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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, 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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Shares, $0.01 par value | SKT | New 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. | Yes | ☒ | No | ☐ |
Tanger Properties Limited Partnership | Yes | ☒ | No | ☐ |
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. | Yes | ☒ | No | ☐ |
Tanger Properties Limited Partnership | Yes | ☒ | No | ☐ |
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 Filer | ☒ | | Accelerated Filer | ☐ |
Non-accelerated Filer | ☐ | | Smaller Reporting Company | ☐ |
| | | Emerging Growth Company | ☐ |
| | | | | | | | | | | | | | |
Tanger Properties Limited Partnership |
Large Accelerated Filer | ☐ | | Accelerated Filer | ☐ |
Non-accelerated Filer | ☒ | | Smaller 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. | Yes | ☐ | No | ☒ |
Tanger Properties Limited Partnership | Yes | ☐ | No | ☒ |
As of November 1, 2024, there were 110,692,577 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 September 30, 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 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, 2024, the Company and its wholly owned subsidiaries owned 110,208,387 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
•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.
TANGER INC. AND TANGER PROPERTIES LIMITED PARTNERSHIP
Index
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| Page Number |
Part I. Financial Information |
Item 1. | |
FINANCIAL STATEMENTS OF TANGER INC. (Unaudited) | |
Consolidated Balance Sheets - as of September 30, 2024 and December 31, 2023 | |
Consolidated Statements of Operations - for the three and nine months ended September 30, 2024 and 2023 | |
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2024 and 2023 | |
Consolidated Statements of Shareholders’ Equity - for the three and nine months ended September 30, 2024 and 2023 | |
Consolidated Statements of Cash Flows - for the nine months ended September 30, 2024 and 2023 | |
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) | |
Consolidated Balance Sheets - as of September 30, 2024 and December 31, 2023 | |
Consolidated Statements of Operations - for the three and nine months ended September 30, 2024 and 2023 | |
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, 2024 and 2023 | |
Consolidated Statements of Equity - for the three and nine months ended September 30, 2024 and 2023 | |
Consolidated Statements of Cash Flows - for the nine months ended September 30, 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 | |
PART I. - FINANCIAL INFORMATION
Item 1 - Financial Statements of Tanger Inc.
TANGER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data, unaudited) | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
Assets | | | | |
Rental property: | | | | |
Land | | $ | 303,605 | | | $ | 303,605 | |
Buildings, improvements and fixtures | | 3,011,234 | | | 2,938,434 | |
Construction in progress | | 9,421 | | | 29,201 | |
| | 3,324,260 | | | 3,271,240 | |
Accumulated depreciation | | (1,401,334) | | | (1,318,264) | |
Total rental property, net | | 1,922,926 | | | 1,952,976 | |
Cash and cash equivalents | | 11,053 | | | 12,778 | |
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Short-term investments | | — | | | 9,187 | |
Investments in unconsolidated joint ventures | | 70,245 | | | 71,900 | |
Deferred lease costs and other intangibles, net | | 77,508 | | | 91,269 | |
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Operating lease right-of-use assets | | 76,431 | | | 77,400 | |
Prepaids and other assets | | 117,128 | | | 108,609 | |
Total assets | | $ | 2,275,291 | | | $ | 2,324,119 | |
Liabilities and Equity | | | | |
Liabilities | | | | |
Debt: | | | | |
Senior, unsecured notes, net | | $ | 1,041,240 | | | $ | 1,039,840 | |
Unsecured term loan, net | | 322,967 | | | 322,322 | |
Mortgages payable, net | | 60,186 | | | 64,041 | |
Unsecured lines of credit | | — | | | 13,000 | |
Total debt | | 1,424,393 | | | 1,439,203 | |
Accounts payable and accrued expenses | | 86,761 | | | 118,505 | |
Operating lease liabilities | | 85,079 | | | 86,076 | |
Other liabilities | | 86,426 | | | 89,022 | |
Total liabilities | | 1,682,659 | | | 1,732,806 | |
Commitments and contingencies | | | | |
Equity | | | | |
Tanger Inc.: | | | | |
Common shares, $0.01 par value, 300,000,000 shares authorized, 110,208,387 and 108,793,251 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | | 1,102 | | | 1,088 | |
Paid in capital | | 1,102,443 | | | 1,079,387 | |
Accumulated distributions in excess of net income | | (507,833) | | | (490,171) | |
Accumulated other comprehensive loss | | (27,418) | | | (23,519) | |
Equity attributable to Tanger Inc. | | 568,294 | | | 566,785 | |
Equity attributable to noncontrolling interests: | | | | |
Noncontrolling interests in Operating Partnership | | 24,338 | | | 24,528 | |
Noncontrolling interests in other consolidated partnerships | | — | | | — | |
Total equity | | 592,632 | | | 591,313 | |
Total liabilities and equity | | $ | 2,275,291 | | | $ | 2,324,119 | |
The accompanying notes are an integral part of these consolidated financial statements.
TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data, unaudited)
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| | Three months ended September 30, | | Nine months ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Revenues: | | | | | | | | |
Rental revenues | | $ | 125,221 | | | $ | 110,835 | | | $ | 365,349 | | | $ | 319,005 | |
Management, leasing and other services | | 2,485 | | | 2,138 | | | 7,095 | | | 6,174 | |
Other revenues | | 5,295 | | | 4,373 | | | 12,884 | | | 11,751 | |
Total revenues | | 133,001 | | | 117,346 | | | 385,328 | | | 336,930 | |
Expenses: | | | | | | | | |
Property operating | | 40,247 | | | 36,758 | | | 113,261 | | | 103,618 | |
General and administrative | | 18,215 | | | 18,937 | | | 56,518 | | | 54,675 | |
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Depreciation and amortization | | 35,376 | | | 25,374 | | | 103,410 | | | 76,656 | |
Total expenses | | 93,838 | | | 81,069 | | | 273,189 | | | 234,949 | |
Other income (expense): | | | | | | | | |
Interest expense | | (15,493) | | | (11,688) | | | (45,546) | | | (35,997) | |
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Other income (expense) | | (52) | | | 1,899 | | | 755 | | | 7,023 | |
Total other income (expense) | | (15,545) | | | (9,789) | | | (44,791) | | | (28,974) | |
Income before equity in earnings of unconsolidated joint ventures | | 23,618 | | | 26,488 | | | 67,348 | | | 73,007 | |
Equity in earnings of unconsolidated joint ventures | | 2,312 | | | 2,389 | | | 7,803 | | | 6,030 | |
Net income | | 25,930 | | | 28,877 | | | 75,151 | | | 79,037 | |
Noncontrolling interests in Operating Partnership | | (1,074) | | | (1,253) | | | (3,122) | | | (3,422) | |
Noncontrolling interests in other consolidated partnerships | | — | | | — | | | 80 | | | (248) | |
Net income attributable to Tanger Inc. | | $ | 24,856 | | | $ | 27,624 | | | $ | 72,109 | | | $ | 75,367 | |
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Basic earnings per common share: | | | | | | | | |
Net income | | $ | 0.23 | | | $ | 0.26 | | | $ | 0.66 | | | $ | 0.71 | |
Diluted earnings per common share: | | | | | | | | |
Net income | | $ | 0.22 | | | $ | 0.26 | | | $ | 0.65 | | | $ | 0.70 | |
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The accompanying notes are an integral part of these consolidated financial statements.
TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
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| | Three months ended September 30, | | Nine months ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Net income | | $ | 25,930 | | | $ | 28,877 | | | $ | 75,151 | | | $ | 79,037 | |
Other comprehensive income (loss): | | | | | | | | |
Foreign currency translation adjustments | | (139) | | | (1,765) | | | (1,051) | | | (376) | |
Change in fair value of cash flow hedges | | (6,894) | | | (1,845) | | | (3,007) | | | (5,644) | |
Other comprehensive income (loss) | | (7,033) | | | (3,610) | | | (4,058) | | | (6,020) | |
Comprehensive income | | 18,897 | | | 25,267 | | | 71,093 | | | 73,017 | |
Comprehensive income attributable to noncontrolling interests | | (792) | | | (1,096) | | | (2,963) | | | (3,160) | |
Comprehensive income attributable to Tanger Inc. | | $ | 18,105 | | | $ | 24,171 | | | $ | 68,130 | | | $ | 69,857 | |
The accompanying notes are an integral part of these consolidated financial statements.
TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands, except share and per share data, unaudited)
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| | Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling 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 Operating Partnership | | — | | 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 | |
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| | Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling 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) | |
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Withholding of 367,776 common shares for employee income taxes | | (3) | | (6,960) | | — | | — | | (6,963) | | — | | — | | (6,963) | |
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Adjustment for noncontrolling interests in Operating Partnership | | — | | 323 | | — | | — | | 323 | | (323) | | — | | — | |
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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 | |
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The accompanying notes are an integral part of these consolidated financial statements.
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TANGER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands, except share and per share data, unaudited) |
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| | Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity |
Balance, June 30, 2024 | | $ | 1,094 | | $ | 1,075,902 | | $ | (502,589) | | $ | (20,667) | | $ | 553,740 | | $ | 23,840 | | $ | — | | $ | 577,580 | |
Net income | | — | | — | | 24,856 | | — | | 24,856 | | 1,074 | | — | | 25,930 | |
Other comprehensive loss | | — | | — | | — | | (6,751) | | (6,751) | | (282) | | — | | (7,033) | |
Compensation under Incentive Award Plan | | — | | 2,901 | | — | | — | | 2,901 | | — | | — | | 2,901 | |
Issuance of 45,625 common shares upon exercise of options | | — | | 633 | | — | | — | | 633 | | — | | — | | 633 | |
Common share offering of 818,943 shares | | 8 | | 24,062 | | — | | — | | 24,070 | | — | | — | | 24,070 | |
Forfeiture of 4,450 restricted common share awards | | — | | — | | — | | — | | — | | — | | — | | — | |
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Withholding of 5,267 common shares for employee income taxes | | — | | (141) | | — | | — | | (141) | | — | | — | | (141) | |
Contributions from noncontrolling interests | | — | | — | | — | | — | | — | | — | | — | | — | |
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Adjustment for noncontrolling interests in other consolidated partnerships | | — | | (914) | | — | | — | | (914) | | 914 | | — | | — | |
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Common dividends ($0.275 per share) | | — | | — | | (30,100) | | — | | (30,100) | | — | | — | | (30,100) | |
Distributions to noncontrolling interests | | — | | — | | — | | — | | — | | (1,208) | | — | | (1,208) | |
Balance, September 30, 2024 | | $ | 1,102 | | $ | 1,102,443 | | $ | (507,833) | | $ | (27,418) | | $ | 568,294 | | $ | 24,338 | | $ | — | | $ | 592,632 | |
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TANGER INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands, except share and per share data, unaudited) |
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| | Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling 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 | | — | | — | | 72,109 | | — | | 72,109 | | 3,122 | | (80) | | 75,151 | |
Other comprehensive loss | | — | | — | | — | | (3,899) | | (3,899) | | (159) | | — | | (4,058) | |
Compensation under Incentive Award Plan | | — | | 9,159 | | — | | — | | 9,159 | | — | | — | | 9,159 | |
Issuance of 70,625 common shares upon exercise of options | | — | | 1,166 | | — | | — | | 1,166 | | — | | — | | 1,166 | |
Common share offering of 818,943 shares | | 8 | | 24,062 | | — | | — | | 24,070 | | — | | — | | 24,070 | |
Grant of 770,265 restricted common share awards, net of forfeitures
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Issuance of 136,469 deferred shares | | 1 | | (1) | | — | | — | | — | | — | | — | | — | |
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Withholding of 381,166 common shares for employee income taxes | | (3) | | (10,662) | | — | | — | | (10,665) | | — | | — | | (10,665) | |
Contributions from noncontrolling interests | | — | | — | | — | | — | | — | | — | | 80 | | 80 | |
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Adjustment for noncontrolling interests in other consolidated partnerships | | — | | (660) | | — | | — | | (660) | | 660 | | — | | — | |
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Common dividends ($0.81 per share) | | — | | — | | (89,771) | | — | | (89,771) | | — | | — | | (89,771) | |
Distributions to noncontrolling interests | | — | | — | | — | | — | | — | | (3,813) | | — | | (3,813) | |
Balance, September 30, 2024 | | $ | 1,102 | | $ | 1,102,443 | | $ | (507,833) | | $ | (27,418) | | $ | 568,294 | | $ | 24,338 | | $ | — | | $ | 592,632 | |
The accompanying notes are an integral part of these consolidated financial statements.
TANGER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
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| | Nine months ended September 30, |
| | 2024 | | 2023 |
OPERATING ACTIVITIES | | | | |
Net income | | $ | 75,151 | | | $ | 79,037 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization | | 103,410 | | | 76,656 | |
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Amortization of deferred financing costs | | 2,609 | | | 2,395 | |
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Equity in earnings of unconsolidated joint ventures | | (7,803) | | | (6,030) | |
Equity-based compensation expense | | 8,980 | | | 9,040 | |
Amortization of debt discounts, net | | 548 | | | 537 | |
Amortization (accretion) of market rent rate adjustments, net | | 393 | | | 545 | |
Straight-line rent adjustments | | (361) | | | 1,409 | |
Distributions of cumulative earnings from unconsolidated joint ventures | | 5,551 | | | 6,153 | |
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Changes in other assets and liabilities: | | | | |
Other assets | | 1,118 | | | 30 | |
Accounts payable and accrued expenses | | (20,562) | | | (17,659) | |
Net cash provided by operating activities | | 169,034 | | | 152,113 | |
INVESTING ACTIVITIES | | | | |
Additions to rental property | | (73,430) | | | (120,070) | |
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Additions to investments in unconsolidated joint ventures | | — | | | (2,612) | |
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Proceeds from short-term investments | | 9,187 | | | 46,979 | |
Additions to short-term investments | | — | | | (7,679) | |
Additions to non-real estate assets | | (6,770) | | | (7,126) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | | 2,837 | | | 4,102 | |
Additions to deferred lease costs | | (2,561) | | | (1,960) | |
Payments for other investing activities | | (1,972) | | | (2,199) | |
Proceeds from other investing activities | | 5,357 | | | 3,426 | |
Net cash used in investing activities | | (67,352) | | | (87,139) | |
FINANCING ACTIVITIES | | | | |
Cash dividends paid | | (89,771) | | | (76,298) | |
Distributions to noncontrolling interests in Operating Partnership | | (3,813) | | | (3,369) | |
Proceeds from revolving credit facility | | 262,000 | | | — | |
Repayments of revolving credit facility | | (275,000) | | | — | |
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Repayments of notes, mortgages and loans | | (3,813) | | | (3,629) | |
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Issuance of common shares, including transaction costs | | 24,070 | | | 2,471 | |
Employee income taxes paid related to shares withheld upon vesting of equity awards | | (10,665) | | | (6,963) | |
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Additions to deferred financing costs | | (6,876) | | | — | |
Proceeds from exercise of options | | 1,166 | | | 653 | |
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Payment for other financing activities | | (861) | | | (941) | |
Contributions from noncontrolling interests in other consolidated partnerships | | 80 | | | — | |
Distributions to noncontrolling interests in other consolidated partnerships | | — | | | (248) | |
Net cash used in financing activities | | (103,483) | | | (88,324) | |
Effect of foreign currency rate changes on cash and cash equivalents | | 76 | | | (315) | |
Net decrease in cash and cash equivalents | | (1,725) | | | (23,665) | |
Cash and cash equivalents, beginning of period | | 12,778 | | | 212,124 | |
Cash and cash equivalents, end of period | | $ | 11,053 | | | $ | 188,459 | |
The accompanying notes are an integral part of these consolidated financial statements.
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, 2024 | | December 31, 2023 |
Assets | | | | |
Rental property: | | | | |
Land | | $ | 303,605 | | | $ | 303,605 | |
Buildings, improvements and fixtures | | 3,011,234 | | | 2,938,434 | |
Construction in progress | | 9,421 | | | 29,201 | |
| | 3,324,260 | | | 3,271,240 | |
Accumulated depreciation | | (1,401,334) | | | (1,318,264) | |
Total rental property, net | | 1,922,926 | | | 1,952,976 | |
Cash and cash equivalents | | 10,830 | | | 12,572 | |
Short-term investments | | — | | | 9,187 | |
Investments in unconsolidated joint ventures | | 70,245 | | | 71,900 | |
Deferred lease costs and other intangibles, net | | 77,508 | | | 91,269 | |
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Operating lease right-of-use assets | | 76,431 | | | 77,400 | |
Prepaids and other assets | | 116,714 | | | 108,157 | |
Total assets | | $ | 2,274,654 | | | $ | 2,323,461 | |
Liabilities and Equity | | | | |
Liabilities | | | | |
Debt: | | | | |
Senior, unsecured notes, net | | $ | 1,041,240 | | | $ | 1,039,840 | |
Unsecured term loan, net | | 322,967 | | | 322,322 | |
Mortgages payable, net | | 60,186 | | | 64,041 | |
Unsecured lines of credit | | — | | | 13,000 | |
Total debt | | 1,424,393 | | | 1,439,203 | |
Accounts payable and accrued expenses | | 86,124 | | | 117,847 | |
Operating lease liabilities | | 85,079 | | | 86,076 | |
Other liabilities | | 86,426 | | | 89,022 | |
Total liabilities | | 1,682,022 | | | 1,732,148 | |
Commitments and contingencies | | | | |
Equity | | | | |
Partners’ Equity: | | | | |
General partner, 1,150,000 units outstanding at September 30, 2024 and 1,150,000 units outstanding at December 31, 2023, respectively | | 5,599 | | | 5,776 | |
Limited partners, 4,707,958 and 4,707,958 Class A common units, and 109,058,387 and 107,643,251 Class B common units outstanding at September 30, 2024 and December 31, 2023, respectively | | 615,884 | | | 610,330 | |
Accumulated other comprehensive loss | | (28,851) | | | (24,793) | |
Total partners’ equity | | 592,632 | | | 591,313 | |
Noncontrolling interests in consolidated partnerships | | — | | | — | |
Total equity | | 592,632 | | | 591,313 | |
Total liabilities and equity | | $ | 2,274,654 | | | $ | 2,323,461 | |
The accompanying notes are an integral part of these consolidated financial statements.
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, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Revenues: | | | | | | | | |
Rental revenues | | $ | 125,221 | | | $ | 110,835 | | | $ | 365,349 | | | $ | 319,005 | |
Management, leasing and other services | | 2,485 | | | 2,138 | | | 7,095 | | | 6,174 | |
Other revenues | | 5,295 | | | 4,373 | | | 12,884 | | | 11,751 | |
Total revenues | | 133,001 | | | 117,346 | | | 385,328 | | | 336,930 | |
Expenses: | | | | | | | | |
Property operating | | 40,247 | | | 36,758 | | | 113,261 | | | 103,618 | |
General and administrative | | 18,215 | | | 18,937 | | | 56,518 | | | 54,675 | |
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Depreciation and amortization | | 35,376 | | | 25,374 | | | 103,410 | | | 76,656 | |
Total expenses | | 93,838 | | | 81,069 | | | 273,189 | | | 234,949 | |
Other income (expense): | | | | | | | | |
Interest expense | | (15,493) | | | (11,688) | | | (45,546) | | | (35,997) | |
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Other income (expense) | | (52) | | | 1,899 | | | 755 | | | 7,023 | |
Total other income (expense) | | (15,545) | | | (9,789) | | | (44,791) | | | (28,974) | |
Income before equity in earnings of unconsolidated joint ventures | | 23,618 | | | 26,488 | | | 67,348 | | | 73,007 | |
Equity in earnings of unconsolidated joint ventures | | 2,312 | | | 2,389 | | | 7,803 | | | 6,030 | |
Net income | | 25,930 | | | 28,877 | | | 75,151 | | | 79,037 | |
Noncontrolling interests in consolidated partnerships | | — | | | — | | | 80 | | | (248) | |
Net income available to partners | | 25,930 | | | 28,877 | | | 75,231 | | | 78,789 | |
Net income available to limited partners | | 25,671 | | | 28,588 | | | 74,477 | | | 78,001 | |
Net income available to general partner | | $ | 259 | | | $ | 289 | | | $ | 754 | | | $ | 788 | |
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Basic earnings per common unit: | | | | | | | | |
Net income | | $ | 0.23 | | | $ | 0.26 | | | $ | 0.66 | | | $ | 0.71 | |
Diluted earnings per common unit: | | | | | | | | |
Net income | | $ | 0.22 | | | $ | 0.26 | | | $ | 0.65 | | | $ | 0.70 | |
The accompanying notes are an integral part of these consolidated financial statements.
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)
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| | Three months ended September 30, | | Nine months ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Net income | | $ | 25,930 | | | $ | 28,877 | | | $ | 75,151 | | | $ | 79,037 | |
Other comprehensive income (loss): | | | | | | | | |
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Foreign currency translation adjustments | | (139) | | | (1,765) | | | (1,051) | | | (376) | |
Changes in fair value of cash flow hedges | | (6,894) | | | (1,845) | | | (3,007) | | | (5,644) | |
Other comprehensive income (loss) | | (7,033) | | | (3,610) | | | (4,058) | | | (6,020) | |
Comprehensive income | | 18,897 | | | 25,267 | | | 71,093 | | | 73,017 | |
Comprehensive income attributable to noncontrolling interests in consolidated partnerships | | — | | | — | | | 80 | | | (248) | |
Comprehensive income attributable to the Operating Partnership | | $ | 18,897 | | | $ | 25,267 | | | $ | 71,173 | | | $ | 72,769 | |
The accompanying notes are an integral part of these consolidated financial statements.
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except unit and per unit data, unaudited)
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| | General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity |
Balance, June 30, 2023 | | $ | 4,503 | | $ | 517,400 | | $ | (14,160) | | $ | 507,743 | | $ | — | | $ | 507,743 | |
Net income | | 289 | | 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 | |
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Withholding of 5,505 common units for employee income taxes | | — | | (120) | | — | | (120) | | — | | (120) | |
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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 | |
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Common distributions ($0.245 per unit) | | (270) | | (26,730) | | — | | (27,000) | | — | | (27,000) | |
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Balance, September 30, 2023 | | $ | 4,644 | | $ | 525,556 | | $ | (17,770) | | $ | 512,430 | | $ | — | | $ | 512,430 | |
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| | General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity |
Balance, December 31, 2022 | | $ | 4,516 | | $ | 521,168 | | $ | (11,750) | | $ | 513,934 | | $ | — | | $ | 513,934 | |
Net income | | 788 | | 78,001 | | — | | 78,789 | | 248 | | 79,037 | |
Other comprehensive loss | | — | | — | | (6,020) | | (6,020) | | — | | (6,020) | |
Compensation under Incentive Award Plan | | — | | 9,234 | | — | | 9,234 | | — | | 9,234 | |
Issuance of 51,500 common units upon exercise of options | | — | | 653 | | — | | 653 | | — | | 653 | |
Issuance of 5,000 general partner units and 101,615 limited partner units | | 122 | | 2,349 | | — | | 2,471 | | — | | 2,471 | |
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Withholding of 367,776 common units for employee income taxes | | — | | (6,963) | | — | | (6,963) | | — | | |