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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 March 31, 2024
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 Inc.)
Commission file number: 333-3526-01 (Tanger Properties Limited Partnership)

TANGER INC.
TANGER PROPERTIES LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
North Carolina(Tanger 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 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 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 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 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 Inc.
Tanger Properties Limited Partnership
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements
of the registrant included in the filing reflect the correction of an error to previously issued financial statements.    

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).                                                 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Tanger Inc.YesNo
Tanger Properties Limited PartnershipYesNo


As of April 29, 2024, there were 109,352,636 common shares of Tanger Inc. outstanding, $0.01 par value.

EXPLANATORY NOTE
This report combines the unaudited quarterly reports on Form 10-Q for the quarter ended March 31, 2024 of Tanger Inc., a North Carolina corporation, and Tanger Properties Limited Partnership, a North Carolina limited partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger 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 context requires.

The Company is one of the leading owners and operators of outlet and open-air retail 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 on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. The shopping 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 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 March 31, 2024, the Company and its wholly owned subsidiaries owned 109,366,452 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,707,958 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 of the Operating Partnership, 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 Quarterly Report provides 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 Quarterly Report instead of two separate Quarterly Reports.

There are only a few differences between the Company and the Operating Partnership, which are reflected in the disclosure in this Quarterly 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 Quarterly Report.
The Operating Partnership holds all of the shopping 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 Quarterly 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
2



Liquidity and Capital Resources in the Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Quarterly Report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and Exhibit 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, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

The separate sections in this Quarterly 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 Quarterly 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 Quarterly 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 INC. AND TANGER PROPERTIES LIMITED PARTNERSHIP
Index
 Page Number
Part I. Financial Information
Item 1. 
FINANCIAL STATEMENTS OF TANGER INC. (Unaudited)
 
Consolidated Balance Sheets - as of March 31, 2024 and December 31, 2023
Consolidated Statements of Operations - for the three months ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2024 and 2023
Consolidated Statements of Shareholders’ Equity - for the three months ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows - for the three months ended March 31, 2024 and 2023
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited)
 
Consolidated Balance Sheets - as of March 31, 2024 and December 31, 2023
Consolidated Statements of Operations - for the three months ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income - for the three months ended March 31, 2024 and 2023
Consolidated Statements of Equity - for the three months ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows - for the three months ended March 31, 2024 and 2023
Notes to Consolidated Financial Statements of Tanger 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 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 3. Defaults upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures
4


PART I. - FINANCIAL INFORMATION

Item 1 - Financial Statements of Tanger Inc.

TANGER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data, unaudited)
March 31, 2024December 31, 2023
Assets  
Rental property:  
Land$303,605 $303,605 
Buildings, improvements and fixtures2,944,077 2,938,434 
Construction in progress39,249 29,201 
 3,286,931 3,271,240 
Accumulated depreciation(1,347,011)(1,318,264)
Total rental property, net1,939,920 1,952,976 
Cash and cash equivalents8,137 12,778 
Short-term investments7,739 9,187 
Investments in unconsolidated joint ventures71,701 71,900 
Deferred lease costs and other intangibles, net86,436 91,269 
Operating lease right-of-use assets77,082 77,400 
Prepaids and other assets110,151 108,609 
Total assets$2,301,166 $2,324,119 
Liabilities and Equity  
Liabilities  
Debt:  
Senior, unsecured notes, net$1,040,310 $1,039,840 
Unsecured term loan, net322,537 322,322 
Mortgages payable, net62,772 64,041 
Unsecured lines of credit46,000 13,000 
Total debt1,471,619 1,439,203 
Accounts payable and accrued expenses77,922 118,505 
Operating lease liabilities85,757 86,076 
Other liabilities86,145 89,022 
Total liabilities1,721,443 1,732,806 
Commitments and contingencies
Equity  
Tanger Inc.:  
Common shares, $0.01 par value, 300,000,000 shares authorized, 109,366,452 and 108,793,251 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
1,094 1,088 
Paid in capital1,073,313 1,079,387 
Accumulated distributions in excess of net income (497,330)(490,171)
Accumulated other comprehensive loss(21,280)(23,519)
Equity attributable to Tanger Inc.555,797 566,785 
Equity attributable to noncontrolling interests:
Noncontrolling interests in Operating Partnership23,926 24,528 
Noncontrolling interests in other consolidated partnerships  
Total equity579,723 591,313 
Total liabilities and equity$2,301,166 $2,324,119 
The accompanying notes are an integral part of these consolidated financial statements.
5


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data, unaudited)
Three months ended March 31,
 20242023
Revenues:
Rental revenues$117,809 $103,582 
Management, leasing and other services2,278 1,914 
Other revenues3,284 3,447 
Total revenues123,371 108,943 
Expenses:
Property operating35,465 33,148 
General and administrative19,490 17,434 
Depreciation and amortization33,860 25,893 
Total expenses88,815 76,475 
Other income (expense):
Interest expense(14,353)(12,343)
Other income (expense)587 2,800 
Total other income (expense)(13,766)(9,543)
Income before equity in earnings of unconsolidated joint ventures
20,790 22,925 
Equity in earnings of unconsolidated joint ventures2,516 1,935 
Net income23,306 24,860 
Noncontrolling interests in Operating Partnership(973)(1,071)
Noncontrolling interests in other consolidated partnerships80 (248)
Net income attributable to Tanger Inc.$22,413 $23,541 
Basic earnings per common share:
Net income $0.20 $0.22 
Diluted earnings per common share:
Net income $0.20 $0.22 
The accompanying notes are an integral part of these consolidated financial statements.
6


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
Three months ended March 31,
 20242023
Net income $23,306 $24,860 
Other comprehensive income (loss):
Foreign currency translation adjustments(874)162 
Change in fair value of cash flow hedges3,209 (3,426)
Other comprehensive income (loss)2,335 (3,264)
Comprehensive income 25,641 21,596 
Comprehensive income attributable to noncontrolling interests(1,069)(248)
Comprehensive income attributable to Tanger Inc.$24,572 $21,348 
The accompanying notes are an integral part of these consolidated financial statements.

7


TANGER 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 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— — 23,541 — 23,541 1,071 248 24,860 
Other comprehensive loss— — — (3,122)(3,122)(142)— (3,264)
Compensation under Incentive Award Plan— 2,323 — — 2,323 — — 2,323 
Issuance of 2,600 common shares upon exercise of options
— 15 — — 15 — — 15 
Grant of 1,116,372 restricted common share awards, net of forfeitures
11 (11)— —  — —  
Withholding of 300,639 common shares for employee income taxes
(3)(5,646)— — (5,649)— — (5,649)
Adjustment for noncontrolling interests in Operating Partnership— 381 — — 381 (381)—  
Common dividends ($0.22 per share)
— — (24,623)— (24,623) — (24,623)
Distributions to noncontrolling interests— — — — — (1,042)(248)(1,290)
Balance,
March 31, 2023
$1,053 $984,254 $(486,639)$(14,159)$484,509 $21,797 $ $506,306 


The accompanying notes are an integral part of these consolidated financial statements.




8


TANGER 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 incomeEquity attributable to Tanger Inc.Noncontrolling interests in Operating PartnershipNoncontrolling
interests in
other consolidated partnerships
Total
 equity
Balance,
December 31, 2023
$1,088 $1,079,387 $(490,171)$(23,519)$566,785 $24,528 $— $591,313 
Net income— — 22,413 — 22,413 973 (80)23,306 
Other comprehensive income— — — 2,239 2,239 96 — 2,335 
Compensation under Incentive Award Plan— 3,571 — — 3,571 — — 3,571 
Issuance of 24,100 common shares upon exercise of options
— 438 — — 438 — — 438 
Grant of 788,531 restricted common share awards, net of forfeitures

8 (8)— — — — — — 
Issuance of 136,469 deferred shares
1 (1)— — — — —  
Withholding of 375,899 common shares for employee income taxes
(3)(10,521)— — (10,524)— — (10,524)
Contributions from noncontrolling interests — — — — — — 80 80 
Adjustment for noncontrolling interests in other consolidated partnerships— 447 — — 447 (447)—  
Common dividends
($0.26 per share)
— — (29,572)— (29,572)— — (29,572)
Distributions to noncontrolling interests— — — — — (1,224)— (1,224)
Balance,
March 31, 2024
$1,094 $1,073,313 $(497,330)$(21,280)$555,797 $23,926 $— $579,723 
The accompanying notes are an integral part of these consolidated financial statements.



9


TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Three months ended March 31,
 20242023
OPERATING ACTIVITIES  
Net income$23,306 $24,860 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization33,860 25,893 
Amortization of deferred financing costs832 808 
Equity in earnings of unconsolidated joint ventures(2,516)(1,935)
Equity-based compensation expense3,497 2,271 
Amortization of debt discounts, net174 144 
Amortization (accretion) of market rent rate adjustments, net95 134 
Straight-line rent adjustments511 680 
Distributions of cumulative earnings from unconsolidated joint ventures1,604 2,007 
Changes in other assets and liabilities:
Other assets7,026 6,064 
Accounts payable and accrued expenses(37,308)(35,352)
Net cash provided by operating activities31,081 25,574 
INVESTING ACTIVITIES
Additions to rental property(24,816)(25,940)
Proceeds from short-term investments1,448 19,504 
Additions to non-real estate assets(2,378)(370)
Distributions in excess of cumulative earnings from unconsolidated joint ventures1,002 2,556 
Additions to deferred lease costs(498)(694)
Payments for other investing activities(2,940) 
Proceeds from other investing activities1,883 3,071 
Net cash used in investing activities(26,299)(1,873)
FINANCING ACTIVITIES
Cash dividends paid(29,572)(24,623)
Distributions to noncontrolling interests in Operating Partnership(1,224)(1,042)
Proceeds from revolving credit facility117,000  
Repayments of revolving credit facility(84,000) 
Repayments of notes, mortgages and loans(1,247)(1,160)
Employee income taxes paid related to shares withheld upon vesting of equity awards(10,524)(5,649)
Additions to deferred financing costs (17)
Proceeds from exercise of options438 15 
Payment for other financing activities(287)(287)
Contributions from noncontrolling interests in other consolidated partnerships
80  
Distributions to noncontrolling interests in other consolidated partnerships (248)
Net cash used in financing activities(9,336)(33,011)
Effect of foreign currency rate changes on cash and cash equivalents(87)7 
Net decrease in cash and cash equivalents
(4,641)(9,303)
Cash and cash equivalents, beginning of period12,778 212,124 
Cash and cash equivalents, end of period$8,137 $202,821 
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)
March 31, 2024December 31, 2023
Assets  
Rental property:  
Land$303,605 $303,605 
Buildings, improvements and fixtures2,944,077 2,938,434 
Construction in progress39,249 29,201 
3,286,931 3,271,240 
Accumulated depreciation(1,347,011)(1,318,264)
Total rental property, net1,939,920 1,952,976 
Cash and cash equivalents7,758 12,572 
Short-term investments7,739 9,187 
Investments in unconsolidated joint ventures71,701 71,900 
Deferred lease costs and other intangibles, net86,436 91,269 
Operating lease right-of-use assets77,082 77,400 
Prepaids and other assets110,096 108,157 
Total assets$2,300,732 $2,323,461 
Liabilities and Equity
Liabilities
Debt:
Senior, unsecured notes, net$1,040,310 $1,039,840 
Unsecured term loan, net322,537 322,322 
Mortgages payable, net62,772 64,041 
Unsecured lines of credit46,000 13,000 
Total debt1,471,619 1,439,203 
Accounts payable and accrued expenses77,488 117,847 
Operating lease liabilities85,757 86,076 
Other liabilities86,145 89,022 
Total liabilities1,721,009 1,732,148 
Commitments and contingencies
Equity
Partners’ Equity:
General partner, 1,150,000 units outstanding at March 31, 2024 and 1,150,000 units at December 31, 2023, respectively
5,713 5,776 
Limited partners, 4,707,958 and 4,707,958 Class A common units, and 108,216,452 and 107,643,251 Class B common units outstanding at March 31, 2024 and December 31, 2023, respectively
596,468 610,330 
Accumulated other comprehensive loss(22,458)(24,793)
Total partners’ equity579,723 591,313 
Noncontrolling interests in consolidated partnerships  
Total equity579,723 591,313 
Total liabilities and equity$2,300,732 $2,323,461 
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 March 31,
 20242023
Revenues:
Rental revenues$117,809 $103,582 
Management, leasing and other services2,278 1,914 
Other revenues3,284 3,447 
Total revenues123,371 108,943 
Expenses:
Property operating35,465 33,148 
General and administrative19,490 17,434 
Depreciation and amortization33,860 25,893 
Total expenses88,815 76,475 
Other income (expense):
Interest expense(14,353)(12,343)
Other income (expense) 587 2,800 
Total other income (expense)(13,766)(9,543)
Income before equity in earnings of unconsolidated joint ventures20,790 22,925 
Equity in earnings of unconsolidated joint ventures2,516 1,935 
Net income 23,306 24,860 
Noncontrolling interests in consolidated partnerships80 (248)
Net income available to partners23,386 24,612 
Net income available to limited partners23,150 24,366 
Net income available to general partner$236 $246 
Basic earnings per common unit:
Net income $0.20 $0.22 
Diluted earnings per common unit:
Net income $0.20 $0.22 
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 March 31,
 20242023
Net income $23,306 $24,860 
Other comprehensive income (loss):
Foreign currency translation adjustments(874)162 
Changes in fair value of cash flow hedges3,209 (3,426)
Other comprehensive income (loss)2,335 (3,264)
Comprehensive income 25,641 21,596 
Comprehensive income attributable to noncontrolling interests in consolidated partnerships80 (248)
Comprehensive income attributable to the Operating Partnership$25,721 $21,348 
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, December 31, 2022$4,516 $521,168 $(11,750)$513,934 $ $513,934 
Net income246 24,366 — 24,612 248 $24,860 
Other comprehensive loss— — (3,264)(3,264)— (3,264)
Compensation under Incentive Award Plan— 2,323 — 2,323 — 2,323 
Issuance of 2,600 common units upon exercise of options
— 15 — 15 — 15 
Grant of 1,116,372 restricted common share awards by the Company, net of forfeitures
— — — — — — 
Withholding of 300,639 common units for employee income taxes
— (5,649)— (5,649)— (5,649)
Common distributions ($0.22 per unit)
(242)(25,423)— (25,665)(248)(25,913)
Balance, March 31, 2023$4,520 $516,800 $(15,014)$506,306 $ $506,306 


General partnerLimited partnersAccumulated other comprehensive incomeTotal partners’ equityNoncontrolling interests in consolidated partnershipsTotal equity
Balance, December 31, 2023$5,776 $610,330 $(24,793)$591,313 $ $591,313 
Net income236 23,150 — 23,386 (80)$23,306 
Other comprehensive income— — 2,335 2,335 — 2,335 
Compensation under Incentive Award Plan— 3,571 — 3,571 — 3,571 
Issuance of 24,100 common units upon exercise of options
— 438 — 438 — $438 
Grant of 788,531 restricted common share awards by the Company, net of forfeitures
— — — — — — 
Issuance of 136,469 deferred units
— — — — — — 
Withholding of 375,899 common units for employee income taxes
— (10,524)— (10,524)— (10,524)
Contributions from noncontrolling interests in consolidated partnerships— — — — 80 80 
Common distributions ($0.26 per unit)
(299)(30,497)— (30,796)(30,796)
Balance, March 31, 2024$5,713 $596,468 $(22,458)$579,723 $ $579,723 
The accompanying notes are an integral part of these consolidated financial statements.
14


TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Three months ended March 31,
 20242023
OPERATING ACTIVITIES  
Net income$23,306 $24,860 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization33,860 25,893 
Amortization of deferred financing costs832 808 
Equity in earnings of unconsolidated joint ventures(2,516)(1,935)
Equity-based compensation expense3,497 2,271 
Amortization of debt (premiums) and discounts, net174 144 
Amortization (accretion) of market rent rate adjustments, net95 134 
Straight-line rent adjustments511 680 
Distributions of cumulative earnings from unconsolidated joint ventures1,604 2,007 
Changes in other assets and liabilities:
Other assets6,628 6,064 
Accounts payable and accrued expenses(37,083)(35,431)
Net cash provided by operating activities30,908 25,495 
INVESTING ACTIVITIES
Additions to rental property(24,816)(25,940)
Proceeds from short-term investments1,448 19,504 
Additions to non-real estate assets(2,378)(370)
Distributions in excess of cumulative earnings from unconsolidated joint ventures1,002 2,556 
Additions to deferred lease costs(498)(694)
Payments for other investing activities(2,940) 
Proceeds from other investing activities1,883 3,071 
Net cash used in investing activities(26,299)(1,873)
FINANCING ACTIVITIES
Cash distributions paid(30,796)(25,665)
Proceeds from revolving credit facility117,000  
Repayments of revolving credit facility(84,000) 
Repayments of notes, mortgages and loans(1,247)(1,160)
Employee income taxes paid related to shares withheld upon vesting of equity awards(10,524)(5,649)
Additions to deferred financing costs (17)
Proceeds from exercise of options438 15 
Payment for other financing activities(287)(287)
Contributions from noncontrolling interests in other consolidated partnerships
80  
Distributions to noncontrolling interests in other consolidated partnerships (248)
Net cash used in financing activities(9,336)(33,011)
Effect of foreign currency on cash and cash equivalents(87)7 
Net decrease in cash and cash equivalents
(4,814)(9,382)
Cash and cash equivalents, beginning of period12,572 212,011 
Cash and cash equivalents, end of period$7,758 $202,629 
The accompanying notes are an integral part of these consolidated financial statements.
15


TANGER INC. AND SUBSIDIARIES
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Business

Tanger Inc. and its subsidiaries, which we refer to as the Company, is one of the leading owners and operators of outlet and open-air centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust (“REIT”) which, through our controlling interest in Tanger Properties Limited Partnership and its subsidiaries, which we refer to as the Operating Partnership, focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. As of March 31, 2024, we owned and operated 31 consolidated outlet centers and one open-air lifestyle center, with a total gross leasable area of approximately 12.7 million square feet, which were 97% occupied and contained over 2,400 stores representing approximately 660 store brands. We also had partial ownership interests in 6 unconsolidated centers totaling approximately 2.1 million square feet, including 2 centers in Canada. The portfolio also includes two managed centers, totaling approximately 760,000 square feet. Each of our centers, except one joint venture center, features the Tanger brand name. All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the consolidated financial statements are unaudited.

Our shopping centers and other assets are held by, and all of our operations are conducted by the Operating Partnership. Accordingly, the descriptions of our business, employees and assets are also descriptions of the business, employees and assets of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger 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. On November 16, 2023, we changed our legal name from Tanger Factory Outlet Centers, Inc. to Tanger, Inc. We refer to Tanger Inc.’s current legal name throughout this Quarterly Report on Form 10-Q.

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 March 31, 2024, the Company and its wholly-owned subsidiaries owned 109,366,452 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,707,958 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 REIT status. Class B common limited partnership units of the Operating Partnership, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company.

2. Summary of Significant Accounting Policies

Basis of Presentation

The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and should be read in conjunction with the consolidated financial statements and notes thereto of the Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2023. The December 31, 2023 balance sheet data in this Form 10-Q was derived from the Company’s audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year.



16


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.

We consolidate properties that are wholly-owned and properties where we own less than 100% but control such properties. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities (“VIE”). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Our determination of the primary beneficiary considers all relationships between us and the VIE, including management agreements and other contractual arrangements.

Investments in real estate joint ventures that we do not control, but may exercise significant influence on, are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the joint venture’s net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting.

For certain investments in real estate joint ventures, we record our equity in the venture’s net income or loss under the hypothetical liquidation at book value method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation.

We separately report investments in joint ventures for which accumulated distributions have exceeded investments in, and our share of net income or loss of, the joint ventures within other liabilities in the consolidated balance sheets because we are committed to provide further financial support to these joint ventures. The carrying amount of our investments in the Charlotte, Columbus, Galveston/Houston, and National Harbor joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization.

“Noncontrolling interests in the Operating Partnership” reflects the Non-Company LPs’ percentage ownership of the Operating Partnership’s units. “Noncontrolling interests in other consolidated partnerships” consist of outside equity interests in partnerships or joint ventures not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements.

Accounts Receivable

Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are written-off as an adjustment to rental revenue. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends including discussions with tenants for potential lease amendments. Our estimate of the collectability of accrued rents and accounts receivable is based on the best information available to us at the time of preparing the financial statements. Straight-line rent adjustments recorded as a receivable in prepaids and other assets on the consolidated balance sheets was approximately $48.4 million as of March 31, 2024.



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Impairment of Long-Lived Assets

Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, capitalization, and discount rates, and estimated holding periods for the applicable assets. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows change based on uncertain market conditions or holding periods, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements.

Our Atlantic City center has an estimated fair value less than its recorded carrying value of approximately $109.9 million. However, based on our current plan with respect to that center, we believe that its carrying amount is recoverable and therefore no impairment charge was recorded. Accordingly, we will continue to monitor circumstances and events in future periods that could affect inputs such as the expected holding period, operating cash flow forecasts and capitalization rates, utilized to determine whether an impairment charge is necessary. As these inputs are difficult to predict and are subject to future events that may alter our assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses or impairment may be realized in the future. If in the future we reduce our estimate of cash flow projections, we may need to record an asset impairment. We have not materially changed the assumptions used in the analysis during the first quarter of 2024. However, we can provide no assurance that material impairment charges with respect to our properties will not occur in future periods.



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3. Investments in Unconsolidated Real Estate Joint Ventures

The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures:
As of March 31, 2024
Joint VentureCenter LocationOwnership %Square Feet
(in 000’s)
Carrying Value of Investment (in millions)
Total Joint Venture Debt, Net
(in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan CanadaOntario, Canada50.0 %665 $71.7  
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 (21.0)98.8 
National Harbor(2)
National Harbor, MD50.0 %341 (13.2)92.9 
Galveston/Houston (2)
Texas City, TX50.0 %353 (12.7)57.2 
Columbus(2)
Columbus, OH50.0 %355 (3.9)70.4 
50.0 %1,448$(50.8)$319.3 
As of December 31, 2023
Joint VentureCenter LocationOwnership %Square Feet
(in 000’s)
Carrying Value of Investment (in millions)
Total Joint Venture Debt, Net
(in millions)(1)
Investments included in investments in unconsolidated joint ventures:
RioCan CanadaOntario, Canada50.0 %665 71.9  
Investments included in other liabilities:
Charlotte(2)
Charlotte, NC50.0 %399 $(20.8)$99.2 
National Harbor(2)
National Harbor, MD50.0 %341 (13.7)93.3 
Galveston/Houston(2)
Texas City, TX50.0 %353 (13.0)57.1 
Columbus(2)
Columbus, OH50.0 %355 (3.4)70.4 
50.0 %1,448$(50.9)$320.0 
(1)Net of debt origination costs of $2.0 million as of March 31, 2024 and $2.1 million as of December 31, 2023.
(2)We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures.

Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands):
Three months ended
March 31,
 20242023
Fee:
Management and marketing$557 $545 
Leasing and other fees105 45 
Expense reimbursements from unconsolidated joint ventures1,119 1,077 
Total Fees$1,781 $1,667 


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Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $2.7 million and $2.8 million as of March 31, 2024 and December 31, 2023, respectively) are amortized over the various useful lives of the related assets.

Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands):
March 31, 2024December 31, 2023
Assets  
Land$81,254 $82,962 
Buildings, improvements and fixtures463,592 466,496 
Construction in progress134 223 
544,980 549,681 
Accumulated depreciation(206,826)(203,395)
Total rental property, net338,154 346,286 
Cash and cash equivalents14,188 14,040 
Deferred lease costs and other intangibles, net2,638 2,637 
Prepaids and other assets9,534 11,616 
Total assets$364,514 $374,579 
Liabilities and Owners’ Equity  
Mortgages payable, net $319,290 $319,957 
Accounts payable and other liabilities13,015 16,013 
Total liabilities332,305 335,970 
Owners’ equity32,209 38,609 
Total liabilities and owners’ equity$364,514 $374,579 
 Three months ended
Condensed Combined Statements of Operations - Unconsolidated Joint VenturesMarch 31,
20242023
Revenues $22,496 $22,128 
Expenses:
Property operating7,992 8,472 
General and administrative116 142 
Depreciation and amortization5,080 5,239 
Total expenses13,188 13,853 
Other income (expense):
Interest expense(4,540)(4,400)
Other income264 139 
Total other expense(4,276)(4,261)
Net income$5,032 $4,014 
The Company and Operating Partnership’s share of:
Net income$2,516 $1,935 
Depreciation and amortization (real estate related)$2,540 $2,670 


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4. Debt Guaranteed by the Company

All of the Company’s debt is held by the Operating Partnership and its consolidated subsidiaries.

The Company guarantees the Operating Partnership’s obligations with respect to its unsecured lines of credit, which have a total borrowing capacity of $520.0 million as of March 31, 2024. The Company also guarantees the Operating Partnership’s unsecured term loan.

The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):
As of
March 31, 2024December 31, 2023
Unsecured lines of credit$46,000 $13,000 
Unsecured term loan$325,000 $325,000 

5. Debt of the Operating Partnership

The debt of the Operating Partnership consisted of the following (in thousands):
As ofAs of
March 31, 2024December 31, 2023
Stated Interest Rate(s)Maturity DatePrincipal
Book Value(1)
Principal
Book Value(1)
Senior, unsecured notes: 
Senior notes3.125%September 2026$350,000 $348,613 $350,000 $348,467 
Senior notes3.875%July 2027300,000 298,649 300,000 298,546 
Senior notes2.750%September 2031400,000 393,048 400,000 392,827 
Unsecured term loanAdj SOFR +0.95%January 2027325,000 322,537 325,000 322,322 
Mortgages payable:
Atlantic City (2) (3)
6.44 %-7.65%December 2024- December 202611,088 11,320 12,336 12,613 
     SouthavenAdj SOFR+2.00%October 202651,700 51,452 51,700 51,428 
Unsecured lines of credit (4)
Adj SOFR+1.00%July 2025 46,000 46,000 13,000 13,000 
Total
$1,483,788 $1,471,619