issuance of 17,240 common shares upon exercise of options
— 99 — — 99 — — 99 
Grant of 23,488 restricted common share awards, net of forfeitures
  — — — — — — 
Issuance of 331,682 common shares
4 6,089 — — 6,093 — — 6,093 
Withholding of 8,756 common shares for employee income taxes
— (150)— — (150)— — (150)
Adjustment for noncontrolling interests in Operating Partnership— (322)— — (322)322 — — 
Common dividends ($0.3600 per share) (1)
— — (37,548)— (37,548)— — (37,548)
Distributions to noncontrolling interests— — — — — (1,726)— (1,726)
Balance,
September 30, 2021
$1,040 $975,137 $(496,495)$(20,686)$458,996 $21,164 $ $480,160 
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 loss— — (3,968)— (3,968)(165)— (4,133)
Other comprehensive income— — — 5,899 5,899 306 — 6,205 
Compensation under Incentive Award Plan— 9,686 — — 9,686 — — 9,686 
Issuance of 32,740 common shares upon exercise of options
— 188 — — 188 — — 188 
Grant of 493,163 restricted common share awards, net of forfeitures
5 (5)— — — — — — 
Issuance of 10,009,263 common shares
100 186,869 — — 186,969 — — 186,969 
Withholding of 120,733 common shares for employee income taxes
(1)(1,786)— — (1,787)— — (1,787)
Adjustment for noncontrolling interests in Operating Partnership— (6,958)— — (6,958)6,958 — — 
Common dividends
($0.7150 per share) (2)
— — (72,423)— (72,423)— — (72,423)
Distributions to noncontrolling interests— — — — — (3,428)— (3,428)
Balance,
September 30, 2021
$1,040 $975,137 $(496,495)$(20,686)$458,996 $21,164 $ $480,160 
(1)Includes a $0.1775 cash dividend per common share declared and paid during the third quarter of 2021 and a cash dividend declared in September 2021 payable in November 2021 of $0.1825 per common share.
(2)Includes a $0.5325 cash dividend per common share declared and paid during the first nine months of 2021 and a cash dividend declared in September 2021 payable in November 2021 of $0.1825 per common share.
The accompanying notes are an integral part of these consolidated financial statements.
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TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Nine months ended September 30,
 20212020
OPERATING ACTIVITIES  
Net loss$(4,133)$(38,290)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization82,826 87,966 
Impairment charge 45,675 
Amortization of deferred financing costs3,170 2,586 
Gain on sale of assets  (2,324)
Loss on early extinguishment of debt47,860  
Equity in (earnings) losses of unconsolidated joint ventures(6,758)1,490 
Equity-based compensation expense9,602 9,566 
Amortization of debt (premiums) and discounts, net333 359 
Amortization (accretion) of market rent rate adjustments, net151 2,560 
Straight-line rent adjustments1,137 2,418 
Distributions of cumulative earnings from unconsolidated joint ventures7,068 2,309 
Other non-cash3,638  
Changes in other assets and liabilities:
Other assets5,908 (23,249)
Accounts payable and accrued expenses(6,852)895 
Net cash provided by operating activities143,950 91,961 
INVESTING ACTIVITIES
Additions to rental property(23,685)(23,072)
Additions to investments in unconsolidated joint ventures(7,000)(5,601)
Net proceeds from sale of assets 8,129 7,626 
Additions to non-real estate assets(1,664)(1,541)
Distributions in excess of cumulative earnings from unconsolidated joint ventures16,023 4,717 
Additions to deferred lease costs(5,333)(2,755)
Other investing activities11,602 8,339 
Net cash used in investing activities(1,928)(12,287)
FINANCING ACTIVITIES
Cash dividends paid(53,385)(66,563)
Distributions to noncontrolling interests in Operating Partnership(2,553)(3,499)
Proceeds from revolving credit facility 641,630 
Repayments of revolving credit facility (641,630)
Proceeds from notes, mortgages and loans394,208  
Repayments of notes, mortgages and loans(552,811)(2,656)
Payment of make-whole premium related to early extinguishment of debt(44,872) 
Employee income taxes paid related to shares withheld upon vesting of equity awards(1,787)(736)
Additions to deferred financing costs(8,703)(1,841)
Proceeds from exercise of options188  
Proceeds from common share offering186,969  
Proceeds from other financing activities 72 
Payment for other financing activities(861)(1,122)
Net cash used in financing activities(83,607)(76,345)
Effect of foreign currency rate changes on cash and cash equivalents(131)(208)
Net increase in cash and cash equivalents58,284 3,121 
Cash and cash equivalents, beginning of period84,832 16,672 
Cash and cash equivalents, end of period$143,116 $19,793 
The accompanying notes are an integral part of these consolidated financial statements.
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Item 1 - Financial Statements of Tanger Properties Limited Partnership

TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except unit data, unaudited)
September 30, 2021December 31, 2020
Assets  
Rental property:  
Land$268,243 $265,968 
Buildings, improvements and fixtures2,520,492 2,527,404 
2,788,735 2,793,372 
Accumulated depreciation(1,125,883)(1,054,993)
Total rental property, net1,662,852 1,738,379 
Cash and cash equivalents142,813 84,750 
Investments in unconsolidated joint ventures85,421 94,579 
Deferred lease costs and other intangibles, net76,980 84,960 
Operating lease right-of-use assets80,658 81,499 
Prepaids and other assets100,054 104,800 
Total assets$2,148,778 $2,188,967 
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net$1,035,670 $1,140,576 
Unsecured term loan, net298,288 347,370 
Mortgages payable, net76,807 79,940 
Unsecured lines of credit  
Total debt1,410,765 1,567,886 
Accounts payable and accrued expenses89,670 87,689 
Operating lease liabilities89,364 90,105 
Other liabilities78,819 84,404 
Total liabilities1,668,618 1,830,084 
Commitments and contingencies
Equity