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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, 2023
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 October 31, 2023, there were 105,352,659 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, 2023 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 predominantly 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 September 30, 2023, the Company and its wholly owned subsidiaries owned 105,331,191 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,737,982 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 September 30, 2023 and December 31, 2022
Consolidated Statements of Operations - for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Shareholders’ Equity - for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2023 and 2022
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of September 30, 2023 and December 31, 2022
Consolidated Statements of Operations - for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Equity - for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2023 and 2022
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 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
Item 5. Other Information
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, 2023December 31, 2022
Assets  
Rental property:  
Land$275,081 $275,079 
Buildings, improvements and fixtures2,575,872 2,553,452 
Construction in progress128,361 27,340 
 2,979,314 2,855,871 
Accumulated depreciation(1,295,139)(1,224,962)
Total rental property, net1,684,175 1,630,909 
Cash and cash equivalents188,459 212,124 
Short-term investments13,150 52,450 
Investments in unconsolidated joint ventures72,313 73,809 
Deferred lease costs and other intangibles, net54,096 58,574 
Operating lease right-of-use assets77,715 78,636 
Prepaids and other assets115,395 111,163 
Total assets$2,205,303 $2,217,665 
Liabilities and Equity  
Liabilities  
Debt:  
Senior, unsecured notes, net$1,039,377 $1,037,998 
Unsecured term loan, net322,162 321,525 
Mortgages payable, net65,293 68,971 
Unsecured lines of credit  
Total debt1,426,832 1,428,494 
Accounts payable and accrued expenses99,041 104,741 
Operating lease liabilities86,621 87,528 
Other liabilities80,379 82,968 
Total liabilities1,692,873 1,703,731 
Commitments and contingencies
Equity  
Tanger Factory Outlet Centers, Inc.:  
Common shares, $0.01 par value, 300,000,000 shares authorized, 105,331,191 and 104,497,920 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
1,053 1,045 
Paid in capital992,901 987,192 
Accumulated distributions in excess of net income (486,488)(485,557)
Accumulated other comprehensive loss(16,795)(11,037)
Equity attributable to Tanger Factory Outlet Centers, Inc.490,671 491,643 
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership21,759 22,291 
Noncontrolling interests in other consolidated partnerships  
Total equity512,430 513,934 
Total liabilities and equity$2,205,303 $2,217,665 
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,
 2023202220232022
Revenues:
Rental revenues$110,835 $105,569 $319,005 $311,587 
Management, leasing and other services2,138 1,897 6,174 4,860 
Other revenues4,373 3,980 11,751 9,705 
Total revenues117,346 111,446 336,930 326,152 
Expenses:
Property operating36,758 36,076 103,618 105,531 
General and administrative18,937 17,370 54,675 52,166 
Depreciation and amortization25,374 25,445 76,656 77,908 
Total expenses81,069 78,891 234,949 235,605 
Other income (expense):
Interest expense(11,688)(11,660)(35,997)(34,870)
Other income (expense)1,899 1,395 7,023 4,154 
Total other income (expense)(9,789)(10,265)(28,974)(30,716)
Income before equity in earnings of
unconsolidated joint ventures
26,488 22,290 73,007 59,831 
Equity in earnings of unconsolidated joint ventures2,389 2,055 6,030 6,795 
Net income28,877 24,345 79,037 66,626 
Noncontrolling interests in Operating Partnership(1,253)(1,069)(3,422)(2,927)
Noncontrolling interests in other consolidated partnerships  (248) 
Net income attributable to Tanger Factory
Outlet Centers, Inc.
$27,624 $23,276 $75,367 $63,699 
Basic earnings per common share:
Net income $0.26 $0.22 $0.71 $0.61 
Diluted earnings per common share:
Net income $0.26 $0.22 $0.70 $0.60 
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,
 2023202220232022
Net income $28,877 $24,345 $79,037 $66,626 
Other comprehensive income (loss):
Foreign currency translation adjustments(1,765)(4,875)(376)(6,090)
Change in fair value of cash flow hedges(1,845)2,958 (5,644)12,897 
Other comprehensive income (loss)(3,610)(1,917)(6,020)6,807 
Comprehensive income 25,267 22,428 73,017 73,433 
Comprehensive income attributable to noncontrolling interests(1,096)(985)(3,160)(3,226)
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc.$24,171 $21,443 $69,857 $70,207 
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, 2022
$1,044 $981,833 $(483,241)$(9,420)$490,216 $22,359 $ $512,575 
Net income— — 23,276 — 23,276 1,069 — 24,345 
Other comprehensive loss— — — (1,833)(1,833)(84)— (1,917)
Compensation under Incentive Award Plan— 3,057 — — 3,057 — — 3,057 
Issuance of 5,000 common shares upon exercise of options
— 28 — — 28 — — 28 
Withholding of 37,792 common shares for employee income taxes
(1)(537)— — (538)— — (538)
Adjustment for noncontrolling interests in Operating Partnership— 159 — — 159 (159)— — 
Common dividends ($0.20 per share)
— — (20,939)— (20,939)— — (20,939)
Distributions to noncontrolling interests— — — — — (952)— (952)
Balance,
September 30, 2022
$1,043 $984,540 $(480,904)$(11,253)$493,426 $22,233 $ $515,659 

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— — 63,699 — 63,699 2,927 — 66,626 
Other comprehensive income— — — 6,508 6,508 299 — 6,807 
Compensation under Incentive Award Plan— 10,102 — — 10,102 — — 10,102 
Issuance of 7,700 common shares upon exercise of options
— 43 — — 43 — — 43 
Grant of 483,764 restricted common share awards, net of forefeitures
4 (4)— — — — —  
Withholding of 229,770 common shares for employee income taxes
(2)(3,739)— — (3,741)— — (3,741)
Adjustment for noncontrolling interests in Operating Partnership— 84 — — 84 (84)—  
Common dividends ($0.5825 per share)
— — (61,194)— (61,194)— — (61,194)
Distributions to noncontrolling interests— — — — — (2,773)— (2,773)
Balance,
September 30, 2022
$1,043 $984,540 $(480,904)$(11,253)$493,426 $22,233 $ $515,659 


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, 2023
$1,052 $986,472 $(488,273)$(13,342)$485,909 $21,834 $ $507,743 
Net income— — 27,624 — 27,624 1,253 — 28,877 
Other comprehensive loss— — — (3,453)(3,453)(157)— (3,610)
Compensation under Incentive Award Plan— 3,459 — — 3,459 — — 3,459 
Issuance of 44,300 common shares upon exercise of options
— 610 — — 610 — — 610 
Common share offering of 106,615 shares
1 2,470 2,471 2,471 
Withholding of 5,505 common shares for employee income taxes
— (120)— — (120)— — (120)
Adjustment for noncontrolling interests in other consolidated partnerships— 10 — — 10 (10)—  
Common dividends
($0.245 per share)
— — (25,839)— (25,839) — (25,839)
Distributions to noncontrolling interests— — — — — (1,161) (1,161)
Balance,
September 30, 2023
$1,053 $992,901 $(486,488)$(16,795)$490,671 $21,759 $ $512,430 


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, 2022
$1,045 $987,192 $(485,557)$(11,037)$491,643 $22,291 $ $513,934 
Net income— — 75,367 — 75,367 3,422 248 79,037 
Other comprehensive loss— — — (5,758)(5,758)(262)— (6,020)
Compensation under Incentive Award Plan— 9,234 — — 9,234 — — 9,234 
Issuance of 51,500 common shares upon exercise of options
— 653 — — 653 — — 653 
Common share offering of 106,615 shares
1 2,470 — — 2,471 — — 2,471 
Grant of 1,042,932 restricted common share awards, net of forfeitures

10 (11)— — (1)— — (1)
Withholding of 367,776 common shares for employee income taxes
(3)(6,960)— — (6,963)— — (6,963)
Adjustment for noncontrolling interests in Operating Partnership— 323 — — 323 (323)—  
Common dividends
($0.7100 per share)
— — (76,298)— (76,298) — (76,298)
Distributions to noncontrolling interests— — — — — (3,369)(248)(3,617)
Balance,
September 30, 2023
$1,053 $992,901 $(486,488)$(16,795)$490,671 $21,759 $ $512,430 
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,
 20232022
OPERATING ACTIVITIES  
Net income$79,037 $66,626 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization76,656 77,908 
Amortization of deferred financing costs2,395 2,302 
Equity in earnings of unconsolidated joint ventures(6,030)(6,795)
Equity-based compensation expense9,040 9,965 
Amortization of debt (premiums) and discounts, net537 372 
Amortization (accretion) of market rent rate adjustments, net545 499 
Straight-line rent adjustments1,409 1,190 
Distributions of cumulative earnings from unconsolidated joint ventures6,153 6,794 
Other non-cash (2,418)
Changes in other assets and liabilities:
Other assets30 (17,597)
Accounts payable and accrued expenses(17,659)(16,105)
Net cash provided by operating activities152,113 122,741 
INVESTING ACTIVITIES
Additions to rental property(120,070)(45,748)
Additions to investments in unconsolidated joint ventures(2,612) 
Net proceeds on sale of non-real estate assets 14,610 
Proceeds from short-term investments46,979  
Additions to short-term investments(7,679) 
Additions to non-real estate assets(7,126)(5,775)
Distributions in excess of cumulative earnings from unconsolidated joint ventures4,102 8,099 
Additions to deferred lease costs(1,960)(1,686)
Payments for other investing activities(2,199)(871)
Proceeds from other investing activities3,426  
Net cash used in investing activities(87,139)(31,371)
FINANCING ACTIVITIES
Cash dividends paid(76,298)(61,194)
Distributions to noncontrolling interests in Operating Partnership(3,369)(2,773)
Proceeds from notes, mortgages and loans  
Repayments of notes, mortgages and loans(3,629)(3,300)
Issuance of common shares, including transaction costs
2,471  
Employee income taxes paid related to shares withheld upon vesting of equity awards(6,963)(3,741)
Additions to deferred financing costs 1 
Proceeds from exercise of options653 43 
Payment for other financing activities(941)(860)
Distributions to noncontrolling interests in other consolidated partnerships(248) 
Net cash used in financing activities(88,324)(71,824)
Effect of foreign currency rate changes on cash and cash equivalents(315)(93)
Net increase (decrease) in cash and cash equivalents
(23,665)19,453 
Cash and cash equivalents, beginning of period212,124 161,255 
Cash and cash equivalents, end of period$188,459 $180,708 
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)
September 30, 2023December 31, 2022
Assets  
Rental property:  
Land$275,081 $275,079 
Buildings, improvements and fixtures2,575,872 2,553,452 
Construction in progress128,361 27,340 
2,979,314 2,855,871 
Accumulated depreciation(1,295,139)(1,224,962)
Total rental property, net1,684,175 1,630,909 
Cash and cash equivalents188,103 212,011 
Short-term investments13,150 52,450 
Investments in unconsolidated joint ventures72,313 73,809 
Deferred lease costs and other intangibles, net54,096 58,574 
Operating lease right-of-use assets77,715 78,636 
Prepaids and other assets115,256 110,622 
Total assets$2,204,808 $2,217,011 
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net$1,039,377 $1,037,998 
Unsecured term loan, net322,162 321,525 
Mortgages payable, net65,293 68,971 
Unsecured lines of credit  
Total debt1,426,832 1,428,494 
Accounts payable and accrued expenses98,546 104,087 
Operating lease liabilities86,621 87,528 
Other liabilities80,379 82,968 
Total liabilities1,692,378 1,703,077 
Commitments and contingencies
Equity
Partners’ Equity:
General partner, 1,105,000 units outstanding at September 30, 2023 and 1,100,000 units at December 31, 2022, respectively
4,644 4,516 
Limited partners, 4,737,982 and 4,737,982 Class A common units, and 104,226,191 and 103,397,920 Class B common units outstanding at September 30, 2023 and December 31, 2022, respectively
525,556 521,168 
Accumulated other comprehensive loss(17,770)(11,750)
Total partners’ equity512,430 513,934 
Noncontrolling interests in consolidated partnerships  
Total equity512,430 513,934 
Total liabilities and equity$2,204,808 $2,217,011 
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 September 30,Nine months ended September 30,
 2023202220232022
Revenues:
Rental revenues$110,835 $105,569 $319,005 $311,587 
Management, leasing and other services2,138 1,897 6,174 4,860 
Other revenues4,373 3,980 11,751 9,705 
Total revenues117,346 111,446 336,930 326,152 
Expenses:
Property operating36,758 36,076 103,618 105,531 
General and administrative18,937 17,370 54,675 52,166 
Depreciation and amortization25,374 25,445 76,656 77,908 
Total expenses81,069 78,891 234,949 235,605 
Other income (expense):
Interest expense(11,688)(11,660)(35,997)(34,870)
Other income (expense) 1,899 1,395 7,023 4,154 
Total other income (expense)(9,789)(10,265)(28,974)(30,716)
Income before equity in earnings of unconsolidated joint ventures26,488 22,290 73,007 59,831 
Equity in earnings of unconsolidated joint ventures2,389 2,055 6,030 6,795 
Net income 28,877 24,345 79,037 66,626 
Noncontrolling interests in consolidated partnerships  (248) 
Net income available to partners28,877 24,345 78,789 66,626 
Net income available to limited partners28,588 24,102 78,001 65,958 
Net income available to general partner$289 $243 $788 $668 
Basic earnings per common unit:
Net income $0.26 $0.22 $0.71 $0.61 
Diluted earnings per common unit:
Net income $0.26 $0.22 $0.70 $0.60 
The accompanying notes are an integral part of these consolidated financial statements.
12


TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
Three months ended September 30,Nine months ended September 30,
 2023202220232022
Net income $28,877 $24,345 $79,037 $66,626 
Other comprehensive income (loss):
Foreign currency translation adjustments(1,765)(4,875)(376)(6,090)
Changes in fair value of cash flow hedges(1,845)2,958 (5,644)12,897 
Other comprehensive income (loss)(3,610)(1,917)(6,020)6,807 
Comprehensive income 25,267 22,428 73,017 73,433 
Comprehensive income attributable to noncontrolling interests in consolidated partnerships  (248) 
Comprehensive income attributable to the Operating Partnership$25,267 $22,428 $72,769 $73,433 
The accompanying notes are an integral part of these consolidated financial statements.

13


TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except unit and per unit data, unaudited)
General partnerLimited partnersAccumulated other comprehensive lossTotal partners’ equityNoncontrolling interests in consolidated partnershipsTotal equity
Balance, June 30, 2022$4,543 $518,081 $(10,049)$512,575 $— $512,575 
Net income243 24,102 24,345 — 24,345 
Other comprehensive loss— — (1,917)(1,917)(1,917)
Compensation under Incentive Award Plan— 3,057 — 3,057 — 3,057 
Issuance of 5,000 common units upon exercise of stock options
28 28 — 28 
Withholding of 37,792 common units for employee income taxes
— (538)(538)— (538)
Common distributions ($0.20 per unit)
(220)(21,671)— (21,891)— (21,891)
Balance, September 30, 2022$4,566 $523,059 $(11,966)$515,659 $ $515,659 

General partnerLimited partnersAccumulated other comprehensive lossTotal partners’ equityNoncontrolling interests in consolidated partnershipsTotal equity
Balance, December 31, 2021$4,539 $514,023 $(18,773)$499,789 $ $499,789 
Net income668 65,958 — 66,626 — 66,626 
Other comprehensive income— — 6,807 6,807 — 6,807 
Compensation under Incentive Award Plan— 10,102 — 10,102 — 10,102 
Issuance of 7,700 common units upon exercise of options
— 43 — 43 — 43 
Withholding of 229,770 common units for employee income taxes
— (3,741)— (3,741)— (3,741)
Grant of 483,764 restricted common share awards by the Company
— — —  —  
Common distributions ($0.5825 per unit)
(641)(63,326)— (63,967)— (63,967)
Balance, September 30, 2022$4,566 $523,059 $(11,966)$515,659 $— $515,659 



14




TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except unit and per unit data, unaudited)

General partnerLimited partnersAccumulated other comprehensive lossTotal partners’ equityNoncontrolling interests in consolidated partnershipsTotal equity
Balance, June 30, 2023$4,503 $517,400 $(14,160)$507,743 $ $507,743 
Net income289 28,588 — 28,877  $28,877 
Other comprehensive loss— — (3,610)(3,610)— (3,610)
Compensation under Incentive Award Plan— 3,459 — 3,459 — 3,459 
Withholding of 5,505 common units for employee income taxes
— (120)— (120)— (120)
Issuance of 5,000 general partner units and 101,615 limited partner units
122 2,349 — 2,471 — 2,471 
Issuance of 44,300 common units upon exercise of options
— 610 — 610 — 610 
Common distributions ($0.245 per unit)
(270)(26,730)— (27,000) (27,000)
Balance, September 30, 2023$4,644 $525,556 $(17,770)$512,430 $ $512,430