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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, 2022
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 August 1, 2022, there were 104,371,479 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, 2022 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. 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, including its wholly-owned subsidiary, Tanger LP Trust, owns the majority of the units of partnership interest issued by the Operating Partnership. The Company controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of June 30, 2022, the Company and its wholly owned subsidiaries owned 104,394,792 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,761,559 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.

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, including through its wholly-owned subsidiary, 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, 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 and Partners’ Equity;

Earnings Per Share and Earnings Per Unit;

Accumulated Other Comprehensive Income of the Company and the Operating Partnership; and

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 Principal Executive Officer and the Principal 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, 2022 and December 31, 2021
Consolidated Statements of Operations - for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Shareholders’ Equity - for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Cash Flows - for the six months ended June 30, 2022 and 2021
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of June 30, 2022 and December 31, 2021
Consolidated Statements of Operations - for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Comprehensive Income - for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Equity - for the three and six months ended June 30, 2022 and 2021
Consolidated Statements of Cash Flows - for the six months ended June 30, 2022 and 2021
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, 2022December 31, 2021
Assets  
Rental property:  
Land$277,041 $268,269 
Buildings, improvements and fixtures2,537,507 2,532,489 
Construction in progress13,346  
 2,827,894 2,800,758 
Accumulated depreciation(1,189,576)(1,145,388)
Total rental property, net1,638,318 1,655,370 
Cash and cash equivalents194,190 161,255 
Investments in unconsolidated joint ventures80,041 82,647 
Deferred lease costs and other intangibles, net67,482 73,720 
Operating lease right-of-use assets79,228 79,807 
Prepaids and other assets95,986 104,585 
Total assets$2,155,245 $2,157,384 
Liabilities and Equity  
Liabilities  
Debt:  
Senior, unsecured notes, net$1,037,086 $1,036,181 
Unsecured term loan, net298,783 298,421 
Mortgages payable, net60,146 62,474 
Unsecured lines of credit  
Total debt1,396,015 1,397,076 
Accounts payable and accrued expenses76,512 92,995 
Operating lease liabilities88,330 88,874 
Other liabilities81,813 78,650 
Total liabilities1,642,670 1,657,595 
Commitments and contingencies
Equity  
Tanger Factory Outlet Centers, Inc.:  
Common shares, $0.01 par value, 300,000,000 shares authorized, 104,394,792 and 104,084,734 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
1,044 1,041 
Paid in capital981,833 978,054 
Accumulated distributions in excess of net income (483,241)(483,409)
Accumulated other comprehensive loss(9,420)(17,761)
Equity attributable to Tanger Factory Outlet Centers, Inc.490,216 477,925 
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership22,359 21,864 
Noncontrolling interests in other consolidated partnerships  
Total equity512,575 499,789 
Total liabilities and equity$2,155,245 $2,157,384 

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,
 2022202120222021
Revenues:  
Rental revenues$101,409 $96,824 $206,018 $194,291 
Management, leasing and other services1,436 1,359 2,963 2,731 
Other revenues2,993 3,090 5,725 4,945 
Total revenues105,838 101,273 214,706 201,967 
Expenses: 
Property operating32,697 31,250 69,455 66,561 
General and administrative19,329 15,700 34,796 32,493 
Depreciation and amortization26,220 27,732 52,463 55,882 
Total expenses78,246 74,682 156,714 154,936 
Other income (expense):
Interest expense(11,576)(13,338)(23,210)(27,700)
Loss on early extinguishment of debt (14,039) (14,039)
Other income (expense)2,576 654 2,759 (2,851)
Total other income (expense)(9,000)(26,723)(20,451)(44,590)
Income (loss) before equity in earnings of unconsolidated joint ventures18,592 (132)37,541 2,441 
Equity in earnings of unconsolidated joint ventures2,227 2,728 4,740 4,497 
Net income20,819 2,596 42,281 6,938 
Noncontrolling interests in Operating Partnership(914)(118)(1,858)(327)
Noncontrolling interests in other consolidated partnerships    
Net income attributable to Tanger Factory Outlet Centers, Inc.$19,905 $2,478 $40,423 $6,611 
Basic earnings per common share:
Net income$0.19 $0.02 $0.39 $0.06 
Diluted earnings per common share:
Net income$0.19 $0.02 $0.38 $0.06 
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 June 30,Six months ended June 30,
 2022202120222021
Net income$20,819 $2,596 $42,281 $6,938 
Other comprehensive income:
Foreign currency translation adjustments(2,441)1,365 (1,215)6,004 
Change in fair value of cash flow hedges2,265 237 9,939 2,235 
Other comprehensive income (loss)(176)1,602 8,724 8,239 
Comprehensive income20,643 4,198 51,005 15,177 
Comprehensive (income) attributable to noncontrolling interests(906)(195)(2,241)(724)
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc.$19,737 $4,003 $48,764 $14,453 
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, 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.

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, 2022
$1,044 $978,734 $(482,206)$(9,252)$488,320 $22,257 $ $510,577 
Net income— — 19,905 — 19,905 914 — 20,819 
Other comprehensive loss— — — (168)(168)(8)— (176)
Compensation under Incentive Award Plan— 4,299 — — 4,299 — — 4,299 
Issuance of 800 common shares upon exercise of options
— 5 — — 5 — — 5 
Forfeiture of 13,062 restricted common share awards
— — — — — — —  
Withholding of 62,007 common shares for employee income taxes
— (1,057)— — (1,057)— — (1,057)
Adjustment for noncontrolling interests in Operating Partnership— (148)— — (148)148 —  
Common dividends ($0.20 per share)
— — (20,940)— (20,940)— — (20,940)
Distributions to noncontrolling interests— — — — — (952)— (952)
Balance,
June 30, 2022
$1,044 $981,833 $(483,241)$(9,420)$490,216 $22,359 $ $512,575 
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, 2021
$1,041 $978,054 $(483,409)$(17,761)$477,925 $21,864 $ $499,789 
Net income— — 40,423 — 40,423 1,858 — 42,281 
Other comprehensive income— — — 8,341 8,341 383 — 8,724 
Compensation under Incentive Award Plan— 7,045 — — 7,045 — — 7,045 
Issuance of 2,700 common shares upon exercise of options
— 15 — — 15 — — 15 
Grant of 499,336 restricted common share awards, net of forfeitures
4 (4)— — — — —  
Withholding of 191,978 common shares for employee income taxes
(1)(3,202)— — (3,203)— — (3,203)
Adjustment for noncontrolling interests in Operating Partnership— (75)— — (75)75 —  
Common dividends
($0.3825 per share)
— — (40,255)— (40,255)— — (40,255)
Distributions to noncontrolling interests— — — — — (1,821)— (1,821)
Balance,
June 30, 2022
$1,044 $981,833 $(483,241)$(9,420)$490,216 $22,359 $ $512,575 
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,
 20222021
OPERATING ACTIVITIES  
Net income$42,281 $6,938 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization52,463 55,882 
Amortization of deferred financing costs1,541 2,320 
Loss on early extinguishment of debt 14,039 
Equity in earnings of unconsolidated joint ventures(4,740)(4,497)
Equity-based compensation expense6,959 6,608 
Amortization of debt (premiums) and discounts, net241 210 
Amortization (accretion) of market rent rate adjustments, net314 25 
Straight-line rent adjustments1,035 1,521 
Distributions of cumulative earnings from unconsolidated joint ventures4,775 4,774 
Other non-cash(2,418)3,638 
Changes in other assets and liabilities:
Other assets7,072 12,619 
Accounts payable and accrued expenses(20,448)(12,472)
Net cash provided by operating activities89,075 91,605 
INVESTING ACTIVITIES
Additions to rental property(25,717)(11,836)
Additions to investments in unconsolidated joint ventures (7,000)
Net proceeds from sale of real estate assets  8,129 
Net proceeds on sale of non-real estate assets14,610  
Additions to non-real estate assets(4,176)(781)
Distributions in excess of cumulative earnings from unconsolidated joint ventures6,536 13,364 
Additions to deferred lease costs(1,076)(4,562)
Other investing activities1,728 6,695 
Net cash provided by (used in) investing activities(8,095)4,009 
FINANCING ACTIVITIES
Cash dividends paid(40,255)(34,875)
Distributions to noncontrolling interests in Operating Partnership(1,821)(1,702)
Proceeds from notes, mortgages and loans  
Repayments of notes, mortgages and loans(2,180)(201,861)
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(3,203)(1,637)
Additions to deferred financing costs (123)
Proceeds from exercise of options15 89 
Proceeds from common share offering 180,876 
Payment for other financing activities(574)(574)
Net cash provided by (used in) financing activities(48,018)(72,761)
Effect of foreign currency rate changes on cash and cash equivalents(27)(73)
Net increase (decrease) in cash and cash equivalents32,935 22,780 
Cash and cash equivalents, beginning of period161,255 84,832 
Cash and cash equivalents, end of period$194,190 $107,612 
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, 2022December 31, 2021
Assets  
Rental property:  
Land$277,041 $268,269 
Buildings, improvements and fixtures2,537,507 2,532,489 
Construction in progress13,346  
2,827,894 2,800,758 
Accumulated depreciation(1,189,576)(1,145,388)
Total rental property, net1,638,318 1,655,370 
Cash and cash equivalents194,208 161,152 
Investments in unconsolidated joint ventures80,041 82,647 
Deferred lease costs and other intangibles, net67,482 73,720 
Operating lease right-of-use assets79,228 79,807 
Prepaids and other assets95,641 104,362 
Total assets$2,154,918 $2,157,058 
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net$1,037,086 $1,036,181 
Unsecured term loan, net298,783 298,421 
Mortgages payable, net60,146 62,474 
Unsecured lines of credit  
Total debt1,396,015 1,397,076 
Accounts payable and accrued expenses76,185 92,669 
Operating lease liabilities88,330 88,874 
Other liabilities81,813 78,650 
Total liabilities1,642,343 1,657,269 
Commitments and contingencies
Equity
Partners’ Equity:
General partner, 1,100,000 units outstanding at June 30, 2022 and 1,100,000 units at December 31, 2021, respectively
4,543 4,539 
Limited partners, 4,761,559 and 4,761,559 Class A common units, and 103,294,792 and 102,984,734 Class B common units outstanding at June 30, 2022 and December 31, 2021, respectively
518,081 514,023 
Accumulated other comprehensive loss(10,049)(18,773)
Total partners’ equity512,575 499,789 
Noncontrolling interests in consolidated partnerships  
Total equity512,575 499,789 
Total liabilities and equity$2,154,918 $2,157,058 
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,
 2022202120222021
Revenues:  
Rental revenues$101,409 $96,824 $206,018 $194,291 
Management, leasing and other services1,436 1,359 2,963 2,731 
Other revenues2,993 3,090 5,725 4,945 
Total revenues105,838 101,273 214,706 201,967 
Expenses:
Property operating32,697 31,250 69,455 66,561 
General and administrative19,329 15,700 34,796 32,493 
Depreciation and amortization26,220 27,732 52,463 55,882 
Total expenses78,246 74,682